Internal control system : This is a set of policies and procedures used by managers to protect assets, encourage effective operations, ensure reliable record keeping, and support the policies of the company. Managers use an internal control system to prevent avoidable losses, plan operations of the business, and monitor company and employee performance. Whether the statement is true or false.

Question

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Answer 1

Question

Chapter 6, Problem 1QS

1.

To determine

Concept Introduction:

Internal control system: This is a set of policies and procedures used by managers to protect assets, encourage effective operations, ensure reliable record keeping, and support the policies of the company. Managers use an internal control system to prevent avoidable losses, plan operations of the business, and monitor company and employee performance.

Whether the statement is true or false.

1.

Expert Solution

Answer to Problem 1QS

This statement is true.

Explanation of Solution

Separation of duties is an internal control that suggests dividing the responsibilities for related transactions, given that separating the record-keeping for assets from the safekeeping of assets is an example of separation of duties and helps reduce fraud, thus the statement is true.

2.

To determine

Concept Introduction:

Internal control system: This is a set of policies and procedures used by managers to protect assets, encourage effective operations, ensure reliable record keeping, and support the policies of the company. Managers use an internal control system to prevent avoidable losses, plan operations of the business, and monitor company and employee performance.

Whether the statement is true or false.

2.

Expert Solution

Answer to Problem 1QS

This statement is false.

Explanation of Solution

The primary objective of internal control is to safeguard the business, from fraud and errors it does not mean safeguarding from government agencies, thus the statement is false.

3.

To determine

Concept Introduction:

Internal control system: This is a set of policies and procedures used by managers to protect assets, encourage effective operations, ensure reliable record keeping, and support the policies of the company. Managers use an internal control system to prevent avoidable losses, plan operations of the business, and monitor company and employee performance.

Whether the statement is true or false.

3.

Expert Solution

Answer to Problem 1QS

This statement is true.

Explanation of Solution

Internal control is used to protect business assets promote efficient operations, ensure reliable record keeping and uphold company policies, thus protect assets and efficient operations means to protect from wastage and theft, thus the statement is true.

4.

To determine

Concept Introduction:

Internal control system: This is a set of policies and procedures used by managers to protect assets, encourage effective operations, ensure reliable record keeping, and support the policies of the company. Managers use an internal control system to prevent avoidable losses, plan operations of the business, and monitor company and employee performance.

Whether the statement is true or false.

4.

Expert Solution

Answer to Problem 1QS

This statement is false.

Explanation of Solution

Separation of duties between two or more persons is meant to minimize the chances of fraud, thus the statement is false.

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Solve this question accounting

Marino Enterprises had annual sales of $75 million that occurred evenly throughout the 365 days of the year. Its accounts receivable balance averaged $3.5 million. How long, on average, does it take the firm to collect on its sales? (Round answer to nearest day) a. 15.9 days b. 17.0 days c. 19.6 days d. 22.3 days

Given answer General accounting

Answer 2

Question

Chapter 6, Problem 1QS

1.

To determine

Concept Introduction:

Internal control system: This is a set of policies and procedures used by managers to protect assets, encourage effective operations, ensure reliable record keeping, and support the policies of the company. Managers use an internal control system to prevent avoidable losses, plan operations of the business, and monitor company and employee performance.

Whether the statement is true or false.

1.

Expert Solution

Answer to Problem 1QS

This statement is true.

Explanation of Solution

Separation of duties is an internal control that suggests dividing the responsibilities for related transactions, given that separating the record-keeping for assets from the safekeeping of assets is an example of separation of duties and helps reduce fraud, thus the statement is true.

2.

To determine

Concept Introduction:

Internal control system: This is a set of policies and procedures used by managers to protect assets, encourage effective operations, ensure reliable record keeping, and support the policies of the company. Managers use an internal control system to prevent avoidable losses, plan operations of the business, and monitor company and employee performance.

Whether the statement is true or false.

2.

Expert Solution

Answer to Problem 1QS

This statement is false.

Explanation of Solution

The primary objective of internal control is to safeguard the business, from fraud and errors it does not mean safeguarding from government agencies, thus the statement is false.

3.

To determine

Concept Introduction:

Internal control system: This is a set of policies and procedures used by managers to protect assets, encourage effective operations, ensure reliable record keeping, and support the policies of the company. Managers use an internal control system to prevent avoidable losses, plan operations of the business, and monitor company and employee performance.

Whether the statement is true or false.

3.

Expert Solution

Answer to Problem 1QS

This statement is true.

Explanation of Solution

Internal control is used to protect business assets promote efficient operations, ensure reliable record keeping and uphold company policies, thus protect assets and efficient operations means to protect from wastage and theft, thus the statement is true.

4.

To determine

Concept Introduction:

Internal control system: This is a set of policies and procedures used by managers to protect assets, encourage effective operations, ensure reliable record keeping, and support the policies of the company. Managers use an internal control system to prevent avoidable losses, plan operations of the business, and monitor company and employee performance.

Whether the statement is true or false.

4.

Expert Solution

Answer to Problem 1QS

This statement is false.

Explanation of Solution

Separation of duties between two or more persons is meant to minimize the chances of fraud, thus the statement is false.

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Answer 3

Question

Chapter 6, Problem 1QS

1.

To determine

Concept Introduction:

Internal control system: This is a set of policies and procedures used by managers to protect assets, encourage effective operations, ensure reliable record keeping, and support the policies of the company. Managers use an internal control system to prevent avoidable losses, plan operations of the business, and monitor company and employee performance.

Whether the statement is true or false.

1.

Expert Solution

Answer to Problem 1QS

This statement is true.

Explanation of Solution

Separation of duties is an internal control that suggests dividing the responsibilities for related transactions, given that separating the record-keeping for assets from the safekeeping of assets is an example of separation of duties and helps reduce fraud, thus the statement is true.

2.

To determine

Concept Introduction:

Internal control system: This is a set of policies and procedures used by managers to protect assets, encourage effective operations, ensure reliable record keeping, and support the policies of the company. Managers use an internal control system to prevent avoidable losses, plan operations of the business, and monitor company and employee performance.

Whether the statement is true or false.

2.

Expert Solution

Answer to Problem 1QS

This statement is false.

Explanation of Solution

The primary objective of internal control is to safeguard the business, from fraud and errors it does not mean safeguarding from government agencies, thus the statement is false.

3.

To determine

Concept Introduction:

Internal control system: This is a set of policies and procedures used by managers to protect assets, encourage effective operations, ensure reliable record keeping, and support the policies of the company. Managers use an internal control system to prevent avoidable losses, plan operations of the business, and monitor company and employee performance.

Whether the statement is true or false.

3.

Expert Solution

Answer to Problem 1QS

This statement is true.

Explanation of Solution

Internal control is used to protect business assets promote efficient operations, ensure reliable record keeping and uphold company policies, thus protect assets and efficient operations means to protect from wastage and theft, thus the statement is true.

4.

To determine

Concept Introduction:

Internal control system: This is a set of policies and procedures used by managers to protect assets, encourage effective operations, ensure reliable record keeping, and support the policies of the company. Managers use an internal control system to prevent avoidable losses, plan operations of the business, and monitor company and employee performance.

Whether the statement is true or false.

4.

Expert Solution

Answer to Problem 1QS

This statement is false.

Explanation of Solution

Separation of duties between two or more persons is meant to minimize the chances of fraud, thus the statement is false.

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Answer 4

Question

Chapter 6, Problem 1QS

1.

To determine

Concept Introduction:

Internal control system: This is a set of policies and procedures used by managers to protect assets, encourage effective operations, ensure reliable record keeping, and support the policies of the company. Managers use an internal control system to prevent avoidable losses, plan operations of the business, and monitor company and employee performance.

Whether the statement is true or false.

1.

Expert Solution

Answer to Problem 1QS

This statement is true.

Explanation of Solution

Separation of duties is an internal control that suggests dividing the responsibilities for related transactions, given that separating the record-keeping for assets from the safekeeping of assets is an example of separation of duties and helps reduce fraud, thus the statement is true.

2.

To determine

Concept Introduction:

Internal control system: This is a set of policies and procedures used by managers to protect assets, encourage effective operations, ensure reliable record keeping, and support the policies of the company. Managers use an internal control system to prevent avoidable losses, plan operations of the business, and monitor company and employee performance.

Whether the statement is true or false.

2.

Expert Solution

Answer to Problem 1QS

This statement is false.

Explanation of Solution

The primary objective of internal control is to safeguard the business, from fraud and errors it does not mean safeguarding from government agencies, thus the statement is false.

3.

To determine

Concept Introduction:

Internal control system: This is a set of policies and procedures used by managers to protect assets, encourage effective operations, ensure reliable record keeping, and support the policies of the company. Managers use an internal control system to prevent avoidable losses, plan operations of the business, and monitor company and employee performance.

Whether the statement is true or false.

3.

Expert Solution

Answer to Problem 1QS

This statement is true.

Explanation of Solution

Internal control is used to protect business assets promote efficient operations, ensure reliable record keeping and uphold company policies, thus protect assets and efficient operations means to protect from wastage and theft, thus the statement is true.

4.

To determine

Concept Introduction:

Internal control system: This is a set of policies and procedures used by managers to protect assets, encourage effective operations, ensure reliable record keeping, and support the policies of the company. Managers use an internal control system to prevent avoidable losses, plan operations of the business, and monitor company and employee performance.

Whether the statement is true or false.

4.

Expert Solution

Answer to Problem 1QS

This statement is false.

Explanation of Solution

Separation of duties between two or more persons is meant to minimize the chances of fraud, thus the statement is false.

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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 6, Problem 1QS

1.

To determine

Concept Introduction:

Internal control system: This is a set of policies and procedures used by managers to protect assets, encourage effective operations, ensure reliable record keeping, and support the policies of the company. Managers use an internal control system to prevent avoidable losses, plan operations of the business, and monitor company and employee performance.

Whether the statement is true or false.

1.

Expert Solution

Answer to Problem 1QS

This statement is true.

Explanation of Solution

Separation of duties is an internal control that suggests dividing the responsibilities for related transactions, given that separating the record-keeping for assets from the safekeeping of assets is an example of separation of duties and helps reduce fraud, thus the statement is true.

2.

To determine

Concept Introduction:

Internal control system: This is a set of policies and procedures used by managers to protect assets, encourage effective operations, ensure reliable record keeping, and support the policies of the company. Managers use an internal control system to prevent avoidable losses, plan operations of the business, and monitor company and employee performance.

Whether the statement is true or false.

2.

Expert Solution

Answer to Problem 1QS

This statement is false.

Explanation of Solution

The primary objective of internal control is to safeguard the business, from fraud and errors it does not mean safeguarding from government agencies, thus the statement is false.

3.

To determine

Concept Introduction:

Internal control system: This is a set of policies and procedures used by managers to protect assets, encourage effective operations, ensure reliable record keeping, and support the policies of the company. Managers use an internal control system to prevent avoidable losses, plan operations of the business, and monitor company and employee performance.

Whether the statement is true or false.

3.

Expert Solution

Answer to Problem 1QS

This statement is true.

Explanation of Solution

Internal control is used to protect business assets promote efficient operations, ensure reliable record keeping and uphold company policies, thus protect assets and efficient operations means to protect from wastage and theft, thus the statement is true.

4.

To determine

Concept Introduction:

Internal control system: This is a set of policies and procedures used by managers to protect assets, encourage effective operations, ensure reliable record keeping, and support the policies of the company. Managers use an internal control system to prevent avoidable losses, plan operations of the business, and monitor company and employee performance.

Whether the statement is true or false.

4.

Expert Solution

Answer to Problem 1QS

This statement is false.

Explanation of Solution

Separation of duties between two or more persons is meant to minimize the chances of fraud, thus the statement is false.

Answer 6

Chapter 6, Problem 1QS

1.

To determine

Concept Introduction:

Internal control system: This is a set of policies and procedures used by managers to protect assets, encourage effective operations, ensure reliable record keeping, and support the policies of the company. Managers use an internal control system to prevent avoidable losses, plan operations of the business, and monitor company and employee performance.

Whether the statement is true or false.

1.

Expert Solution

Answer to Problem 1QS

This statement is true.

Explanation of Solution

Separation of duties is an internal control that suggests dividing the responsibilities for related transactions, given that separating the record-keeping for assets from the safekeeping of assets is an example of separation of duties and helps reduce fraud, thus the statement is true.

Answer 7

Chapter 6, Problem 1QS

1.

To determine

Concept Introduction:

Internal control system: This is a set of policies and procedures used by managers to protect assets, encourage effective operations, ensure reliable record keeping, and support the policies of the company. Managers use an internal control system to prevent avoidable losses, plan operations of the business, and monitor company and employee performance.

Whether the statement is true or false.

Answer 8

1.

Expert Solution

Answer to Problem 1QS

This statement is true.

Answer 9

1.

Expert Solution

Answer 10

1.

Expert Solution

Answer 11

Expert Solution

Answer 12

Explanation of Solution

Separation of duties is an internal control that suggests dividing the responsibilities for related transactions, given that separating the record-keeping for assets from the safekeeping of assets is an example of separation of duties and helps reduce fraud, thus the statement is true.

Answer 13

2.

To determine

Concept Introduction:

Internal control system: This is a set of policies and procedures used by managers to protect assets, encourage effective operations, ensure reliable record keeping, and support the policies of the company. Managers use an internal control system to prevent avoidable losses, plan operations of the business, and monitor company and employee performance.

Whether the statement is true or false.

2.

Expert Solution

Answer to Problem 1QS

This statement is false.

Explanation of Solution

The primary objective of internal control is to safeguard the business, from fraud and errors it does not mean safeguarding from government agencies, thus the statement is false.

Answer 14

2.

To determine

Concept Introduction:

Internal control system: This is a set of policies and procedures used by managers to protect assets, encourage effective operations, ensure reliable record keeping, and support the policies of the company. Managers use an internal control system to prevent avoidable losses, plan operations of the business, and monitor company and employee performance.

Whether the statement is true or false.

Answer 15

2.

Expert Solution

Answer to Problem 1QS

This statement is false.

Answer 16

2.

Expert Solution

Answer 17

2.

Expert Solution

Answer 18

Expert Solution

Answer 19

Explanation of Solution

The primary objective of internal control is to safeguard the business, from fraud and errors it does not mean safeguarding from government agencies, thus the statement is false.

Answer 20

3.

To determine

Concept Introduction:

Internal control system: This is a set of policies and procedures used by managers to protect assets, encourage effective operations, ensure reliable record keeping, and support the policies of the company. Managers use an internal control system to prevent avoidable losses, plan operations of the business, and monitor company and employee performance.

Whether the statement is true or false.

3.

Expert Solution

Answer to Problem 1QS

This statement is true.

Explanation of Solution

Internal control is used to protect business assets promote efficient operations, ensure reliable record keeping and uphold company policies, thus protect assets and efficient operations means to protect from wastage and theft, thus the statement is true.

Answer 21

3.

To determine

Concept Introduction:

Internal control system: This is a set of policies and procedures used by managers to protect assets, encourage effective operations, ensure reliable record keeping, and support the policies of the company. Managers use an internal control system to prevent avoidable losses, plan operations of the business, and monitor company and employee performance.

Whether the statement is true or false.

Answer 22

3.

Expert Solution

Answer to Problem 1QS

This statement is true.

Answer 23

3.

Expert Solution

Answer 24

3.

Expert Solution

Answer 25

Expert Solution

Answer 26

Explanation of Solution

Internal control is used to protect business assets promote efficient operations, ensure reliable record keeping and uphold company policies, thus protect assets and efficient operations means to protect from wastage and theft, thus the statement is true.

Answer 27

4.

To determine

Concept Introduction:

Internal control system: This is a set of policies and procedures used by managers to protect assets, encourage effective operations, ensure reliable record keeping, and support the policies of the company. Managers use an internal control system to prevent avoidable losses, plan operations of the business, and monitor company and employee performance.

Whether the statement is true or false.

4.

Expert Solution

Answer to Problem 1QS

This statement is false.

Explanation of Solution

Separation of duties between two or more persons is meant to minimize the chances of fraud, thus the statement is false.

Answer 28

4.

To determine

Concept Introduction:

Internal control system: This is a set of policies and procedures used by managers to protect assets, encourage effective operations, ensure reliable record keeping, and support the policies of the company. Managers use an internal control system to prevent avoidable losses, plan operations of the business, and monitor company and employee performance.

Whether the statement is true or false.

Answer 29

4.

Expert Solution

Answer to Problem 1QS

This statement is false.

Answer 30

4.

Expert Solution

Answer 31

4.

Expert Solution

Answer 32

Expert Solution

Answer 33

Explanation of Solution

Separation of duties between two or more persons is meant to minimize the chances of fraud, thus the statement is false.

Answer 34

Ch. 6 - Prob. 1QS Ch. 6 - Prob. 2QS Ch. 6 - Prob. 3QS Ch. 6 - Prob. 4QS Ch. 6 - Prob. 5QS Ch. 6 - Prob. 6QS Ch. 6 - Prob. 7QS Ch. 6 - Prob. 8QS Ch. 6 - Prob. 9QS Ch. 6 - Prob. 10QS

Answer to Problem 1QS

Explanation of Solution

Answer to Problem 1QS

Explanation of Solution

Answer to Problem 1QS

Explanation of Solution

Answer to Problem 1QS

Explanation of Solution

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Chapter 6 Solutions