Which of the Following Statements Concerning Internal Controls Is True

Internal Controls are the techniques that an entity institutes to ensure the integrity of financial and accounting information promote accountability of its employees and prevent fraudulent activities. The True statement about internal controls is B.

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B The treasurer and controller have the same responsibilities.

. Internal administrative controls are designed to limit the amount of funds spent on investments. Which of the following statements is true regarding internal auditors. Assure that the accounting records contain reliable information and safeguard the companys assets Acme Corp.

_____ b To improve operating efficiency a company should make most of its disbursements in currency instead of checks. A system of internal controls is designed to prevent or detect errors and fraud. DInternal auditors report to the top-management of the company.

B internal accounting controls are limited to the policies and procedures used to protect the company from embezzlement C The control procedure separation of duties prohibits the employment of a husband and wife or other closely related parties within the same company D Strong internal controls provide reasonable assurance that the objectives of a company will be. BInternal auditors are independent of the companies being audited. Violators of the Sarbanes-oxley act may be sentenced to prison for making false sworn statements.

CA certificate in public accounting is necessary to become an internal auditor of a company. A well-designed internal control system is a luxury that few companies can afford. AInternal auditors are appointed by the shareholders of a company.

D The internal control procedures are known as the tone at the top. Internal controls are limited to the policies and procedures used to protect the company from fraud. A system of internal controls is designed to prevent or detect errors and fraud.

Asked Aug 3 2017 in Business by IleenPA. Strong internal controls provide reasonable assurance that the objectives of a company will be accomplished. Timely deposits of cash receipts into a checking account.

It is easier to implement an effective internal control system in a small company because of the limited number. Internal accounting controls are limited to the policies and procedures used to protect the company from embezzlement. C External auditors are employees of the company.

Which of the following statements concerning internal controls is true. Strong internal controls provide reasonable assurance that the objectives of a company will be accomplished. Companies can design a system of internal control that is foolproof.

Fraud will be eliminated by good internal control practices. Internal controls are limited to the policies and procedures used to protect the company from fraud. Which of the following statements concerning internal control is true.

Physical counts of stock on hand are not part of internal control procedures O c. Internal control system refers to all the policies and procedures adopted by the auditor to assist in achieving managements objective. Which of the following statements concerning internal controls is true.

A strong internal control system provides reasonable assurance that the objectives of a company will be accomplished. Multiple Choice Strong internal controls cannot be circumvented. Which one of the following statements regarding internal control is true.

Indicate whether each of the following statements regarding internal controls is true or false. A strong internal control system provided reasonable assurance that the objectives of a company will be accomplished Which of the following is not a generally recognized internal control procedure. Strong internal controls can still be.

Strong internal controls provide reasonable assurance that the objectives of. The control procedure separation of duties prohibits the employment of a husband and wife or other closely related. Multiple Choice Strong internal controls cannot be circumvented.

Which of the following statements concerning internal controls is true. It is OK to pay accounts out of unbanked receipts as long as a note is made of what has occurred O b. Internal auditors ensure that the employees follow company policies.

Internal administrative controls are designed to limit the amount of funds spent on investments B. _____ c Supporting documents. _____ a Cash receipts should be deposited in a bank when they reach a predetermined level of materiality.

A system of internal controls is designed to prevent or detect errors and fraud. Which of the following statements concerning internal controls is true. A strong environment by itself ensure the effectiveness of the internal control system.

Physical counts of stock on hand are not part of internal control procedures. The control procedure prohibits the employment of a husband and wife or other closely related parties C. Which of the following statements concerning internal controls is true.

Which of the following is an internal control procedure used to safeguard a companys assets. It is OK to pay accounts out of unbanked receipts as long as a note is made of. The control procedure separation of.

Internal accounting controls are limited to the policies and procedures used to protect company. Bank reconciliation is an important internal control O d. Has established internal control policies and procedures in order to achieve certain objectives.

Which of the following statements about internal control is true. Which of the following statements concerning internal controls is true. According to PSA 400 which of the following is correct regarding internal control system.

Double entry accounting is an internal control. It is easier to implement an effective internal control system in a small company because of the limited number of employees. A well-designed internal control system is a luxury that few companies can afford.

Companies can design a system of internal control that is foolproof. A Internal auditors ensure that the employees follow company policies. Which of the following statements concerning internal control is true.

Separation of duties is important for internal control of.

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