Which of the following is true of internal control?
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- Which of the following is not considered to be part of the internal control structure of a company? A. Ensure that assets are kept secure. B. Monitor operations of the organization to ensure maximum efficiency. C. Publish accurate financial statements on a regular basis. D. Ensure assets are properly used.Which of the following is false about accounting information systems? A. They provide reports that people analyze. B. They prevent errors and stop employees from stealing inventory. C. They are designed to gather data about the companys transactions. D. They consist of processes that involve input of data from source documents, processing, output, and storage.Internal control is said to be the backbone of all businesses. Which of the following is the best description of internal controls? A. Internal controls ensure that the financial statements published are correct. B. The only role of internal controls is to protect customer data. C. Internal controls and company policies are important to protect and safeguard assets and to protect all company data and are designed to protect the company from fraud. D. Internal controls are designed to keep employees from committing fraud against the company.
- Which one of the following components of internal control over financial reporting sets the tone for the organization? a. Risk assessment. b. Control environment. c. Information and communication. d. Monitoring.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 errorsWhich of the following are correct regarding why management uses internal controls? (Check all that apply.) Multiple select question. Protect assets. Uphold company policies. Ensure reliable accounting. Reduce vendor payables. Increase revenues. Promote efficient operations.
- 1. What are the collective procedures implemented by management to ensure that business activities are properly recorded in the accounting system? a.internal accounting system b.double-entry accounting system c.business system d.internal control system 2. A company limits access to computerized accounting records. What can be said of this procedure? a.It is a good example of physical controls. b.It violates adequate documents and records. c.It violates proper segregation of duties. d.It is a good example of independent checks on performance. 3. What element of internal control would include the setting of "tone at the top"? a.control environment b.risk assessment c.monitoring d.control activitiesWhich of the following is an attribute of the internal control procedure—assignment of responsibilities? A. The external auditors will monitor internal controls. B. The company should separate the custody of assets from accounting. C. Each position has clearly assigned responsibilities. D. To validate their accounting records, a company should have an audit by an external accountant.Which of the following is NOT one of the purposes of internal control? a. to guarantee the success of the business b. to safeguard the entity’s assets and resources c. to deter errors, fraud, and theft d. to ensure the accuracy and completeness of the accounting data
- Which of the following is true of internal control? A. Internal control procedures tend to diminish the importance of operational efficiency. B. A company's outside auditor is responsible for the company's internal control system. C. Internal controls are only necessary for public companies. D. One of the major purposes of internal control is to ensure that the assets are safeguarded.Which of the following is not considered to be part of the internal control structure of a company? Group of answer choices 1.Ensure that assets are kept secure. 2.Monitor operations of the organization to ensure maximum efficiency. 3.Publish accurate financial statements on a regular basis. 4.Ensure assets are properly used.6. Management accountant heavily depends on internal financial controls like_______ to plug loopholes in the financial system of the concern. a. Internal Check b. Internal Audit c. Internal Control d. All the given options