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Question;1. Which one of the following is not an objective of a system of internal controls?2. Internal controls are concerned with _____.3. Internal control is defined, in part, as a plan that safeguards _____.4. Having one person post entries to accounts receivable subsidiary ledger and a different person _____.5. Having one person responsible for the related activities of ordering merchandise, receiving _____.6. The custodian of a company asset should _____.7. When two or more people get together for the purpose of circumventing prescribed controls, it is called _____.8. From an internal control standpoint, the asset most susceptible to improper diversion and use is _____.9. The principle of establishing responsibility does not include _____.10. The control principle related to not having the same person authorize and pay for goods is known as _____.11. Two individuals at a retail store work the same cash register, this situation can be evaluated as _____.12. An accounts payable clerk also has access to the approved supplier master file for purchases. The control principle of _____.13. _____ is responsible for establishing a system of internal control.14. The independent internal verification principle involves each of the following except the _____ of data prepared by other employees.15. Jolene is warehouse custodian and also maintains the accounting record of the inventory held at the warehouse. An assessment of this situation indicates _____.16. The extent of internal control features adopted by a company must be evaluated in terms of cost-benefit: true or false? If false, why?17. Physical controls to safeguard assets do not include _____.18. In large companies, the independent internal verification procedure is often assigned to_____.19. Maximum benefit from independent internal verification is obtained when _____.20. If employees are bonded _____.21. A system of internal control _____.22. Allowing only designated personnel to handle cash receipts is an example of _____.23. Control over cash disbursements is generally more effective when _____.24. Reconciling the bank statement monthly is an example of _____.25. Allowing only the treasurer to sign checks is an example of _____.

 

Paper#45037 | Written in 18-Jul-2015

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