financial statement assertion

Q: Which of the following internal controls is a common detective control over cash and cash…

A: Internal control  is implemented, to maintain effectiveness, efficiency, ,follow the policies,…

Q: The explanation of the differences between the cash account balance according to the company’s book…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: Which of the following communications is most likely to be written before the balance-sheetdate?a. A…

A: D.Correct.- An engagement letter would be written before accepting an engagement and therefore…

Q: In the final step of the control process the controller compares the records of the day's cash…

A: Internal Control: It is the rules, and procedures  that  is implemented by a company. Internal…

Q: Which of the following generally would be considered good internal control of cash disbursements? a.…

A: Cash controls:   Management must have a safety measure to protect all assets against possible…

Q: ich of the following procedures would an auditor most likely perform to test trols relating to…

A: The given scenario relates with cash receipts. To check the authenticity of the transaction the…

Q: At Carlson Services, the cashier collects checks and cash from customers, and the junior accountant…

A: Internal control procedures are a set of policies and practices implemented by an organization to…

Q: Choose the one correct answer. Which of the following is not an appropriate question in an ICQ? *…

A: Internal Control Questionnaire -ICQ : ICQ is an important tool for conducting an audit. It is…

Q: Discuss audit procedures for the audit of accounts receivable. How does this apply to your chosen…

A: Audit procedures: Audit procedures are the process of evaluating the quality of the financial…

Q: Match the conditions for internal control to each of the policies listed.

A: Internal Control:   Internal control is a process which ensures continuous reliability of…

Q: Applying internal control over cash receipts by mail Review the internal controls over cash receipts…

A: Internal control is organisational plan and all the related measures adopted by an entity to…

Q: Which of the following is not an example of control procedures to safeguard cash received from…

A: Cash is one of the important current asset of the business. It's management and valuation is very…

Q: Which of the following substantive audit procedures is most likely to be performed by the auditor to…

A: Substantive audit procedures refer to audit processes performed by the auditor to detect material…

Q: internal controls over cash receipts and cash payments. Identify and discuss the similarities and…

A: lnternal control are  methods that are ensure  the proper safeguarding of assets are necessary to…

Q: An accounting information system comprises five generic parts. Which of the following gives an…

A: Internal control is defined as the procedure and process used by the company to- safeguard assets…

Q: Which of the following is an internal control guideline for better management of cash receipts?…

A: generally, there must be segregation of duties as part of the internal control system. work done by…

Q: Which of the following generally would not be considered good internal control of cash receipts? a.…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Which of the following statements are true regarding the control of cash receipts and cash payments?…

A: To control cash receipts and cash payments, Over-the-counter cash sales should be recorded on a cash…

Q: At Emerson Company, one bookkeeper prepares the cash deposits while the other bookkeeper enters the…

A: Segregation of Duties is a one of the methods of sustainable risk management and internal controls…

Q: The following questions related to cash disbursements are included in the internal control…

A: Audit assertions or financial statement assertions is an important thing to consider while doing the…

Q: Examine the cash receipts journal in the accounting system and compare the amounts received to the…

A: Audit procedure: Audit procedures represent all the methods and processes used by auditors to…

Q: Cash receipts should be deposited on the day of receipt or the following business day. Select the…

A: Comparing the daily cash receipts with the bank deposits will reveal the promptness of deposit of…

Q: Which of the following can be considered as an effective control of cash? A. One person handles the…

A: Option A is incorrect because Segregation of duties is an effective control of cash. Option B is…

Q: 1. Assignment of responsibility 2. Segregation of duties 3. Documentation 4. Physical controls 5.…

A: Control Activities:- Activities that are performed by the management in order to control and…

Q: Which one of the following reflects a weak internal control system? A. all employees are well…

A: Ans. 1.For an effective internal control system in an organisation there should be proper…

Q: Which of the following is an effective internal control for cash payments? A.Payments should be…

A: Cash is one of the important current asset of the business. It's valuation and management is very…

Q: The objectives of internal control are to ensure efficient operations and provide reasonable…

A: Answer Objective of internal control is to obtain reasonable assurance that weather financial…

Q: In testing controls over cash disbursements, an auditor most likely would determine that the person…

A: The question is related to Auditingbof Cash disbursement.

Q: Which of the following controls would be most effective in detecting a failure torecord cash…

A: Meaning of Internal Control Internal controls are the activities which an organization implements to…

Q: Identify the internal control procedures applicable to cash receipts for Ferguson Company in each of…

A: Internal controls are policies and procedures put in place to ensure the continued reliability of…