College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 7A, Problem 1SEB
To determine
Describe the four types of internal control activities.
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Authorization and Segregation of duties are the part of __________
a.
Internal Control system
b.
Internal check system
c.
Internal audit system
d.
Internal Accounting
Decribe the role that each of the following areas has in the establishment, maintenance, and evaluation of internal control.
1. Mnangement
2. External auditor
3. Internal
1. Explain the term internal controls.
2. Explain two (2) major objectives of a system of internal control.
3.Explain briefly SIX (6) major categories of internal control.
Chapter 7A Solutions
College Accounting, Chapters 1-27
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- Describe the four organization objective categories in the internal control framework. How are they related to the ERM components of internal control?arrow_forwardList at least five control measures per control activity principle (Establishment of Responsibility, Segregation of Duties, Documentation Procedures, Physical Controls, Independent Internal Verification, and Human Resource Controls) that an organization may implement to establish internal control procedures.arrow_forwardList at least 5 control measures per principle of control activities (Establishment of Responsibility, Segregation of Duties, Documentation Procedures, Physical Controls, Independent Internal Verification, Human Resource Controls) which an organization may implement to establish internal control procedures.arrow_forward
- Internal Control Elements Identify each of the following as relating to the control environment, control procedures, or information and communication: 1. Organizational structure 2. Report of company's conformity with environmental laws and regulations 3. Proofs and security measuresarrow_forwardRefer to Exhibit 3.2. List the principles representing the fundamental concepts of the control environment component.arrow_forward19 Which one of the following activities is a part of internal control system? a. Internal check b. Other control measures c. Internal audit d. All of the optionsarrow_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. Insure assets and bond key employeesarrow_forwardMultiple Select Question Select all that apply Identify the principles of internal control by selecting the correct answers below. (Check all that apply.) Multiple select question. Insure assets. Maintain adequate records. Match revenues with expenses in the same accounting period. Record assets at cost. Apply technological controls. Establish responsibilities. Perform regular and independent reviews. Separate recordkeeping from custody of assets.arrow_forward10. The basic components of an organization's internal control are: Select one:a. (Accounting) information and communication, risk assessment and monitoring.b. Control environment, risk assessment, control activities and management participationc. Control environment, risk assessment, reporting and control activitiesd. Control environment, risk assessment, control activities. (Accounting) information and Communication and monitoringarrow_forward
- YOU ARE REQUIRED TO indicate for each of the below procedures/conditions whether it relates to control environment or control activities. Where your answer is control activities, indicate into which category (or categories) of activity it falls (write out the category in full):Five ((i) to (v)) possible control activities: (i) segregation of duties; (ii) isolation of responsibilities;(iii) access/custody controls (physical controls); (iv) authorisation and approval; (v) comparison and reconciliation Tribuna (Pty) Ltd is a large company which manufactures all kinds of lifting equipment e.g., elevators and hydraulic jacks. Each of the following procedures or conditions takes place or exists at the company: 1. Any employee who is found guilty of unauthorised use of company assets or theft is dismissed immediately.2. Expensive spares and components are kept in a secure area in the warehouse.3. All employees working on accounting applications on the company's local area network are subject…arrow_forwardctive 1 E8-13 Identifying internal controls Consider each situation separately. Identify the missing internal control procedure from these characteristics: Assignment of responsibilities Separation of duties Audits Electronic devices Other controls (specify)arrow_forwardMatch the following elements of internal control: Question 4 options: information and communication control environment risk assessment monitoring control procedures 1. provides reasonable assurance that business goals will be achieved 2. used by management for guiding operations and ensuring compliance with requirements 3. overall attitude of management and employees 4. used to locate weaknesses and improve controls 5. identify, analyze and assess likeliness of vulnerabilitiesarrow_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