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Consider the following definitions.) Term Definition O More Info internal control Control procedures Firewalls a. Two or more people working together to overcome internal controls. b. Part of internal control that ensures resources are not wasted. Encryption Environment c. Requires companies to review internal control and take responsibility for the accuracy and completeness of their financial reports. nformation system d. Should be prenumbered to prevent theft and inefficiency. aration of duties Collusion e. Limits access to a local network. f. Example: The person who opens the bank statement should not also be the person who is reconciling cash. g. Identification of uncertainties that may arise due to a company's products, services or operations. Jocuments Audits h. Examination of a company's financial statements and accounting system by a trained accounting professional. I Without a sufficient one of these, information cannot properly be gathered and summarized. Operational efficiency The organizational plan and all related measures that safeguard assets, encourage employees to follow company policies, promote I operational efficiency, and ensure accurate and reliable accounting data. k. Component of internal control that helps ensure business goals are achieved. Risk assessment Sarbanes-Oxley Act I. Rearranges data by a mathematical process. m. To establish an effective one, a company's CEO and top managers must behave honorably to set a good example for employees. Print Done

Consider the following definitions.) Term Definition O More Info internal control Control procedures Firewalls a. Two or more people working together to overcome internal controls. b. Part of internal control that ensures resources are not wasted. Encryption Environment c. Requires companies to review internal control and take responsibility for the accuracy and completeness of their financial reports. nformation system d. Should be prenumbered to prevent theft and inefficiency. aration of duties Collusion e. Limits access to a local network. f. Example: The person who opens the bank statement should not also be the person who is reconciling cash. g. Identification of uncertainties that may arise due to a company's products, services or operations. Jocuments Audits h. Examination of a company's financial statements and accounting system by a trained accounting professional. I Without a sufficient one of these, information cannot properly be gathered and summarized. Operational efficiency The organizational plan and all related measures that safeguard assets, encourage employees to follow company policies, promote I operational efficiency, and ensure accurate and reliable accounting data. k. Component of internal control that helps ensure business goals are achieved. Risk assessment Sarbanes-Oxley Act I. Rearranges data by a mathematical process. m. To establish an effective one, a company's CEO and top managers must behave honorably to set a good example for employees. Print Done

FINANCIAL ACCOUNTING
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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Match the following terms with their definitions. (Use each definition only once.) A (Consider the following definitions.) Term Definition More Info 1. Internal control 2. Control procedures 3. Firewalls a. Two or more people working together to overcome internal controls. 4. Encryption b. Part of internal control that ensures resources are not wasted. 5. Environment c. Requires companies to review internal control and take responsibility for the accuracy and completeness of their financial reports. 6. Information system d. Should be prenumbered to prevent theft and inefficiency. 7. Separation of duties e. Limits access to a local network. 8. Collusion f. Example: The person who opens the bank statement should not also be the person who is reconciling cash. 9. Documents g. Identification of uncertainties that may arise due to a company's products, services or operations. 10. Audits h. Examination of a company's financial statements and accounting system by a trained accounting professional. 11. Operational efficiency i. Without a sufficient one of these, information cannot properly be gathered and summarized. The organizational plan and all related measures that safeguard assets, encourage employees to follow company policies, promote j. operational efficiency, and ensure accurate and reliable accounting data. 12. Risk assessment 13. Sarbanes-Oxley Act k. Component of internal control that helps ensure business goals are achieved. I. Rearranges data by a mathematical process. m. To establish an effective one, a company's CEO and top managers must behave honorably to set a good example for employees. Print Done
Transcribed Image Text:Match the following terms with their definitions. (Use each definition only once.) A (Consider the following definitions.) Term Definition More Info 1. Internal control 2. Control procedures 3. Firewalls a. Two or more people working together to overcome internal controls. 4. Encryption b. Part of internal control that ensures resources are not wasted. 5. Environment c. Requires companies to review internal control and take responsibility for the accuracy and completeness of their financial reports. 6. Information system d. Should be prenumbered to prevent theft and inefficiency. 7. Separation of duties e. Limits access to a local network. 8. Collusion f. Example: The person who opens the bank statement should not also be the person who is reconciling cash. 9. Documents g. Identification of uncertainties that may arise due to a company's products, services or operations. 10. Audits h. Examination of a company's financial statements and accounting system by a trained accounting professional. 11. Operational efficiency i. Without a sufficient one of these, information cannot properly be gathered and summarized. The organizational plan and all related measures that safeguard assets, encourage employees to follow company policies, promote j. operational efficiency, and ensure accurate and reliable accounting data. 12. Risk assessment 13. Sarbanes-Oxley Act k. Component of internal control that helps ensure business goals are achieved. I. Rearranges data by a mathematical process. m. To establish an effective one, a company's CEO and top managers must behave honorably to set a good example for employees. Print Done
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