Font size
WorksheetsCompany's Internal Control - Part I
Total questions: 10
Worksheet time: 7mins
It is a process designed and effected by those charged with governance, management and other personnel to provide reasonable assurance about the achievement of the entity’s objectives.
Internal auditing
Internal control
Business process
Accounting process
It sets the tone of an organization, influencing the control consciousness of its people.
(a)
This is an act of withholding cash receipts without recording them.
Skimming
Lapping
Kitting
Winding
Cycle that involves acquisition transactions and cash disbursements for purchases and payments.
Sales and Collections Cycle
Acquisitions and Payments Cycle
Payroll and Personnel Cycle
Procurement and Settlement Cycle
True or False. Effective internal controls help avoid and identify these errors in payroll processes.
False
True
True or False. Overpaying employees by increasing rates or compensating for more hours than work is not a common overpayment issue.
True
False
It is the process that an entity uses to assess the quality of internal control.
(a)
Give one type of Fraud.
(a)
This refers to choosing accounting methods in making accounting principle changes to produce a specified income level or trend.
(a)
What distinguishes fraud from error?
(a)
