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Question

Which of the following is not part of the definition of internal control?
(a) separation of duties, (b) safeguard assets, (c) encourage employees to follow company policy, (d) promote operational efficiency
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_________ requires that an outside auditor must evaluate a public companies internal control
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Financial Accounting

Chapter 7 quick check

QuestionAnswer
Which of the following is not part of the definition of internal control? (a) separation of duties, (b) safeguard assets, (c) encourage employees to follow company policy, (d) promote operational efficiency (a) separation of duties
_________ requires that an outside auditor must evaluate a public companies internal control The Sarbanes-Oxley Act
Michelle Darby receives cash from customers Her other assigned job is to post the collections to customer accounts receivable. Her company has weak _____ Separation of duties
_______ rearranges messages by a special process. Encryption
The document that explains all differences between the company's cash records and the bank's figures is called a(n) Bank reconciliation
Ethics for AICPA members is governed by ________ The AICPA Code of Professional Conduct
Payment by check is an important internal control over cash payments because (a) the check must be signed by an authorized official, (b) before signing the check, the official reviews the invoice supporting the payment, (c) both a and b, (d) none of these (c) both a and b
Separation of duties is important for internal control of _____ and _____ cash receipts and cash payments
Created by: ylleknicole
 

 



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