Loose Leaf for Financial Accounting: Information for Decisions
9th Edition
ISBN: 9781260158762
Author: John J Wild
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Question
Chapter 6, Problem 1QS
Summary Introduction
Introduction:Objectives of the internal control are to be matched they are true or false according to the statements given below. Internal control monitors and controls the internal managements of the company, as it help in running the business smoothly.
To choose: True statements which match the objectives of the company of internal control.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
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
Internal control is said to be the backbone of all businesses. Which of the following is the bestdescription of internal controls?A. Internal controls ensure that the financial statements published are correct.B. The only role of internal controls is to protect customer data.C. Internal controls and company policies are important to protect and safeguard assets and to protect allcompany data and are designed to protect the company from fraud.D. Internal controls are designed to keep employees from committing fraud against the company.
Indicate which statements are true and which are false.
1. Internal control procedures should be designed to protect assets from waste and theft.
2. Separation of recordkeeping for assets from the custody over assets helps reduce fraud.
3. The primary objective of internal control procedures is to safeguard the business against theft fr
agencies.
4. One objective of internal control procedures is to safeguard the assets of the business.
Chapter 6 Solutions
Loose Leaf for Financial Accounting: Information for Decisions
Ch. 6 - List the seven braod principles of internal...Ch. 6 - Prob. 2DQCh. 6 - Prob. 3DQCh. 6 - Prob. 4DQCh. 6 - Prob. 5DQCh. 6 - Prob. 6DQCh. 6 - Prob. 7DQCh. 6 - Prob. 8DQCh. 6 - Prob. 9DQCh. 6 - Prob. 10DQ
Ch. 6 - Refer to Google’s financial statements in Appendix...Ch. 6 - Prob. 12DQCh. 6 - Prob. 13DQCh. 6 - Prob. 1QSCh. 6 - Prob. 2QSCh. 6 - Prob. 3QSCh. 6 - Prob. 4QSCh. 6 - Prob. 5QSCh. 6 - Prob. 6QSCh. 6 - Prob. 7QSCh. 6 - Prob. 8QSCh. 6 - Prob. 9QSCh. 6 - Prob. 10QSCh. 6 - Prob. 11QSCh. 6 - Prob. 1ECh. 6 - Prob. 2ECh. 6 - Prob. 3ECh. 6 - Prob. 4ECh. 6 - Prob. 5ECh. 6 - Prob. 6ECh. 6 - Prob. 7ECh. 6 - Prob. 8ECh. 6 - Prob. 9ECh. 6 - Prob. 10ECh. 6 - Prob. 11ECh. 6 - Prob. 12ECh. 6 - Prob. 13ECh. 6 - Prob. 14ECh. 6 - Prob. 15ECh. 6 - Prob. 1PSACh. 6 - Prob. 2PSACh. 6 - Prob. 3PSACh. 6 - Prob. 4PSACh. 6 - Prob. 5PSACh. 6 - Prob. 1PSBCh. 6 - Prob. 2PSBCh. 6 - Prob. 3PSBCh. 6 - Prob. 4PSBCh. 6 - Prob. 5PSBCh. 6 - Prob. 6SPCh. 6 - Prob. 1GLPCh. 6 - Prob. 1FSACh. 6 - Prob. 2FSACh. 6 - Prob. 3FSACh. 6 - Prob. 1BTNCh. 6 - Assume you are a business consultant. The owner of...Ch. 6 - Prob. 4BTNCh. 6 - Review the opening feature of this chapter that...Ch. 6 - Prob. 6BTN
Knowledge Booster
Similar questions
- Which of the following is not considered to be part of the internal control structure of a company? A. Ensure that assets are kept secure. B. Monitor operations of the organization to ensure maximum efficiency. C. Publish accurate financial statements on a regular basis. D. Ensure assets are properly used.arrow_forwardIndicate which statements are true and which are false. The primary objective of internal control procedures is to safeguard the business against theft from government agencies.arrow_forwardPrevention and detection of fraud is the primary responsibility of: a. The Management b. The Government c. The External Auditor d. The Internal Auditorarrow_forward
- Internal control consists of the plan of organization and all of the related methods and measures adopted within a business to (a) safeguard its assets, and (b) enhance the accuracy and reliability of its accounting records. True O Falsearrow_forwardThe primary purpose of internal controls in managing a business is to: A. encourage theft and ensure that segregation of duties does not take place. B. ensure that employees operating within the scope of their assigned responsibilities and act in the best interest of the business. C. prevent cash from being stolen. D. ensure that financial statements are a faithful representation of the company’s financial performance.arrow_forwardWhich of the following is not considered to be part of the internal control structure of a company?A. Ensure that assets are kept secure.B. Monitor operations of the organization to ensure maximum efficiency.C. Publish accurate financial statements on a regular basis.D. Ensure assets are properly used.arrow_forward
- From pages 4-1 and 4-2 of the VLN, the COSO Framework describes 5 components of internal control. What is the purpose of internal controls from a financial accounting perspective? 1. To guarantee no fraud will occur in the organization. 2. To help safeguard the company's assets. 3. To help improve the accuracy and reliability of the accounting information. 4.To prevent collusion. Group of answer choices A. 1,2, and 3 B. 2 and 3 C. 2, 3, and 4 D.1, 2, 3, and 4arrow_forwardSelect the appropriate control activities for each of the following definitions. Definitions Control Activities a. The company should maintain security over assets and accounting records. Management should periodically determine whether the amounts of physical b. assets of the company match the accounting records. The company should provide employees with appropriate guidance to ensure C. they have the knowledge necessary to carry out their job duties. The actual performance of individuals or processes should be checked against d. their expected performance. Authorizing transactions, recording transactions, and maintaining control of the е. related assets should be separated among employees. To prevent improper use of the company's resources, only certain employees are allowed to carry out certain business activities.arrow_forwardAll 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.arrow_forward
- Shelly Eckert has prepared the following list of statements about internal control. Identify each statement as true or false. Iffalse, indicate how to correct the statement. One of the objectives of internal control is to safeguard assets from employee theft, robbery, and a. unauthorized use. One of the objectives of internal control is to enhance the accuracy and reliability of the accounting b. records. C. No laws require U.S. corporations to maintain an adequate system of internal control. >arrow_forwardA business wishes to establish sound internal controls. What rules and processes can you recommend to help limit human fraud and error?arrow_forwardWhich of the following is an example of detective controls? a. The company should establish formal guidelines to handle cash receipts and make purchases. b. Important documents should be kept in a safe place, and electronic files should be backed up regularly. c. Employees should be made aware of the company’s internal control policies. d. Management periodically determines whether the amount of physical assets agree with the accounting records.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Auditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage Learning
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Auditing: A Risk Based-Approach (MindTap Course L...
Accounting
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Cengage Learning
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning