QUESTION 1 The objectives of internal control are to O a. provide control over "internal-use only" reports and employee internal conduct O b. prevent fraud, and promote the social interest of the company O c. provide reasonable assurance that assets are safeguarded and used for business purposes, financial reports are accurate, and laws and regulations are complied with d. control the internal organization of the accounting department personnel and equipment

Under a system of good internal control, which of the following departments issues a voucher?   Question 41 options:   The accounts payable department   The shipping department   The purchasing department   The billing department

A-3

Question 29 The most important fundamental component of an entity's internal control is:     Effectiveness of operations.      People who operate and function within the control system.     Reliability of financial reporting.     Compliance with applicable laws and regulations.