Construction Accounting And Financial Management (4th Edition)
4th Edition
ISBN: 9780135232873
Author: Steven J. Peterson MBA PE
Publisher: PEARSON
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Textbook Question
Chapter 4, Problem 6DQ
What are the six key principals of internal controls and how do they protect the company’s financial resources?
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Chapter 4 Solutions
Construction Accounting And Financial Management (4th Edition)
Ch. 4 - Define committed costs and provide two examples of...Ch. 4 - Why is labor seldom a committed cost?Ch. 4 - Prob. 3DQCh. 4 - What are overbillings and how do they occur?Ch. 4 - Prob. 5DQCh. 4 - What are the six key principals of internal...Ch. 4 - What should you look for in a construction...Ch. 4 - Prob. 8PCh. 4 - Prob. 9PCh. 4 - Prob. 10P
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- 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.arrow_forwardWhich of the following are affected by the quality of an organization’s internal controls? a. Reliability of financial data. b. Ability of management to make informed business decisions. c. Ability of the organization to remain ¡n business. d. All of the above. e. Only a and c.arrow_forwardRefer to Exhibit 3.9. What are the important features of management’s report on internal control over financial reporting?arrow_forward
- 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.arrow_forwardWhat types of physical controls are in place to protect company assets (assets include inventory, cash, equipment, etc.)?arrow_forwardExplain how business ethics relate to internal control.arrow_forward
- Identify each of the following as a (a) purpose of an internal control system, (b) principle of internalcontrol,or (c) limitation of internal control. Uphold company policiesarrow_forwardHow does the enterprise risk management influence the internal control detective identified?arrow_forward5. What is the relationship between the internal control system and risk management with corporate governance? How can internal control system enhance a company’s corporate governance?arrow_forward
- Which of the following is not a factor that influences a business's control environment? a.organizational structure b.personnel policies c.proofs and security measures d.management's philosophy and operating stylearrow_forwardAn internal control system consists of all policies and procedures used to protect assets, ensure reliable accounting, promote efficient operations, and urge adherence to company policies. Do you agree or disagree with this statement. Why or why notarrow_forwardAll of the rules and processes used to safeguard assets, assure accurate accounting, promote efficient operations, and encourage compliance with business regulations make up an internal control system. What do you think of this statement? What are the reasons for or againstarrow_forward
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Internal Control Components; Author: Accounting Instruction, Help, & How To;https://www.youtube.com/watch?v=D8SSaqpE6L8;License: Standard Youtube License