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

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

Principles of Accounting Volume 1
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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[12 Marks] Internal controls are: a. policies and procedures designed to safeguard a company's assets. b. are policies and procedures designed to produce accurate accounting records. c. are the responsibility of a company's management to develop and implement. d. are policies and procedures designed to safeguard a company's assets and are policies and procedures designed to produce accurate accounting records. e. All of these are true. Internal control systems are not designed to: a. promote operational efficiency. b, encourage adherence to prescribed management policies. c. internal control systems are designed to do all of what is mentioned in the other alternatives. d. check the accuracy and reliability of accounting records. e, safeguard assets. The Cash T-account has a beginning balance of $52,000. During the year, $365,000 was debited and $360,000 was credited to the account. What is the ending balance of cash? A) $5,000 B) $57,000 C) $47,000 D) $(5,000)
Transcribed Image Text:[12 Marks] Internal controls are: a. policies and procedures designed to safeguard a company's assets. b. are policies and procedures designed to produce accurate accounting records. c. are the responsibility of a company's management to develop and implement. d. are policies and procedures designed to safeguard a company's assets and are policies and procedures designed to produce accurate accounting records. e. All of these are true. Internal control systems are not designed to: a. promote operational efficiency. b, encourage adherence to prescribed management policies. c. internal control systems are designed to do all of what is mentioned in the other alternatives. d. check the accuracy and reliability of accounting records. e, safeguard assets. The Cash T-account has a beginning balance of $52,000. During the year, $365,000 was debited and $360,000 was credited to the account. What is the ending balance of cash? A) $5,000 B) $57,000 C) $47,000 D) $(5,000)
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