Establishing effective controls minimizes waste, which lowers.costs and increases profits.Which objective of internal control is this statement referringto?OOоSafeguard assetsEnsure accurate, reliable accounting recordsPromote operational efficiencyEncourage employees to follow companypoliciesI DON'T KNOW YET

Internal control is a procedure developed and implemented by the management to improve their…

Establishing effective controls minimizes waste, which lowers costs and increases profits. Which objective of internal control is this statement referring to? OOO Safeguard assets Ensure accurate, reliable accounting records Promote operational efficiency Encourage employees to follow company policies I DON'T KNOW YET

Establishing effective controls minimizes waste, which lowers costs and increases profits. Which objective of internal control is this statement referring to? OOO Safeguard assets Ensure accurate, reliable accounting records Promote operational efficiency Encourage employees to follow company policies I DON'T KNOW YET

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter3: Internal Control Over Financial Reporting: Responsibilities Of Management And The External Auditor

Section: Chapter Questions

Problem 3CYBK: Which of the following are affected by the quality of an organization’s internal controls? a....

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Which of the following does not describe a management control system? A. establishes a companys strategic goals B. implements a companys strategic goals C. monitors a companys strategic goals D. a system that only measures profitability
Performance measures are only useful if _______. A. there are both controllable and uncontrollable factors to evaluate managers B. manager reward systems are designed by the chief financial officer prior to implementation C. all of the measures used are accounting numbers D. there is a baseline against which to compare the measured results
Managers in decentralized organizations make decisions relating to all of the following except_______. A. the companys stock price B. equipment purchases C. personnel D. prices to charge customers
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.
Management accountants help the management of an organization in their planning function through ________________________________. monitoring anti-theft systems strategic planning evaluating costs analyzing profits
Which of the following does not describe a management control system? OA. A system that only measures profitability OB. Implements a company's strategic goals OC. Establishes a company's strategic goals OD. Monitors a company's strategic goals
Defining internal control Internal controls are designed to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate accounting records. Requirements 1. Which objective do you think is most important? 2. Which objective do you think the internal controls must accomplish for the business to survive? Give your reason.
Which of the following are correct regarding why management uses internal controls? (Check all that apply.) Multiple select question. Protect assets. Uphold company policies. Ensure reliable accounting. Reduce vendor payables. Increase revenues. Promote efficient operations.
nternal control does not consist of policies and procedures that Select one: a. Ensure that business information is accurate b. Protect assets from misuse c. Guarantee the company will earn a profit d. Ensure employees and managers comply with laws and regulations
Which of the following is true of internal control? OA. Internal controls are only necessary for large businesses. OB. A company's outside auditor is responsible for the company's internal control system. OC. Internal control procedures tend to diminish the importance of operational efficiency. OD. One of the major purposes of internal control is to ensure accurate, reliable accounting records.
What statement about management accounting is FALSE? O A Management accounting helps managers fulfill organizational objectives. Management accounting is the process of identifying, measuring, B) accumulating, analyzing, preparing, interpreting and communicating information. C Management accounting is used by managerial accountants to make strategic and operational decisions. OD) Management accounting produces information for managers in an organization.
Preparing performance reports that contain data only about items that a specific manager controls is an example of which of the following? A. Financial reporting B. Learning and innovation C. Management by exception D. Responsibility accounting