[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)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F86c0de67-f812-4251-8590-61db3cfc4709%2F581078b9-9599-4f83-b7ed-2708b28daf3a%2F6h9pgjh_processed.jpeg&w=3840&q=75)
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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