55. Which one of the following below is not an element of internal control? A. risk assessmentB. monitoringC. information and communicationD. cost-benefit considerations


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56. Which one of the following below is not a factor that influences a business"s control environment? A. management"s philosophy and operating styleB. organizational structureC. proofs and security measurersD. personnel policies
57. When a firm uses internal auditors, it is adhering to which one of the following internal control elements? A. risk assessmentB. monitoringC. proofs and security measuresD. separating responsibilities for related operations
58. The objectives of internal control are to A. control the internal organization of the accounting department personnel and equipmentB. provide reasonable assurance that operations are managed to achieve goals, financial reports are accurate, and laws and regulations are complied withC. prevent fraud, and promote the social interest of the companyD. provide control over "internal-use only" reports and employee internal conduct
B. provide reasonable assurance that operations are managed to achieve goals, financial reports are accurate, and laws and regulations are complied with
59. Which one of the following below reflects a weak internal control system? A. all employees are well supervisedB. a single employee is responsible for comparing a receiving report to an invoiceC. all employees must take their vacationsD. a single employee is responsible for collecting and recording of cash
60. Internal control does not consist of policies and procedures that A. protect assets from misuseB. aid management in directing operations toward achieving business goalsC. guarantee the company will not go bankruptD. ensure that business information is accurate
61. A firm"s internal control environment is not influenced by A. management"s operating styleB. organizational structureC. personnel policiesD. monitoring policies
62. An element of internal control is A. risk assessmentB. journalsC. subsidiary ledgersD. controlling accounts
63. A necessary element of internal control is A. databaseB. systems designC. systems analysisD. information and communication
64. In management"s internal control report that is now required of all public companies, which of the following does not have a direct effect on a company"s internal control system? A. internal auditorsB. independent accountantsC. Board of Director"s audit committeeD. Board of Trustees
65. Which of the following should not be considered cash by an accountant? A. money ordersB. bank checking accountsC. postage stampsD. travelers" checks
66. The cash account in the company"s ledger is a(n) A. asset with a debit balanceB. asset with a credit balanceC. liability with a debit balanceD. liability with a credit balance
67. The notification accompanying a check that indicates the specific invoice being paid is called a A. remittance adviceB. voucherC. debit memoD. credit memo
68. The debit balance in Cash Short and Over at the end of an accounting period is reported as A. an expense on the income statementB. income on the income statementC. an asset on the balance sheetD. a liability on the balance sheet
69. An example of a preventive control is A. a single person handles the responsibilities for operations, custody of assets, and accountingB. separation of the Purchasing Department and Accounting Department personnelC. bonding employees who handle cashD. accepting payment in currency only
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