[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)

Internal controls are processes, policies, and procedures implemented by any organization to ensure…

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

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter4: Internal Control And Cash

Section: Chapter Questions

Problem 9DQ

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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 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.
Why it is important for internal controls to be maintained: a. Safeguard assets (from fraud or errors) b. Preserve the accuracy and integrity of the accounting data c. Promote operational efficiency d. All the answers are correct
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
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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
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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.
The importance of internal control is to protect against all of the following EXCEPT integrity of assets reliable accounting information financial reporting owner
Which of the following is not one of the components of COSO’s framework? A. Objective setting which includes setting the objectives and critical success factors B. Continuously monitoring the ERM process C. Risk Assessment to manage risk related to achieving corporate objectives D. Safeguarding assets to prevent or detect unauthorized acquisition, use or disposition E. Control Activities which include policies and procedures to assure that management’s control objectives are met

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