Which of the following is not an element of internal control? A) Only promoting from within. B) Implement segregation of duties. C) Maintain adequate accounting records. D) Conduct internal audits
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Which of the following is not an element of internal control?
A) Only promoting from within.
B) Implement segregation of duties.
C) Maintain adequate accounting records.
D) Conduct internal audits.
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- Which of the following is NOT one of the purposes of internal control? a. to guarantee the success of the business b. to safeguard the entity’s assets and resources c. to deter errors, fraud, and theft d. to ensure the accuracy and completeness of the accounting dataWhich of the following is not one of the categories of control activities? a.Checks on recorded amounts b.Segregation of duties c.Clearly defined authority and responsibility d.Defalcation and financial reportingWhich of the following is desirable in a good system of internal accounting controls? Select one: O O O a. Develop plans and budgets b. Encourage employee collusion c. Maintain adequate accounting records d. Two of the above e. None of the above
- Which of the following would assist an entity in cat and prevent fraud? a. Accounting reconciliations b. Segregation of duties c. All the options d. Performance reviewsAll of the following are objectives of internal control excepta. to ensure accurate and reliable accounting records.b. to comply with legal requirements.c. to maximize net income.d. to safeguard assets.One of the principles of internal control is "establishment of responsibility". This principle does not include: a. one person being responsible for one task. b. independent internal verification. c. authorisation of transactions. d. approval of transactions.
- Which type of control is considered a compensating control? a. segregation of duties b. access control c. supervision d. accounting recordsWhich of the following is an attribute of the internal control procedure—assignment of responsibilities? A. The external auditors will monitor internal controls. B. The company should separate the custody of assets from accounting. C. Each position has clearly assigned responsibilities. D. To validate their accounting records, a company should have an audit by an external accountant.Which of the following are principles of internal control? (Check all that apply.) Multiple select question. Increase revenues. Establish responsibilities. Maintain adequate records. Reduce vendor payables. Perform regular and independent reviews. Divide responsibility for related transactions.
- Which one of the following is not an objective of a system of internal controls? Select one: 1. Overstate liabilities in order to be conservative 2. Enhance the accuracy and reliability of accounting records 3. Safeguard company assets 4. Reduce the risks of errorsWhich one of the following is not an advantage of internal controls? Select one: a. It safeguards the assets b. It increases the chance of fraud c. It ensures compliance with laws d. It enhances the reliability of accounting recordsWhich of the following is not included in the steps to evaluate the internal control system? a. Interview Customers b. Interview Management c. Interview Owners d. Interview Employees