Question 9Which of the following is not considered to be part of the internalcontrol structure of a company?Ensure that assets are kept secure.O Monitor operations of the organization to ensure maximum efficiency.Publish accurate financial statements on a regular basis.Ensure assets are properly used.

components of Internal control structure : control environment , Risk assessment , control…

Answered: Question 9 Which of the following is…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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What is a primary control for determining the accuracy of a business’s record keeping?
S8-1 Definition of internal control Internal controls are designed to safeguard assets, encourage employees to follow company policies, promote operational efficiency and ensure accurate records. Which objective is most important? Which must the internal controls accomplish for the business to survive? Give your reasons.
19 _____________ is the whole system of supervision and control measures implemented internally by the management of an entity to carry on its business in an orderly, systematic and efficient manner. a. Internal check b. Interpersonal control c. Internal control d. None of options
Please ASAP
9. Procedures that can be used in obtaining a sufficient understanding of Internal Control include the combination of any of the following procedures, except; a. Inquiry of the profile and appropriateness of the client's personnel b. Future engagement plan with the client c. Review of the accounting manuals and organizational structure of the client d. Observation of the activities of the client e. Previous experience with the client
1) Why is Responsibility Accounting necessary and how is it implemented? 2) Determination of control risk in the HR cycle (personnel) include an example of the explanation you gave? 3) To design an audit program for testing controls, what stages must the auditor go through when auditing a banking service company?
List the 7 broad principles of internal control. Why should responsibility for related transactions be divided among different departments or individuals? Why should the person who keeps the records of an asset not be the person responsible for its custody? What are the limitations of internal control?
An Internal Control System will not Assists compliance with laws and regulations Helps ensure the reliability of internal and external reporting Help obtain an understanding of the business and the risks it faces Facilitates the effectiveness and efficiency of operations
Allowing only certain employees to order goods and services for the company is an example of what internal control procedure? a.Proper authorization b.Independent verification c.Segregation of duties d.Safeguarding of assets and records
Which is correct ?
What is the primary role of internal controls in managing a business? a.To ensure that the financial statements are presented in such a manner as to provide relevant and reliable information for financial statement decision makers and the company's creditors. b.To constrain subordinates' activities in order to prevent employees from deviating from the scope of their responsibilities and encourage them to act in the best interest of the business. c.To encourage theft and to ensure that segregation of duties does not take place. d.To prevent cash from being stolen.
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