FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Question
Which of the following control objectives in the General Ledger activities under the Record-to-Report process is least likely to have more extensive
a. To ensure that the general ledger and management accounts are accurate, reliable, and appropriately reflect the structure and operations of the organization.
b. To ensure that the accounting information can be used to generate all the required statutory published accounting statements.
c. To ensure that the accounting data is capable of meaningful and accurate analysis to support management decisions and actions.
d. To ensure that the accounting records are maintained in accordance with the prevailing laws, regulations, and professional good practice.
NEED ASAP
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution
Trending nowThis is a popular solution!
Step by stepSolved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- 21. Which of the following control objectives in the General Ledger activities under the Record-to-Report process is least likely to have more extensive audit procedures for a business in an industry with fewer regulations? Group of answer choices To ensure that the accounting data is capable of meaningful and accurate analysis to support management decisions and actions. To ensure that the accounting information can be used to generate all the required statutory published accounting statements. To ensure that the general ledger and management accounts are accurate, reliable, and appropriately reflect the structure and operations of the organization. To ensure that the accounting records are maintained in accordance with the prevailing laws, regulations, and professional good practice.arrow_forwardWhich of the following is TRUE about Internal Audit? Internal audit is described as the verification of the operations within the business by a specially assigned staff Internal audit is described as the verification of the financial statements only within the business by a specially assigned staff Internal audit is described as the verification of the operations within the business by any staff member Internal audit is described as the verification of the operations outside the business by a specially assigned staffarrow_forwardEntity-level controls can have a pervasive effect on the entity's ability to meet the control criteria. Which one of the following is not an entity-level control? A. The period-end financial reporting process B. Controls to monitor results of the operations C. Controls to monitor the inventory taking process D. Management's risk assessment processarrow_forward
- The responsibility for the financial statements rests A. jointly with the auditor and management B. solely with management C. with the internal audit function D. solely with the external auditorarrow_forwardAuditing Sales/Revenue Transactions When an auditor needs to obtain an understanding of the overall internal control of a company, the auditor first needs to consider the elements of the control environment. To assist the auditor in assessing the level of control risk, the following tests of controls were designed to allow the auditor to determine if the company’s related controls were operating effectively in the revenue cycle. Determine which of the four management assertion(s) apply to each individual sales (revenue) control being discussed. Hint: many have more than one assertion. Management Assertions: Existence & Occurrence, Rights, Completeness, Valuation 5. The computer assigns a number to every sales invoice. Which management assertions apply to this control? 6. Input validation checks (application controls) are applied to every bill to ensure the accuracy of the billing process. Which management assertions apply to this control?…arrow_forwardPLEASE ANSWER THIS ASAP. THANK YOU SO MUCH. 1.Which of the following statements is incorrect? a. Management assertions are implied or expressed representations by management about classes of transactions, account balances and presentation and disclosures contained in the financial statements. b. Transaction cycles may vary from one entity to another and may also be affected by the nature of industry of the client. c. The primary goal of an auditor in an audit is to issue an opinion that the financial statements of an entity are fairly stated, in all material respects, in accordance with the applicable financial reporting framework. d. Reasonable assurance is moderate but not absolute level of assurance that the financial statements are free from material misstatements. 2. Which of the following statements does not pertain to responsibilities of management and those in charge of governance? a. Establish and implement internal controls relevant to the preparation of financial reports.…arrow_forward
- Aligning the to the organization's strategic objectives links the entire audit process to business objectives and enterprise-wide risks. To effectively allocate audit resources, audit departments should develop a risk-based that takes into consideration the full audit universe and the risks associated with each audit universe item, including any departmental resource constraints. a) audit department; audit strategy b) risk assessment; audit plan c) audit universe; audit approach d) audit charter; audit budgetarrow_forward14.Which of the following control objectives in the General Ledger activities under the Record-to-Report process is least likely to have more extensive audit procedures for a business in an industry with fewer regulations? Group of answer choices To ensure that the general ledger and management accounts are accurate, reliable, and appropriately reflect the structure and operations of the organization. To ensure that the accounting records are maintained in accordance with the prevailing laws, regulations, and professional good practice. To ensure that the accounting information can be used to generate all the required statutory published accounting statements. To ensure that the accounting data is capable of meaningful and accurate analysis to support management decisions and actions.arrow_forwardWhich of the following accurately describes a characteristic of a management letter? Select all that apply. written on the auditor's letterhead O addressed to management or those charged with governance O reports internal control weaknesses O includes documentation of materiality and the audit plan O signed by managementarrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education