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acct exam #3
internal controls
| Question | Answer |
|---|---|
| Which component of internal control focuses on the ethical values and tone set by management? | control environment |
| What is the purpose of Risk Assessment in internal control? | To identify and address risks of material misstatement |
| Segregation of duties and account reconciliations are examples of which internal control component? | Control Activities |
| Which internal control component includes both internal and external reporting processes, and involves evaluating the technology environment? | Information and Communication |
| What are the steps of the accounting cycle in order? | record transactions, adjust accounts, prepare statements, and close temporart accounts |
| statemen of cash flows | explains the change in cash flow from the begining to the end of the accounting period |
| stockholder's equity | identifies how stockholder's equity increased and decreased during the period |
| income statement | reflects accrual accounting |
| balance sheet | discloses an entity's assets, liabilities, and stockholders equity at a paticular point in time |
| article I - responsibilities | Accept responsibility to uphold the public interest and maintain the reputation of the profession |
| article II - public intrest | Recognize the CPA’s duty to serve the public, clients, and profession |
| article III - integrity | Maintain honesty and candor in all professional relationships. |
| article IV - objectivity and independence | Avoid bias, conflicts of interest, or undue influence in professional judgments. |
| article V - due care | Exercise professional competence and strive for quality in services |
| article VI - scope and nature of services | Ensure services provided are consistent with the principles of the Code and do not compromise professional standards. |
| Earning revenue on account would be classified as an? | asset source transaction |
| revenues and expeses are temporary accounts. True or False | True |
| Recorded insurance expense at the end of the period. | asset use |
| What is the primary goal of accrual basis accounting? | match revenues and expenses in the proper period. |
| mary collected cash from an account receivable. Which finacial statements are effected by this accounting period.? | Balance sheet and statement of cash flows |
| Revenue on account amounted to $7,400. Cash collections of accounts receivable amounted to $4,850. Expenses for the period were $3,800. The company paid dividends of $1,300. What was the amount of net income for the period? | 3,600 = NI=REV-EXP |
| The matching concept most significantly influences which financial statement? | income statement |
| what happens when a company collects cash from accounts receivable? | total assets re not affected |
Created by:
alabamalecker
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