35. A factors of control environment that covers the applicable directives from management in ensuring all employees understand the organization’s objectives, their individual actions interrelate, their contribution and determine how they would be held accountable: Group of answer choices None of the choices Assignment of Authority and Responsibility Commitment to Competence Organizational Structure Human Resources Policies and Practices

35. A factors of control environment that covers the applicable directives from management in ensuring all employees understand the organization’s objectives, their individual actions interrelate, their contribution and determine how they would be held accountable: Group of answer choices None of the choices Assignment of Authority and Responsibility Commitment to Competence Organizational Structure Human Resources Policies and Practices

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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
A person who has the full authority to control the whole organization is in which management level? O Middle level management O Top level management O Lower level management O Supervisory level
Managerial decision making in accounting requires careful analysis of quantitative data on areas such as relevant and irrelevant costs. However, qualitative factors also play a role in making such decisions. For this forum, identify some qualitative factors that should be considered when making managerial decisions. Explain why and how these qualitative factors impact the managerial decision making process.
Which of the following is NOT a correct statement about management? a. Management's application is limited to private organizations only. b. Management is applicable to all kinds of organizations. c. Management is concerned with all kinds of resources. d. Management's purpose is to formulate effective organizational strategies.
Match each of the following components of internal control with its description. Components of Internal Control Descriptions 1. Control environment 2. Risk assessment 3. Control activities 4. Information and communication 5. Monitoring a. Procedures for maintaining separation ofduties.b. Routine activities that are meant tocontinually observe internal controlactivities.c. Transfer of data from lower managersto top executives for accurate financialreporting.d. Formal policies to evaluate internal andexternal threats to achieving companyobjectives.e. Overall attitude of the company withrespect to internal controls.
Initiating disciplinary matters, implementing motivational strategies and providing on-the-job training are all responsibilities of a human resource manager. Question 8 options: True False
Which of the following statements about responsibility accounting are correct? Select one: a. Responsibility accounting systems differ widely across organizations. b. The structure for accumulating cost information generally mirrors the structure for accumulating responsibility center information. c. Responsibility accounting is the primary responsibility of accounting staff.
Which of the following elements of a system of quality control is related to firms receiving independence confirmations from its professionals with respect to clients?a. Acceptance and continuance of client relationships and specific engagements.b. Engagement performance.c. Monitoring.d. Relevant ethical requirements.
Requirements Each of the statements below describes a responsibility of management. Match each statement to the management responsibility being fulfilled (a. Plan or d. Controlling). 1. 2₁ 3. Are the statements below more descriptive of managerial accounting or financial accounting information? Each of the statements below paraphrases an ethical responsibility. Match each statement to the standard of ethical professional practice being fulfilled c. Integrity, or d. Credibility). Each standard may be used more than once or not at all. Requirement 1. Each of the statements below describes a responsibility of management. Match each statement to the management responsibility being fulfilled c. Directing, or d. Controlling). Statement 1. Identifying alternative courses of action and choosing among them 2. Running the company on a day-to-day basis 3. Determining whether the company's units are operating according to plan Setting goals and objectives for the company and determining strategies…
What are the implications if management refuses to sign a management representation letter? If management signs a management representation letter, is that a good indication that all of managements statements described in the letter are actually true?
TB MC Qu. 18-27 (Static) Which of the following is not an objective of ... Which of the following is not an objective of management control? Multiple Choice Motivate managers to exert a high level of effort. Create goal congruence. Create a work environment in which everyone knows their roles.
Which of the following is not a characteristic of an effective responsibility accounting system? a) Reports that set goals for long-term strategic performance b) Reports that show revenue and/or expense items under a manager's control c) Reports that show budgeted and actual amounts of controllable revenue and expense items d) Reports that highlight areas that need corrective action