Board of Director
Q: The audit committee is usually responsible for monitoring the: a) Effectiveness of financial control…
A: An organization's board of directors committee known as the audit committee is in charge of choosing…
Q: The agency problem underlies the need for sound corporate governance. In this context, the 'agents'…
A: The agency problem is a conflict of interest inherent in any relationship where one party is…
Q: What responsibility would internal auditing go under? managerial accounting, tax accounting or…
A: There are different branch of accounting that help in the recording of transactions and analysis of…
Q: Who bears the responsibility of the preparation of company’s financial statements? A The…
A: The external auditors are responsible for the auditing of the company
Q: A system that establishes financial accountability for operating segments within an organization is…
A: Responsibility Accounting is a system of control where responsibility is assigned to a person.
Q: Companies are required to follow the laws and regulations including company law, tax law and…
A: Internal control procedures are those procedures which are adopted to ensure fulfilment of…
Q: Which of the following members of an organization has ultimate ownership responsibility of the…
A: Solution: The chief executive officer (CEO) has the ultimate responsibility for enterprise risk…
Q: Who is responsible to set policies on internal control? Chief Executive Officer Audit Committee…
A: Internal Control:- It is the process effected by a company's board of directors , management ,…
Q: The internal control system provides reasonable assurance that the company’s objectives are being…
A: Internal control: Internal control can be defined as a process to ensure achievement of the…
Q: Define the roles of auditors in a company?
A: A qualified person known as an auditor inspects, confirms, and validates the accuracy and integrity…
Q: Governmental Administrative Agencies are established by the branch. The branch and implemented by…
A: The correct order is often referred to as the "Executive, Judicial, Legislative" sequence,…
Q: Which of the following is not a primary function of the management accountant?a. Communicates…
A: Management accounting: Management accounting measures, analyzes and reports both financial and…
Q: Discuss how management accounting fits into an organization’s structure
A: Staff managers provide support services to the line managers. Staff managers are specialists that…
Q: or in the implementation of cor
A: Auditing plays a key role in Corporate Social Responsibility (CSR) and corporate governance.…
Q: The concept of the director; i. who is a director. ii. how is a director appointed? iii. what are…
A: the director is the one who is responsible for managing the affairs of the company. the director…
Q: Why should the chief accountant of an organization have a clear understanding of both financial and…
A: Understanding of financial as well as managerial accounting is very important for executives of the…
Q: Who is responsible for the Governance function? a. Board of Directors b. Internal Auditors c. None…
A: Governance is the process of reviewing processes and operations in the organisation, so that all…
Q: Which statement regarding management accounts is true?
A: Mnagement accounts are the financial representation of the financial data of the company. Unlike…
Q: Financial Accounting and Reporting, Advanced Financial Accounting and Reporting, Management…
A: The duties of a controller include assisting with the preparation of the operating budget,…
Q: you consider Government Accounti
A: Governmental accounting keeps strict control over resources while also categorizing operations into…
Q: Which one of the following is NOT the main responsibility of Executive Directors in a company? a. To…
A: The question is multiple choice question. Which one of the following is NOT the main responsibility…
Q: Corporate responsibility refers to fulfilling the responsibility or the obligation that a company…
A: Apart from the profit objective, a corporate organization should also work towards the…
Q: Managerial accounting information is generally prepared for a. stockholders. b. creditors. c.…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: Question 1 (i) Examples of economic stakeholders are A. customers, suppliers, banks and other debt…
A: i) Economic stakeholders are those who have a direct or indirect stake in the company it includes:…
Q: Identify the following users as either External users or Internal users. a. Distribution managers b.…
A: Internal users are the people who run, manage, and operate the day-to-day operations of a company's…
Q: According to COSO, internal control is a:
A: According to COSO: Internal control is not a set of rules because the internal control document…
Q: Which of the following would be considered part of the control environment of an entity? Question…
A: Control Environment of an entity is the collection of standards, processes, and structures that give…
Q: Stakeholders are the individuals or groups who: a. Are the shareholders in key competitors b.…
A: Business means the economic or professional activity which is done by an entrepreneur and their…
Q: How can the Corporate Compliance and Governance contribute in the overall success of a certain…
A: Corporate compliance and governance can be defined as a system that helps in minimizing the…
Q: The person or class of persons from whom the professional accountant prepares the report for…
A: The responsible party refers to the individuals or group of individuals who are responsible for the…
Q: An internal auditor is primarily responsible to: a. The Customers b. The Management c. The Creditors…
A: Audit is the review and examination of books of account and financial information of the business in…
Q: What term is used to describe broadly to the manner in which an organization is governed or managed…
A: Corporate governance refers to the set of rules, procedures, systems, processes designed for the…
Q: Where does the management accounting function fit into an organization’s structure?
A:
Q: Explain who is considered a “director” of a company and how a director may be resigned from his…
A: Directors are a group of people, collectively called board of directors, appointed by the company to…
Q: Question: In corporate governance, what is the primary function of an audit committee? A) Financial…
A: Corporate governance :Corporate governance refers to the set of rules, practices, and processes that…
Q: Question: In corporate governance, what is the primary function of an audit committee? A) Financial…
A: An audit committee is formed by the company in order to evaluate the results and to control, monitor…
Q: Who oversees the organization’s system of internal control? a. None of the choices b. Process…
A: The internal controls are related to the organisation behaviour and process.
Q: A company’s controller is least concerned with: a. Provision of capital b. Information processing…
A: Controllers refer to a person in a company who managed the financial departments which is helpful in…
Q: Describe the organization of public accounting firms and the composition of the audit teams
A: Public accounting firms: Public accounting firms are service organizations providing specialized…
Q: Which of the following statements regarding users of financial information is correct? Managers of…
A: Financial statement means the statement including income statement , balance sheet , cash flow…
Q: Detail the roles of non executive director , chief finance officer (CFO), Audit Committee and…
A: Roles of Non-executive director: The non-executive director is responsible for reviewing and…
Q: An important focus of management accounting is decision-making authority. Everyone within an…
A: The Employees are aware of their decision-making authority that they have regarding the firm assets…
Q: Internal accounting information is used primarily for internal decision making by an…
A: a.
Q: elow roles is NOT performed by a management accountant? Planning short run operations Implementing…
A: Management Accounting- Accounting that is designed for the management. It is concerned with the…
Q: Which of the following are characteristics of management accounting information? a) Unregulated…
A: Accounting is the process of recording and analyzing accounting information. Several branches of…
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- 11. The system of rules, practices and processes by which a company is directed and controlled is called a. Corporate governance b. Risk analysis c. Risk management d. Internal controlWhat three things form a business’ organization structure? Question 9 options: 1) Its management, its physical location, and its reporting relationships 2) Its management bureaucracy, its reporting relationships, and its geographical location of the home office 3) Its informal culture, its formal structure, and its management control mechanisms 4) Its formal division into subunits, coordinating mechanisms, and locus of decision-making responsibilityA 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
- Describe an example of how financial statements might be utilized internally by a company's executives to make strategic decisions.1a) Identify the various stakeholders of an organisation and briefly describe eachstakeholder’s objective(s) b) Describe the principal – agent relationship between the owners and managers of acompany, and explain how various corporate governance mechanisms attempt tomanage the agency problems (please ensure to provide a brief explanation of theagency problem)General-purpose financial statements are prepared primarily for: a. internal users. b. external users. c. auditors. d. government regulators.
- Please answer all 3 subparts Question 1 (i) Which of the following is not an appropriate definition of Corporate governance?A. The system of rules and processes by which a company is directed and controlled.B. The way powers are shared and exercised by different groups to achieve objectives of the company.C. The system of decision making and administrative work related to the daily operations of the organisation.D. The system of monitoring and control to ensure that management runs the company in the interests of shareholders. (ii) Agency theory is based on the view thatA. The purpose of corporate governance (CG) should be to satisfy (as far as possible) the objectives of all stakeholders.B. Boards of directors are considered as important mechanism for reducing transaction costs associated with environmental interdependency.C. Corporate governance will be to employ or design techniques or systems that can secure the interests and values of the management.D. The system of CG should be…What do you call the owned natural resources of a firm? What is a common set of accounting standards and procedures? Who is involved in the middle level of management (tactical level)? • CPA • Accountant • or bothAgency costs are best defined as: O The cost of conflict between the banks and shareholders * O The cost of conflict between the creditors and shareholders O The cost of conflict between the board of directors and creditors The cost of conflict between the board of directors and shareholders
- _______ comprises of the plan of the organization and all the co-ordinate methods and measures adopted within a business to safeguard its assets, check the accuracy and reliability of its accounting data to promote operational efficiency and to encourage adherence to prescribed managerial policies. a. Internal Control b. Internal Audit c. Audit Plan d. Risk AssessmentThe primary objective of management accounting is to provide thea.shareholders with useful information for decision makingb. creditors with useful information for decision makingc. management with information useful for planning and control of operationsd. government agencies with information for tax and other compliance purposesManagerial accounting is applicable to service entities. manufacturing entities. not-for-profit entities. all of these.