"hich of the following is not a principle ôf internal Control?

Q: 19. Inherent risk is the risk that internal control will fail to prevent or detect and correct the…

A: The risk that the company's internal controls will fail to prevent, detect, or correct substantial…

Q: You have a client where you are not required to test their controls. However you may choose to do…

A: We perform the test of controls to evaluate whether the controls are working effectively for two…

Q: Explain how materiality differs for failure to follow GAAP and for lack of independence.

A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the…

Q: Which of the following statements is/are true? Select one: O A. Planning must precede control O B.…

A: Which of the following statements is/are true? (A) Planning must precede control. Without a plan, it…

Q: What constitutes a dicontinued operations.?

A: Definition:   Income statement: The financial statement which reports revenues and expenses from…

Q: CFDs are more useful for speculation and not really useful for hedging? Do you agree

A: Contact for difference is a financial derivative which is an agreement to exchange the difference in…

Q: Give two examples of errors of principle?

A: Errors of principle refers to errors that are carried out at time of noting down transactions…

Q: Stubs-R-Us is a local event ticket broker. Last year, the company sold 940,000 tickets with an…

A: Market value in upcoming year = 100% -20% = 80%

Q: What information is irrelevant? Why is it irrelevant?

A: Irrelevant cost:   Irrelevant cost is that cost which do not affect the decision making process of…

Q: What is meant by the phrase management by exception?

A:

Q: What is confidentiality? Give an example showing a violation of confidentiality.

A: Confidentiality is one of code of ethics for Auditor.

Q: State the criticism of MM approach.

A: The Markowitz Model (MM), developed by Harry Markowitz in 1952, is a mathematical model that seeks…

Q: 2. Define and describe a conflict of interest.

A: Solution Concept Conflict of interest                 The term conflict of interest means when there…

Q: According to COSO, one of the most important control activities is the segregation of incompatible…

A: Separation of duties refers to the means through which no single or individual person has sole…

Q: On January 2, 2021, Archer Company, a skateboard manufacturer, installed a computerized machine in…

A: DEPRECIATION EXPENSEDepreciation means gradual decrease in the value of an asset due to normal wear…

Q: Which of the following is not an element of the fraudtriangle?a. Opportunityb. Control environmentc.…

A: Given: To determine the following is not an element of the fraud triangle given as,a. Opportunityb.…

Q: The table below shows a subcontracting work having 3 work activities. DIRECT COST BALANCED BID…

A: The question is based on the concept of profit calculation in different situation of subcontracting…

Q: c is not correct

A: The rate of return on the price weighted index for a period is calculated as shown below. Value of…

Q: increase

A: In finance, the agency problem refers to a conflict of interest between the management of the…

Q: tests of controls which are by their nature also detailed tests of balance

A: Test of controls is a part of auditing. It is usually conducted at the beginning of the audit.

Q: Highlight concept of faithful representation and is it valid or not?

A: The concept of Faithful representation advocates that the financial statements and information…

Q: 3. A Corporation engaged in this transaction: Declared and issued a stock divide Indicate which…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Question: Briefly discuss what is internal control is all about using the definition?

A: Every company requires internal controls. Internal controls are quite important for an organization…

Q: d. The sales department approves sales credit memos as the result of product returns and forwards…

A: The sales department of the company is responsible for recording the sales made by the company…

Q: For practical applicationsas opposed to theoretical considerations, which ismore relevant, the CML…

A: Security market line (SML) or Capital market line (CML): The capital market line appears the…

Q: Does the use of ghost-ticking would violate what pillar of character?

A: Making a mark that suggests you confirmed them when you didn't would be called "ghost ticking."…

Q: On the December 31, balance sheet of a company, current assets included the following items: Cash…

A: Current assets are those assets which are expected to be realized or converted to cash within one…

Q: Describe some limitations of internal conrol systems. Why do limititations on internal control…

A: Please find the answer to the above questions below:

Q: What are (a) an internal control deficiency, (b) a significant deficiency, and (c) a material…

A:

Q: What is the difference between 'Neutrality' and 'Prudence'? Please explain/provide an example for…

A: In accounting, the concepts of "neutrality" and "prudence" play important roles in ensuring the…

Q: 15. If a company reporting under ASPE decides to use the cost model to account for an investment in…

A:

Q: Exercise 5-1 Computing revenues, expenses, and income LO C1, C2 Fill in the blanks in the following…

A: Income statement: The income statement of a company is prepared at the end of an accounting year to…

Q: (1) Is COSO relevant for internal control?

A: COSO: The COSO (Committee of Sponsoring Organization) Framework is a structure for planning,…