
Internal Controls Quiz
Quiz
•
Education
•
University
•
Practice Problem
•
Hard
NGIN PIDOR
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the key element of internal control definition regarding 'Process'?
A list of rules
Not a list of rules
A series of checkboxes
A set of guidelines
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is responsible for internal control according to the key element of the definition?
The board of directors
External auditors
The whole organization
Only the accounting function
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does 'Reasonable assurance' mean in the context of internal control?
Control must provide some assurance
Costs of control outweigh benefits
Control must be 100% effective
Absolute assurance is guaranteed
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT one of the objectives relating to internal control?
Reporting
Operations
Marketing
Compliance
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one of the purposes of internal control related to financial reporting?
Ensuring reliable financial reporting
Safeguarding assets
Promoting operating efficiency
Encouraging compliance
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main reason organizations identify their risk exposures?
To ignore risks
To develop internal controls
To increase risks
To avoid controls
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a category of risk exposure according to Brown's taxonomy?
Social risk
Operational risk
Political risk
Economic risk
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