I want answer [12 Marks]Internal controls are: a. policies and procedures designed to safeguard a company's assets. b. arepolicies and procedures designed to produce accurate accounting records. c. are the responsibilityof a company's management to develop and implement. d are policies and procedures designed tosafeguard a company's assets and are policies and procedures designed to produce accurateaccounting records. e. All of these are true. Internal control systems are not designed to: a. promoteoperational efficiency. b, encourage adherence to prescribed management policies. c. internalcontrol systems are designed to do all of what is mentioned in the other alternatives. d. check theaccuracy and reliability of accounting records. e, safeguard assets. The Cash T-account has abeginning balance of $52,000. During the year, $365,000 was debited and $360,000 was credited tothe account. What is the ending balance of cash? A) $5,000 B) $57,000 C) $47,000 D) $(5,000)

Answered: [12 Marks] Internal controls are: a.…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 2MC: Internal control is said to be the backbone of all businesses. Which of the following is the best...

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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.
Which of the following are affected by the quality of an organization’s internal controls? a. Reliability of financial data. b. Ability of management to make informed business decisions. c. Ability of the organization to remain ¡n business. d. All of the above. e. Only a and c.
Internal control is said to be the backbone of all businesses. Which of the following is the best description 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 all company data and are designed to protect the company from fraud. D. Internal controls are designed to keep employees from committing fraud against the company.
Which one of the following is not an objective of a system of internal controls? Select one: 1. Overstate liabilities in order to be conservative 2. Enhance the accuracy and reliability of accounting records 3. Safeguard company assets 4. Reduce the risks of errors
Which of the following is true of internal control? A. Internal control procedures tend to diminish the importance of operational efficiency. B. A company's outside auditor is responsible for the company's internal control system. C. Internal controls are only necessary for public companies. D. One of the major purposes of internal control is to ensure that the assets are safeguarded.
Give me accurate answer
An internal control system consists of all policies and procedures used to protect assets, ensure reliable accounting, promote efficient operations, and urge adherence to company policies. Do you agree or disagree with this statement. Why or why not
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
Which of the following is true of internal control? OA. Internal controls are only necessary for large businesses. OB. A company's outside auditor is responsible for the company's internal control system. OC. Internal control procedures tend to diminish the importance of operational efficiency. OD. One of the major purposes of internal control is to ensure accurate, reliable accounting records.
Which of the following are correct regarding why management uses internal controls? (Check all that apply.) Multiple select question. Protect assets. Uphold company policies. Ensure reliable accounting. Reduce vendor payables. Increase revenues. Promote efficient operations.
Which of the following is not a purpose of internal controls? Guarantee profits Protect assets Adherence to company policies Make fraud more difficult Accurate accounting records
Which of the following is not stated as a primary objective of a company's internal control policies and procedures? Multiple Choice The proper recording and authorization of transactions. The maintenance of adequate records. The prevention or detection of unauthorized activities involving a company's records. The provision of current information for outside investors and analysts. 50 Next

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