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Having management periodically determine whether the amount of physical assets

Having management periodically determine whether the amount of physical assets of the company match the accounting records is an example of which detective control?

a. Separation of duties.

b. Reconciliations.

c. Performance reviews.

d. Employee management.

 

 

77. Checking actual outcome of individuals or processes against their expected outcome is an example of which detective control?

a. Separation of duties.

b. Reconciliations.

c. Performance reviews.

d. Employee management.

 

 

78. Having an independent party assess each year the adequacy of the company’s internal control procedures is an example of which detective control?

a. Separation of duties.

b. Reconciliations.

c. Performance reviews.

d. Audits.

 

 

79. A framework for designing an internal control system is provided by the:

a. Committee of Sponsoring Organizations.

b. Financial Accounting Standards Board.

c. Securities and Exchange Commission.

d. International Accounting Standards Board.

 

 

80. The components of internal control do not directly include:

a. Risk assessment.

b. Inflation adjustment.

c. Monitoring.

d. Control activities.

 

 

81. Separation of duties refers to:

a. Making each manager personally responsible for his/her department.

b. Keeping functions across different departments separate.

c. Preventing top management and lower-level employees from interacting.

d. Individuals who have physical responsibility for assets should not also have access to accounting records.

 

 

82. Which employees have an impact on the operation and effectiveness of internal controls?

a. Upper management.

b. Mid-level managers.

c. Lower-level employees.

d. All employees.

 

 

83. Which of the following is considered cash for financial reporting purposes?

a. Accounts receivable.

b. Investments with maturity dates greater than three months.

c. Checks received from customers.

d. Accounts payable.

 

 

84. Cash may not include:

a. Foreign currency.

b. Money orders.

c. Accounts receivable.

d. Undeposited customer checks.

 

 

85. Common examples of cash equivalents include all of the following except:

a. Money market funds.

b. Treasury bills.

c. Certificates of deposit.

d. Accounts receivable.

 

Jan 27 2020 View more View Less

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