Financial Accounting
3rd Edition
ISBN: 9780133791129
Author: Jane L. Reimers
Publisher: Pearson Higher Ed
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Question
Chapter 2, Problem 10MCQ
To determine
Identify the component that is not a part of internal control.
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Which of the following is not one of the elements of a good system of internal control?
a.Control environment
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c.Information and communication
d.Risk assessment
Which type of control is considered a compensating control? a. segregation of duties b. access control c. supervision d. accounting records
Which of the following i not an element of internal control?A. Control environmentB. MonitoringC. Compliance with laws and regulationsD. Control procedures
Chapter 2 Solutions
Financial Accounting
Ch. 2 - Prob. 1YTCh. 2 - Prob. 2YTCh. 2 - Is prepaid insurance an expense or an asset?...Ch. 2 - Prob. 4YTCh. 2 - Give an example of the matching principle from the...Ch. 2 - What is the difference between cash basis and...Ch. 2 - Prob. 7YTCh. 2 - What is GAAP? What is IFRS?Ch. 2 - Prob. 2QCh. 2 - Prob. 3Q
Ch. 2 - Prob. 4QCh. 2 - Prob. 5QCh. 2 - What are the four basic financial statements?Ch. 2 - Which financial statement pertains to a single...Ch. 2 - Prob. 8QCh. 2 - Prob. 9QCh. 2 - Prob. 10QCh. 2 - Prob. 11QCh. 2 - Prob. 12QCh. 2 - What does recognize revenue mean in accounting?Ch. 2 - Prob. 14QCh. 2 - What is an accrual? What is a deferral?Ch. 2 - Must a company collect the money from a sale...Ch. 2 - What is the cost of goods sold?Ch. 2 - Explain the difference between cash basis...Ch. 2 - Prob. 19QCh. 2 - Prob. 20QCh. 2 - Prob. 21QCh. 2 - Prob. 1MCQCh. 2 - Prob. 2MCQCh. 2 - Prob. 3MCQCh. 2 - Prob. 4MCQCh. 2 - Prob. 5MCQCh. 2 - Prob. 6MCQCh. 2 - Prob. 7MCQCh. 2 - Prob. 8MCQCh. 2 - Prob. 9MCQCh. 2 - Prob. 10MCQCh. 2 - Elements of the financial statements. (LO 3). For...Ch. 2 - Prob. 2SEACh. 2 - Prob. 3SEACh. 2 - Prob. 4SEACh. 2 - Prob. 5SEACh. 2 - Prob. 6SEACh. 2 - Cash versus credit sales. (LO 3, 4). Company A had...Ch. 2 - Prob. 8SEACh. 2 - Prob. 9SEACh. 2 - Prob. 10SEACh. 2 - Prob. 11SEBCh. 2 - Prob. 12SEBCh. 2 - Prob. 13SEBCh. 2 - Prob. 14SEBCh. 2 - Prob. 15SEBCh. 2 - Prob. 16SEBCh. 2 - Prob. 17SEBCh. 2 - Prob. 18SEBCh. 2 - Prob. 19SEBCh. 2 - Prob. 20SEBCh. 2 - Prob. 21EACh. 2 - Prob. 22EACh. 2 - Prob. 23EACh. 2 - Balance sheet and income statement transactions....Ch. 2 - Prob. 25EACh. 2 - Prob. 26EACh. 2 - Prob. 27EACh. 2 - Prob. 28EACh. 2 - Elements of the financial statements. (LO 3). The...Ch. 2 - Prob. 30EBCh. 2 - Elements of the financial statements. (LO 3)....Ch. 2 - Prob. 32EBCh. 2 - Prob. 33EBCh. 2 - Prob. 34EBCh. 2 - Prob. 35EBCh. 2 - Current ratio. (LO 5). The following data was...Ch. 2 - Prob. 37PACh. 2 - Prob. 38PACh. 2 - Prob. 39PACh. 2 - Prob. 40PACh. 2 - Prob. 41PACh. 2 - Prob. 42PBCh. 2 - Prob. 43PBCh. 2 - Prob. 44PBCh. 2 - Prob. 45PBCh. 2 - Prob. 46PBCh. 2 - Prob. 1FSACh. 2 - Prob. 2FSACh. 2 - Prob. 3FSA
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Similar questions
- A weak internal control system is which element in the fraud triangle?a. Motiveb. Attitudec. Opportunityd. Rationalizationarrow_forwardwhat are the difference between Preventive Controls and Detective Controls?arrow_forwardWhich of the following is not an element of the fraudtriangle?a. Opportunityb. Control environmentc. Incentived. Rationalizationarrow_forward
- 5) What are common limitations of Internal Controls? a) Human Error b) Human Fraud c) Cost-Benefit Principle d) A, B, and C e) A and B onlyarrow_forwardWhich of the following is not one of the components of internal control according to the framework? a. Monitoring Activities b. Control Activities c. Planning Activities d. Risk Assessmentarrow_forwardWhat does “limitations of internal control” mean? Provide examples of limitations that are inherent to internal control.arrow_forward
- Which one of the following is not included in the control environment? a. Integrity & Ethical values b. Organizational Structure c. Competence of Personnel d. External Auditorarrow_forwardInternal control policies and procedures have limitations not including: O Collusion. O Human fraud. O Cost-benefit principle. O Establishing responsibilities. Human error.arrow_forward2. Assessing control risk begins with understanding entity-level controls. a. True b. Falsearrow_forward
- Explains these controls and tell why they are important in any fraud situation: a. Preventive controls b. Detective controls c. Leveraging technologd. Identifying the red flags NB: Answer questions a-darrow_forwardDescribe the difference between preventive controls and detective controls. What are examples of each?arrow_forwardDetermine the similarities and differences between the detective and preventive internal controls and which control is more reliable and effective, detective or preventive internal control? Explain your answer.arrow_forward
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