Financial Accounting (12th Edition) (What's New in Accounting)
12th Edition
ISBN: 9780134725987
Author: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Publisher: PEARSON
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Question
Chapter 4, Problem 4QC
To determine
To find: The correct option, the option which is not an internal control procedure
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Check out a sample textbook solutionStudents have asked these similar questions
Each of the following represents an internal control procedure except for:a. separation of duties.b. limited access to both assets and records.c. compliance monitoring.d. clear lines of authority and communication.
Identify each of the following as a (a) purpose of an internal control system, (b) principle of internalcontrol,or (c) limitation of internal control. Maintain adequate records
From the list of assertions provided, select the relevant assertion(s) to each control objective.
There are controls in place that will prevent or detect the omission of transactions from the books and records of the
organization.
accuracy
O occurrence
O cut-off
O completeness
O rights and obligations
O accuracy, valuation and allocation
O existence
O classification
There are controls in place to ensure that the correct amounts are assigned to the transactions.
O classification
O occurrence
O completeness
cut-off
accuracy, valuation and allocation
O existence
O rights and obligations
O accuracy
There are controls in place to ensure that transactions are charged and allocated to the correct general ledger account.
O classification
O rights and obligations
O completeness
O cut-off
D occurrence
existence
accuracy
O accuracy, valuation and allocation
Chapter 4 Solutions
Financial Accounting (12th Edition) (What's New in Accounting)
Ch. 4 - Prob. 1QCCh. 4 - Prob. 2QCCh. 4 - Prob. 3QCCh. 4 - Prob. 4QCCh. 4 - Prob. 5QCCh. 4 - Prob. 6QCCh. 4 - Prob. 7QCCh. 4 - Why does cash require some specific internal...Ch. 4 - Prob. 9QCCh. 4 - Prob. 10QC
Ch. 4 - Prob. 11QCCh. 4 - Prob. 12QCCh. 4 - Prob. 4.1ECCh. 4 - Prob. 4.1SCh. 4 - Prob. 4.2SCh. 4 - (Learning Objective 2: Describe objectives and...Ch. 4 - Prob. 4.4SCh. 4 - (Learning Objective 2: Explain the objectives and...Ch. 4 - (Learning Objective 3: Evalue internal controls...Ch. 4 - Prob. 4.7SCh. 4 - Prob. 4.8SCh. 4 - Prob. 4.9SCh. 4 - Prob. 4.10SCh. 4 - Prob. 4.11SCh. 4 - Prob. 4.12SCh. 4 - Prob. 4.13SCh. 4 - Prob. 4.14SCh. 4 - Prob. 4.15AECh. 4 - Prob. 4.16AECh. 4 - Prob. 4.17AECh. 4 - Prob. 4.18AECh. 4 - Prob. 4.19AECh. 4 - Prob. 4.20AECh. 4 - Prob. 4.21AECh. 4 - Prob. 4.22BECh. 4 - Prob. 4.23BECh. 4 - Prob. 4.24BECh. 4 - (Learning Objectives 1, 2, 3: Describe fraud and...Ch. 4 - Prob. 4.26BECh. 4 - Prob. 4.27BECh. 4 - Prob. 4.28BECh. 4 - Prob. 4.29QCh. 4 - Prob. 4.30QCh. 4 - Prob. 4.31QCh. 4 - Prob. 4.32QCh. 4 - Prob. 4.33QCh. 4 - Prob. 4.34QCh. 4 - Prob. 4.35QCh. 4 - Prob. 4.36QCh. 4 - Prob. 4.37QCh. 4 - Prob. 4.38QCh. 4 - Prob. 4.39QCh. 4 - Prob. 4.40QCh. 4 - Prob. 4.41APCh. 4 - Prob. 4.42APCh. 4 - Prob. 4.43APCh. 4 - Prob. 4.44APCh. 4 - Prob. 4.45BPCh. 4 - (Learning Objectives 2, 3: Explain the objectives...Ch. 4 - (Learning Objective 3: Evaluate internal controls)...Ch. 4 - Prob. 4.48BPCh. 4 - Prob. 4.49CEPCh. 4 - Prob. 4.50CEPCh. 4 - Prob. 4.51SCCh. 4 - Prob. 4.52DCCh. 4 - Prob. 4.53DCCh. 4 - Prob. 4.54EICCh. 4 - Prob. 1FFCh. 4 - Prob. 1FA
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Similar questions
- One of the principles of internal control is "establishment of responsibility". This principle does not include: a. one person being responsible for one task. b. independent internal verification. c. authorisation of transactions. d. approval of transactions.arrow_forwardIdentify each of the following as a (a) purpose of an internal control system, (b) principle of internalcontrol,or (c) limitation of internal control. Insure assets and bond key employeesarrow_forwardAuthorization and Segregation of duties are the part of __________ a. Internal Control system b. Internal check system c. Internal audit system d. Internal Accountingarrow_forward
- Which of the following is not true concerning control activities? a.Control procedures is another term for control activities. b. Transaction authorization is a control activity. c. Information and communication is an important component of control activities. d. Control activities generally fall into the two categories of preventive controls and detective controls.arrow_forwardPrinciples of internal control include all of the following except: Multiple Choice Divide responsibilities for related transactions. Separate recordkeeping from custody of assets. Apply technological controls. Perform regular and independent reviews.arrow_forwardWhich of the following is the most complicated principle of internal control and must be an ongoing process that involves a combination of both internal and external sources? a) verification b) recordkeeping c) protection of assetsarrow_forward
- _____, which constitute one of the most important elements of internal control, include separating responsibilities for related operations. Control procedures Risk assessment activities Information and communication activities Risk monitoring proceduresarrow_forwardWhich of the following are principles of internal control? (Check all that apply.) Multiple select question. Increase revenues. Establish responsibilities. Maintain adequate records. Reduce vendor payables. Perform regular and independent reviews. Divide responsibility for related transactions.arrow_forwardWhich of the following is not a principle of internal control? Multiple Cholce Divide responsibilities for related transactions. Apply technological controls. Separate recordkeeping from custody of assets. Maintaining securty by having one person track and record assets. Perform regular and ndependent reviews.arrow_forward
- Decribe the role that each of the following areas has in the establishment, maintenance, and evaluation of internal control. 1. Mnangement 2. External auditor 3. Internalarrow_forwardWritten Policies and Procedures as a part of internal control system serves all of the following objectives, except a. Provide a source of continuity and a basis for uniformity. b. Serve as reference material for future c. Helps discrepancies to be resolved immediately d. Provide a training tool for new employeesarrow_forwardWhich of the following is not an element of internal control? A) Only promoting from within. B) Implement segregation of duties. C) Maintain adequate accounting records. D) Conduct internal audits.arrow_forward
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