Cornerstones of Financial Accounting
4th Edition
ISBN: 9781337690881
Author: Jay Rich, Jeff Jones
Publisher: Cengage Learning
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Question
Chapter 4, Problem 4MCQ
To determine
Introduction: Internal control as defined in accounting and auditing is a process for process of an organization objective in operational effectiveness and efficiency, reliable financial reporting and compliance laws, regulation and business policy.
To choose:Find the categories of control activities which is not a control activities
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Which of the following is not one of the categories of control activities?
a.Checks on recorded amounts
b.Segregation of duties
c.Clearly defined authority and responsibility
d.Defalcation and financial reporting
Which of the following is not an element of internal control?
A) Only promoting from within.
B) Implement segregation of duties.
C) Maintain adequate accounting records.
D) Conduct internal audits.
Explain the primary functions of internal controls procedures in the accounting area. What is meant by separation of duties?
Chapter 4 Solutions
Cornerstones of Financial Accounting
Ch. 4 - Prob. 1DQCh. 4 - Prob. 2DQCh. 4 - The Sarbanes-Oxley Act increased top managements...Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQ
Ch. 4 - Prob. 11DQCh. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 18DQCh. 4 - Prob. 19DQCh. 4 - Prob. 20DQCh. 4 - Prob. 21DQCh. 4 - Prob. 22DQCh. 4 - Prob. 1MCQCh. 4 - Prob. 2MCQCh. 4 - Which of the following is not one of the five...Ch. 4 - Prob. 4MCQCh. 4 - The internal audit function is part of what...Ch. 4 - Prob. 6MCQCh. 4 - Prob. 7MCQCh. 4 - Prob. 8MCQCh. 4 - Which one of the following would not appear on a...Ch. 4 - Prob. 10MCQCh. 4 - Prob. 11MCQCh. 4 - Prob. 12MCQCh. 4 - Prob. 13MCQCh. 4 - Prob. 14MCQCh. 4 - Prob. 15MCQCh. 4 - Prob. 16CECh. 4 - Prob. 17CECh. 4 - Cornerstone Exercise 4-18 Adjusting Entry from...Ch. 4 - Prob. 19CECh. 4 - Prob. 20CECh. 4 - Cornerstone Exercise 4-21 Cash Over and Short On a...Ch. 4 - Cornerstone Exercise 4-22 Cash Over and Short...Ch. 4 - Prob. 23CECh. 4 - Prob. 24CECh. 4 - Prob. 25BECh. 4 - Prob. 26BECh. 4 - Prob. 27BECh. 4 - Prob. 28BECh. 4 - Prob. 29BECh. 4 - Prob. 30BECh. 4 - Prob. 31BECh. 4 - Prob. 32BECh. 4 - Prob. 33BECh. 4 - Prob. 34BECh. 4 - Prob. 35BECh. 4 - Prob. 36BECh. 4 - Prob. 37BECh. 4 - Prob. 38BECh. 4 - Prob. 39ECh. 4 - Prob. 40ECh. 4 - Prob. 41ECh. 4 - Prob. 42ECh. 4 - Miller Enterprises deposits the cash received...Ch. 4 - Prob. 44ECh. 4 - Prob. 45ECh. 4 - Prob. 46ECh. 4 - Prob. 47ECh. 4 - Hawk Enterprises identified the following items on...Ch. 4 - Prob. 49ECh. 4 - Prob. 50ECh. 4 - Prob. 51ECh. 4 - Prob. 52ECh. 4 - Prob. 53ECh. 4 - Exercise 4-54 Operating Cycle and Current...Ch. 4 - Prob. 55APSACh. 4 - Prob. 56APSACh. 4 - Prob. 57APSACh. 4 - Prob. 58APSACh. 4 - Prob. 59APSACh. 4 - Prob. 60APSACh. 4 - Prob. 61APSACh. 4 - Prob. 55BPSBCh. 4 - Prob. 56BPSBCh. 4 - Prob. 57BPSBCh. 4 - Prob. 58BPSBCh. 4 - Prob. 59BPSBCh. 4 - Prob. 60BPSBCh. 4 - Prob. 61BPSBCh. 4 - Prob. 62.1CCh. 4 - Prob. 62.2CCh. 4 - Prob. 62.3CCh. 4 - Prob. 62.4CCh. 4 - Prob. 63.1CCh. 4 - Prob. 63.2CCh. 4 - Prob. 64.1CCh. 4 - Prob. 64.2CCh. 4 - Prob. 65CCh. 4 - Prob. 66.1CCh. 4 - Prob. 66.2CCh. 4 - Prob. 67.1CCh. 4 - Prob. 67.2CCh. 4 - Prob. 68.1CCh. 4 - Prob. 68.2CCh. 4 - Prob. 68.3CCh. 4 - Prob. 68.4CCh. 4 - Prob. 69.1CCh. 4 - Prob. 69.2CCh. 4 - Prob. 69.3CCh. 4 - Prob. 69.4CCh. 4 - Case 4-70 CONTINUING PROBLEM: FRONT ROW...Ch. 4 - Prob. 70.2CCh. 4 - Prob. 70.3CCh. 4 - Prob. 70.4C
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Similar questions
Each of the following represents an internal control procedure except for:a. separation of duties.b. limited access to both assets and records.c. compliance monitoring.d. clear lines of authority and communication.
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3. Which of the following is NOT part of the control activities applicable to Financial Statement Audit?
a. Segregation of duties to prevent opportunities to commit fraud , conceal errors and other irregularities
b. Performance Review like comparison of actual performance with budget, forecasts and previous year's performance
c. Compliance to reportorial requirements to regulatory bodies.
d. Physical controls, ensuring adequate safeguards over access to assets and records.
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Which of the following is not used to overcome the agency problem?
a. executive compensation
b. audited financial statements
c. related party transactions
d. internal controls
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Which of the following is desirable in a good system of internal accounting controls? Select one: O O O a. Develop plans and budgets b. Encourage employee collusion c. Maintain adequate accounting records d. Two of the above e. None of the above
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One of the principles of internal control is "establishment of responsibility". This principle does not include: a. one person being responsible for one task. b. independent internal verification. c. authorisation of transactions. d. approval of transactions.
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All of the following are internal control procedures excepta. Sarbanes-Oxley reforms.b. assignment of responsibilities.c. adequate records.d. internal and external audits.
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Explain the primary functions of internal controls procedures in the accounting area
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Significant deficiencies in internal control are required to be reported
a. Management of the unit in which they occurred.
b. Internal auditors of the entity.
c. The audit committee of the board of directors.
d. Creditors which the client has debt to.
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Which of the following is an attribute of the internal control
procedure—assignment
of responsibilities?
A.
The external auditors will monitor internal controls.
B.
The company should separate the custody of assets from accounting.
C.
Each position has clearly assigned responsibilities.
D.
To validate their accounting records, a company should have an audit by an external accountant.
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Which of the following is NOT one of the purposes of internal control?
a.
to guarantee the success of the business
b.
to safeguard the entity’s assets and resources
c.
to deter errors, fraud, and theft
d.
to ensure the accuracy and completeness of the accounting data
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Which of the following is not part of the definition of internal control?
a. Separation of duties
b. Safeguard assets
c. Encourage employees to follow company policies
d. Promote operational efficiency
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All of the following are objectives of internal control excepta. to ensure accurate and reliable accounting records.b. to comply with legal requirements.c. to maximize net income.d. to safeguard assets.
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