Internal control is the process implemented by the company’s officials which helps in achieving organizational objectives of effectively managing operations, reporting and compliance with processes and laws. To choose: Whether the given statement is true or false.

Question

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Answer 1

Question

Chapter 3, Problem 1CYBK

To determine

Introduction: Internal control is the process implemented by the company’s officials which helps in achieving organizational objectives of effectively managing operations, reporting and compliance with processes and laws.

To choose: Whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1CYBK

The given statement is true.

Explanation of Solution

When there is effective control implemented in the organization, adherence to best internal practices and procedures is ensured. When best practices are implemented, it helps in achieving efficiency in all activities of the organization implying wastes are controlled, process time are reduced and delays in processes are controlled. Financial reporting which is important both internal and external users of financial statements can be done effectively, speedily and accurately. When reports are available in time and contains all required details, it provides scope for more informed decisions. Thus, the given statement is true.

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Students have asked these similar questions

Relationship between IT Control and Financial reporting

Discuss elements of the system of external and internal financial reporting thatcreate integrity in the reported information.

Providing timely information about transactions in sufficient detail to permit proper classification and financial reporting is an example of a. the control environment. b. risk assessment. c. information and communication. d. monitoring.

Answer 2

Question

Chapter 3, Problem 1CYBK

To determine

Introduction: Internal control is the process implemented by the company’s officials which helps in achieving organizational objectives of effectively managing operations, reporting and compliance with processes and laws.

To choose: Whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1CYBK

The given statement is true.

Explanation of Solution

When there is effective control implemented in the organization, adherence to best internal practices and procedures is ensured. When best practices are implemented, it helps in achieving efficiency in all activities of the organization implying wastes are controlled, process time are reduced and delays in processes are controlled. Financial reporting which is important both internal and external users of financial statements can be done effectively, speedily and accurately. When reports are available in time and contains all required details, it provides scope for more informed decisions. Thus, the given statement is true.

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Answer 3

Question

Chapter 3, Problem 1CYBK

To determine

Introduction: Internal control is the process implemented by the company’s officials which helps in achieving organizational objectives of effectively managing operations, reporting and compliance with processes and laws.

To choose: Whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1CYBK

The given statement is true.

Explanation of Solution

When there is effective control implemented in the organization, adherence to best internal practices and procedures is ensured. When best practices are implemented, it helps in achieving efficiency in all activities of the organization implying wastes are controlled, process time are reduced and delays in processes are controlled. Financial reporting which is important both internal and external users of financial statements can be done effectively, speedily and accurately. When reports are available in time and contains all required details, it provides scope for more informed decisions. Thus, the given statement is true.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 3, Problem 1CYBK

To determine

Introduction: Internal control is the process implemented by the company’s officials which helps in achieving organizational objectives of effectively managing operations, reporting and compliance with processes and laws.

To choose: Whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1CYBK

The given statement is true.

Explanation of Solution

When there is effective control implemented in the organization, adherence to best internal practices and procedures is ensured. When best practices are implemented, it helps in achieving efficiency in all activities of the organization implying wastes are controlled, process time are reduced and delays in processes are controlled. Financial reporting which is important both internal and external users of financial statements can be done effectively, speedily and accurately. When reports are available in time and contains all required details, it provides scope for more informed decisions. Thus, the given statement is true.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 3, Problem 1CYBK

To determine

Introduction: Internal control is the process implemented by the company’s officials which helps in achieving organizational objectives of effectively managing operations, reporting and compliance with processes and laws.

To choose: Whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1CYBK

The given statement is true.

Explanation of Solution

When there is effective control implemented in the organization, adherence to best internal practices and procedures is ensured. When best practices are implemented, it helps in achieving efficiency in all activities of the organization implying wastes are controlled, process time are reduced and delays in processes are controlled. Financial reporting which is important both internal and external users of financial statements can be done effectively, speedily and accurately. When reports are available in time and contains all required details, it provides scope for more informed decisions. Thus, the given statement is true.

Answer 6

Chapter 3, Problem 1CYBK

To determine

Introduction: Internal control is the process implemented by the company’s officials which helps in achieving organizational objectives of effectively managing operations, reporting and compliance with processes and laws.

To choose: Whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1CYBK

The given statement is true.

Explanation of Solution

When there is effective control implemented in the organization, adherence to best internal practices and procedures is ensured. When best practices are implemented, it helps in achieving efficiency in all activities of the organization implying wastes are controlled, process time are reduced and delays in processes are controlled. Financial reporting which is important both internal and external users of financial statements can be done effectively, speedily and accurately. When reports are available in time and contains all required details, it provides scope for more informed decisions. Thus, the given statement is true.

Answer 7

Chapter 3, Problem 1CYBK

To determine

Introduction: Internal control is the process implemented by the company’s officials which helps in achieving organizational objectives of effectively managing operations, reporting and compliance with processes and laws.

To choose: Whether the given statement is true or false.

Answer 8

Expert Solution & Answer

Answer to Problem 1CYBK

The given statement is true.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

When there is effective control implemented in the organization, adherence to best internal practices and procedures is ensured. When best practices are implemented, it helps in achieving efficiency in all activities of the organization implying wastes are controlled, process time are reduced and delays in processes are controlled. Financial reporting which is important both internal and external users of financial statements can be done effectively, speedily and accurately. When reports are available in time and contains all required details, it provides scope for more informed decisions. Thus, the given statement is true.

Answer 12

Ch. 3 - Prob. 1CYBK Ch. 3 - Prob. 2CYBK Ch. 3 - Which of the following are affected by the quality...Ch. 3 - Prob. 4CYBK Ch. 3 - Prob. 5CYBK Ch. 3 - Prob. 6CYBK Ch. 3 - What are the components of internal control per...Ch. 3 - Prob. 8CYBK Ch. 3 - Prob. 9CYBK Ch. 3 - The control environment is seen as the foundation...

Internal control is the process implemented by the company’s officials which helps in achieving organizational objectives of effectively managing operations, reporting and compliance with processes and laws. To choose: Whether the given statement is true or false.

Introduction: Internal control is the process implemented by the company’s officials which helps in achieving organizational objectives of effectively managing operations, reporting and compliance with processes and laws. To choose: Whether the given statement is true or false.

Answer to Problem 1CYBK

Explanation of Solution

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Chapter 3 Solutions

Introduction: Internal control is the process implemented by the company’s officials which helps in achieving organizational objectives of effectively managing operations, reporting and compliance with processes and laws.

To choose: Whether the given statement is true or false.