Which of the following is not part of the definition of internal control? Learning Objective 1 Separation of duties Safeguard assets Encourage employees to follow company policies Promote operational efficiency

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Answer 1

Textbook Question

Chapter 8, Problem 1QC

Which of the following is not part of the definition of internal control?

Learning Objective 1

Separation of duties
Safeguard assets
Encourage employees to follow company policies
Promote operational efficiency

Expert Solution & Answer

To determine

Internal Control:It is a process for assuring achievement of an organization objectives through operational efficiency and effectiveness which includes financial reporting, compliance with the applicable laws and regulations.

Option that is not an objective of Internal control.

Explanation of Solution

Solution:

The correct answer is (c).

Explanations:

Definition of Internal control is internal control is a process designed to provide reasonable assurance regarding achievement of the following objectives:

Safeguarding of assets.
Encourage employees to follow company policies.
Promote Operational efficiencies
Compliance with applicable laws and regulations.

Given options can be analyzed as follows:

Separation of duties is a control procedure to ensure that the employees are free from any kind of fraudulent activities but it’s not an internal control.
Safeguard of assets is an internal control to ensure that the assets are safeguarded properly with proper control.
Encourage employees to follow company policies, the internal control mechanism requires to follow all the policies of the company in an effective way.
Promote operational efficiencies, a company following internal control procedure is expected to promote the operational efficiencies’ of the company.

Conclusion

From the above analysis, we can conclude that Separation of duties is not a part of definition of internal control.

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03:01

Students have asked these similar questions

ning Objective 1 S8-1 Defining internal control Internal controls are designed to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate accounting records. Requirements 1. Which objective do you think is most important? 2. Which objective do you think the internal controls must accomplish for the busi- ness to survive? Give your reason.

Establishing effective controls minimizes waste, which lowers. costs and increases profits. Which objective of internal control is this statement referring to? O O о Safeguard assets Ensure accurate, reliable accounting records Promote operational efficiency Encourage employees to follow company policies I DON'T KNOW YET

QUESTION 1 The objectives of internal control are to a. provide control over "internal-use only" reports and employee internal conduct b. prevent fraud, and promote the social interest of the company 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

Answer 2

Textbook Question

Chapter 8, Problem 1QC

Which of the following is not part of the definition of internal control?

Learning Objective 1

Separation of duties
Safeguard assets
Encourage employees to follow company policies
Promote operational efficiency

Expert Solution & Answer

To determine

Internal Control:It is a process for assuring achievement of an organization objectives through operational efficiency and effectiveness which includes financial reporting, compliance with the applicable laws and regulations.

Option that is not an objective of Internal control.

Explanation of Solution

Solution:

The correct answer is (c).

Explanations:

Definition of Internal control is internal control is a process designed to provide reasonable assurance regarding achievement of the following objectives:

Safeguarding of assets.
Encourage employees to follow company policies.
Promote Operational efficiencies
Compliance with applicable laws and regulations.

Given options can be analyzed as follows:

Separation of duties is a control procedure to ensure that the employees are free from any kind of fraudulent activities but it’s not an internal control.
Safeguard of assets is an internal control to ensure that the assets are safeguarded properly with proper control.
Encourage employees to follow company policies, the internal control mechanism requires to follow all the policies of the company in an effective way.
Promote operational efficiencies, a company following internal control procedure is expected to promote the operational efficiencies’ of the company.

Conclusion

From the above analysis, we can conclude that Separation of duties is not a part of definition of internal control.

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03:01

Answer 3

Textbook Question

Chapter 8, Problem 1QC

Which of the following is not part of the definition of internal control?

Learning Objective 1

Separation of duties
Safeguard assets
Encourage employees to follow company policies
Promote operational efficiency

Expert Solution & Answer

To determine

Internal Control:It is a process for assuring achievement of an organization objectives through operational efficiency and effectiveness which includes financial reporting, compliance with the applicable laws and regulations.

Option that is not an objective of Internal control.

Explanation of Solution

Solution:

The correct answer is (c).

Explanations:

Definition of Internal control is internal control is a process designed to provide reasonable assurance regarding achievement of the following objectives:

Safeguarding of assets.
Encourage employees to follow company policies.
Promote Operational efficiencies
Compliance with applicable laws and regulations.

Given options can be analyzed as follows:

Separation of duties is a control procedure to ensure that the employees are free from any kind of fraudulent activities but it’s not an internal control.
Safeguard of assets is an internal control to ensure that the assets are safeguarded properly with proper control.
Encourage employees to follow company policies, the internal control mechanism requires to follow all the policies of the company in an effective way.
Promote operational efficiencies, a company following internal control procedure is expected to promote the operational efficiencies’ of the company.

Conclusion

From the above analysis, we can conclude that Separation of duties is not a part of definition of internal control.

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03:01

Answer 4

Textbook Question

Chapter 8, Problem 1QC

Which of the following is not part of the definition of internal control?

Learning Objective 1

Separation of duties
Safeguard assets
Encourage employees to follow company policies
Promote operational efficiency

Expert Solution & Answer

To determine

Internal Control:It is a process for assuring achievement of an organization objectives through operational efficiency and effectiveness which includes financial reporting, compliance with the applicable laws and regulations.

Option that is not an objective of Internal control.

Explanation of Solution

Solution:

The correct answer is (c).

Explanations:

Definition of Internal control is internal control is a process designed to provide reasonable assurance regarding achievement of the following objectives:

Safeguarding of assets.
Encourage employees to follow company policies.
Promote Operational efficiencies
Compliance with applicable laws and regulations.

Given options can be analyzed as follows:

Separation of duties is a control procedure to ensure that the employees are free from any kind of fraudulent activities but it’s not an internal control.
Safeguard of assets is an internal control to ensure that the assets are safeguarded properly with proper control.
Encourage employees to follow company policies, the internal control mechanism requires to follow all the policies of the company in an effective way.
Promote operational efficiencies, a company following internal control procedure is expected to promote the operational efficiencies’ of the company.

Conclusion

From the above analysis, we can conclude that Separation of duties is not a part of definition of internal control.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

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Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

Internal Control:It is a process for assuring achievement of an organization objectives through operational efficiency and effectiveness which includes financial reporting, compliance with the applicable laws and regulations.

Option that is not an objective of Internal control.

Explanation of Solution

Solution:

The correct answer is (c).

Explanations:

Definition of Internal control is internal control is a process designed to provide reasonable assurance regarding achievement of the following objectives:

Safeguarding of assets.
Encourage employees to follow company policies.
Promote Operational efficiencies
Compliance with applicable laws and regulations.

Given options can be analyzed as follows:

Separation of duties is a control procedure to ensure that the employees are free from any kind of fraudulent activities but it’s not an internal control.
Safeguard of assets is an internal control to ensure that the assets are safeguarded properly with proper control.
Encourage employees to follow company policies, the internal control mechanism requires to follow all the policies of the company in an effective way.
Promote operational efficiencies, a company following internal control procedure is expected to promote the operational efficiencies’ of the company.

Conclusion

From the above analysis, we can conclude that Separation of duties is not a part of definition of internal control.

Answer 8

Expert Solution & Answer

To determine

Internal Control:It is a process for assuring achievement of an organization objectives through operational efficiency and effectiveness which includes financial reporting, compliance with the applicable laws and regulations.

Option that is not an objective of Internal control.

Explanation of Solution

Solution:

The correct answer is (c).

Explanations:

Definition of Internal control is internal control is a process designed to provide reasonable assurance regarding achievement of the following objectives:

Safeguarding of assets.
Encourage employees to follow company policies.
Promote Operational efficiencies
Compliance with applicable laws and regulations.

Given options can be analyzed as follows:

Separation of duties is a control procedure to ensure that the employees are free from any kind of fraudulent activities but it’s not an internal control.
Safeguard of assets is an internal control to ensure that the assets are safeguarded properly with proper control.
Encourage employees to follow company policies, the internal control mechanism requires to follow all the policies of the company in an effective way.
Promote operational efficiencies, a company following internal control procedure is expected to promote the operational efficiencies’ of the company.

Conclusion

From the above analysis, we can conclude that Separation of duties is not a part of definition of internal control.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

Internal Control:It is a process for assuring achievement of an organization objectives through operational efficiency and effectiveness which includes financial reporting, compliance with the applicable laws and regulations.

Option that is not an objective of Internal control.

Answer 12

Explanation of Solution

Solution:

The correct answer is (c).

Explanations:

Definition of Internal control is internal control is a process designed to provide reasonable assurance regarding achievement of the following objectives:

Safeguarding of assets.
Encourage employees to follow company policies.
Promote Operational efficiencies
Compliance with applicable laws and regulations.

Given options can be analyzed as follows:

Separation of duties is a control procedure to ensure that the employees are free from any kind of fraudulent activities but it’s not an internal control.
Safeguard of assets is an internal control to ensure that the assets are safeguarded properly with proper control.
Encourage employees to follow company policies, the internal control mechanism requires to follow all the policies of the company in an effective way.
Promote operational efficiencies, a company following internal control procedure is expected to promote the operational efficiencies’ of the company.

Answer 13

Conclusion

From the above analysis, we can conclude that Separation of duties is not a part of definition of internal control.

Answer 14

Ch. 8 - Which of the following is not part of the...Ch. 8 - Prob. 2QC Ch. 8 - Prob. 3QC Ch. 8 - Prob. 4QC Ch. 8 - Prob. 5QC Ch. 8 - Prob. 6QC Ch. 8 - Prob. 7QC Ch. 8 - Prob. 8QC Ch. 8 - Prob. 9QC Ch. 8 - Prob. 10QC

Which of the following is not part of the definition of internal control? Learning Objective 1 Separation of duties Safeguard assets Encourage employees to follow company policies Promote operational efficiency

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