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- An internal control system where obligations by the company should be liquidated only by checks. A. Voucher system B. Current account c. Check system d. Outstanding checkWhich of the following is not one of the categories of control activities? a.Checks on recorded amounts b.Segregation of duties c.Clearly defined authority and responsibility d.Defalcation and financial reportingWhat is the purpose of the following control procedures (i.e., what threats is it designed to mitigate)? i. Establishing a separate payroll checking account and funding it as an imprest account.
- Substantive procedure does not involve in: Checking the operating effectiveness of internal control Test of details of accounts balances and disclosures. Substantive analytical procedures. Test of details of classes of transactions.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 errorsThis is a process of evaluating the effectiveness of a client's internal controls in preventing or detecting material misstatements in the financial statements is called __________________ (answer in All CAPS)
- Which of the following is desirable in a good system of internal accounting controls? Select one: O O O a. Develop plans and budgets b. Encourage employee collusion c. Maintain adequate accounting records d. Two of the above e. None of the aboveControls that enhance the accuracy and reliability of the accounting records are automated controls. external controls. physical controls. none of these answer choices are correct.One of the purposes of internal control is to protect: Select one: a. assets. b. all statement of financial position accounts. c. liabilities. d. None of the answers are correct
- As part of a strong internal control system, which of the following accounting duties needsto be separated from cash handling?a. Record keepingb. Filingc. Transaction approvald. Both a and c need to be separated from cash handling.Requiring that an employee with no access to cash do the accounting is an example ofwhich characteristic of internal control?a. Separation of dutiesb. Assignment of responsibilityc. Competent and reliable personneld. Monitoring of controlsWhich one of the following is not an advantage of internal controls? Select one: a. It safeguards the assets b. It increases the chance of fraud c. It ensures compliance with laws d. It enhances the reliability of accounting records