Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements. To identify: The control procedure adopted for orders coming over the internet or through calls.

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Answer 1

Question

Chapter 3, Problem 61RSCQ

a.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To identify:The control procedure adopted for orders coming over the internet or through calls.

b.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To indicate: The control procedure adopted for the orders made through company’s website.

c.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To indicate: The potential type of misstatement that could occur because of non-presence or less effectiveness of control procedures.

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Answer 2

Question

Chapter 3, Problem 61RSCQ

a.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To identify:The control procedure adopted for orders coming over the internet or through calls.

b.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To indicate: The control procedure adopted for the orders made through company’s website.

c.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To indicate: The potential type of misstatement that could occur because of non-presence or less effectiveness of control procedures.

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Answer 3

Question

Chapter 3, Problem 61RSCQ

a.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To identify:The control procedure adopted for orders coming over the internet or through calls.

b.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To indicate: The control procedure adopted for the orders made through company’s website.

c.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To indicate: The potential type of misstatement that could occur because of non-presence or less effectiveness of control procedures.

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Answer 4

Question

Chapter 3, Problem 61RSCQ

a.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To identify:The control procedure adopted for orders coming over the internet or through calls.

b.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To indicate: The control procedure adopted for the orders made through company’s website.

c.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To indicate: The potential type of misstatement that could occur because of non-presence or less effectiveness of control procedures.

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Answer 5

Chapter 3, Problem 61RSCQ

a.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To identify:The control procedure adopted for orders coming over the internet or through calls.

b.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To indicate: The control procedure adopted for the orders made through company’s website.

c.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To indicate: The potential type of misstatement that could occur because of non-presence or less effectiveness of control procedures.

Answer 6

Chapter 3, Problem 61RSCQ

a.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To identify:The control procedure adopted for orders coming over the internet or through calls.

Answer 7

Chapter 3, Problem 61RSCQ

a.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To identify:The control procedure adopted for orders coming over the internet or through calls.

Answer 8

b.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To indicate: The control procedure adopted for the orders made through company’s website.

Answer 9

b.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To indicate: The control procedure adopted for the orders made through company’s website.

Answer 10

c.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To indicate: The potential type of misstatement that could occur because of non-presence or less effectiveness of control procedures.

Answer 11

c.

To determine

Introduction: Internal control refer to the rules and procedures made by the company to control the internal activities of the company. The internal control ensures that the financial statements are free from misstatements.

To indicate: The potential type of misstatement that could occur because of non-presence or less effectiveness of control procedures.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 3 - Prob. 1TFQ Ch. 3 - Prob. 2TFQ Ch. 3 - Prob. 3TFQ Ch. 3 - Prob. 4TFQ Ch. 3 - Prob. 5TFQ Ch. 3 - The control environment is seen as the foundation...Ch. 3 - Prob. 7TFQ Ch. 3 - Prob. 8TFQ Ch. 3 - Prob. 9TFQ Ch. 3 - Prob. 10TFQ

Solution Summary: The author explains how internal control ensures that the financial statements are free from misstatements.

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Chapter 3 Solutions