Financial Accounting-w/cd-package
3rd Edition
ISBN: 9780131060876
Author: REIMERS
Publisher: PEARSON
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Question
Chapter 2, Problem 10MCQ
To determine
Identify the component that is not a part of internal control.
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Students have asked these similar questions
A weak internal control system is which element in the fraud triangle?a. Motiveb. Attitudec. Opportunityd. Rationalization
Which of the following is not an element of the fraudtriangle?a. Opportunityb. Control environmentc. Incentived. Rationalization
5) What are common limitations of Internal Controls?
a) Human Error
b) Human Fraud
c) Cost-Benefit Principle
d) A, B, and C
e) A and B only
Chapter 2 Solutions
Financial Accounting-w/cd-package
Ch. 2 - Prob. 1YTCh. 2 - Prob. 2YTCh. 2 - Is prepaid insurance an expense or an asset?...Ch. 2 - Prob. 4YTCh. 2 - Give an example of the matching principle from the...Ch. 2 - What is the difference between cash basis and...Ch. 2 - Prob. 7YTCh. 2 - What is GAAP? What is IFRS?Ch. 2 - Prob. 2QCh. 2 - Prob. 3Q
Ch. 2 - Prob. 4QCh. 2 - Prob. 5QCh. 2 - What are the four basic financial statements?Ch. 2 - Which financial statement pertains to a single...Ch. 2 - Prob. 8QCh. 2 - Prob. 9QCh. 2 - Prob. 10QCh. 2 - Prob. 11QCh. 2 - Prob. 12QCh. 2 - What does recognize revenue mean in accounting?Ch. 2 - Prob. 14QCh. 2 - What is an accrual? What is a deferral?Ch. 2 - Must a company collect the money from a sale...Ch. 2 - What is the cost of goods sold?Ch. 2 - Explain the difference between cash basis...Ch. 2 - Prob. 19QCh. 2 - Prob. 20QCh. 2 - Prob. 21QCh. 2 - Prob. 1MCQCh. 2 - Prob. 2MCQCh. 2 - Prob. 3MCQCh. 2 - Prob. 4MCQCh. 2 - Prob. 5MCQCh. 2 - Prob. 6MCQCh. 2 - Prob. 7MCQCh. 2 - Prob. 8MCQCh. 2 - Prob. 9MCQCh. 2 - Prob. 10MCQCh. 2 - Elements of the financial statements. (LO 3). For...Ch. 2 - Prob. 2SEACh. 2 - Prob. 3SEACh. 2 - Prob. 4SEACh. 2 - Prob. 5SEACh. 2 - Prob. 6SEACh. 2 - Cash versus credit sales. (LO 3, 4). Company A had...Ch. 2 - Prob. 8SEACh. 2 - Prob. 9SEACh. 2 - Prob. 10SEACh. 2 - Prob. 11SEBCh. 2 - Prob. 12SEBCh. 2 - Prob. 13SEBCh. 2 - Prob. 14SEBCh. 2 - Prob. 15SEBCh. 2 - Prob. 16SEBCh. 2 - Prob. 17SEBCh. 2 - Prob. 18SEBCh. 2 - Prob. 19SEBCh. 2 - Prob. 20SEBCh. 2 - Prob. 21EACh. 2 - Prob. 22EACh. 2 - Prob. 23EACh. 2 - Balance sheet and income statement transactions....Ch. 2 - Prob. 25EACh. 2 - Prob. 26EACh. 2 - Prob. 27EACh. 2 - Prob. 28EACh. 2 - Elements of the financial statements. (LO 3). The...Ch. 2 - Prob. 30EBCh. 2 - Elements of the financial statements. (LO 3)....Ch. 2 - Prob. 32EBCh. 2 - Prob. 33EBCh. 2 - Prob. 34EBCh. 2 - Prob. 35EBCh. 2 - Current ratio. (LO 5). The following data was...Ch. 2 - Prob. 37PACh. 2 - Prob. 38PACh. 2 - Prob. 39PACh. 2 - Prob. 40PACh. 2 - Prob. 41PACh. 2 - Prob. 42PBCh. 2 - Prob. 43PBCh. 2 - Prob. 44PBCh. 2 - Prob. 45PBCh. 2 - Prob. 46PBCh. 2 - Prob. 1FSACh. 2 - Prob. 2FSACh. 2 - Prob. 3FSA
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Similar questions
- What does “limitations of internal control” mean? Provide examples of limitations that are inherent to internal control.arrow_forwardInternal control policies and procedures have limitations not including: O Collusion. O Human fraud. O Cost-benefit principle. O Establishing responsibilities. Human error.arrow_forwardExplains these controls and tell why they are important in any fraud situation: a. Preventive controls b. Detective controls c. Leveraging technologd. Identifying the red flags NB: Answer questions a-darrow_forward
- Internal control is designed to provide: : A Certainty. B Freedom from fraud. C Reasonable assurance. D Truth.arrow_forwardDetermine the similarities and differences between the detective and preventive internal controls and which control is more reliable and effective, detective or preventive internal control? Explain your answer.arrow_forwardWhich is not among the principles contained in the development of the science of internal control? * fraud prevention supervisory review preventive controls are the best forms of control ensure objectives are metarrow_forward
- What does Internal Control provide reasonable assurance for?arrow_forwardWhich of the following is not a common procedure for assessing operating effectiveness of preventive controls? a. Observation of personnel b. Analysis of trends or ratios c. Inspection of documents d. Inquiries of managementarrow_forwardThe quality of the environment in which internal control operates has a pervasive effect on many assertions. TRUE OR FALSE? WHY?arrow_forward
- Which of the following conditions is not necessary for a fraud to occur?Select one:a. Explanationb. Pressurec. Opportunityd. Rationalizationarrow_forwardWhich of the following is not a principle relating to risk assessment? a. Identifies and analyses risks and respond to changes b. Designing the information systems c. Specifies objectives with sufficient clarity d. Considers the potential for fraud in assessing risksarrow_forwardResponsibility for prevention and detection of fraud?arrow_forward
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