Which is not a key element of internal control
over cash receipts?
A) Daily entry in a voucher register
B) Daily recording of all cash receipts in the accounting
records
C) Daily bank deposits
D) Immediate counting by the person opening the mail or using
the cash register
Describe five crucial components of the COSO Framework: Internal
Environment (Control Environment), Risk Assessment, Control
Activities, Information and Communication, and Monitoring. Explain
what is included in the component and how that component impacts
the rest of the internal control system (i.e., the other four
components).
Please help me to answer this question.
There are five components of internal control:
1) Control environment
2) Risk assessment
3) Control activities
4) Information and communication system
5) Monitoring processes.
In your own words explain the purpose of internal controls. Then
select one of the components shown above and
explain the role it plays in protecting the assets of the business.
Many of these activities can be observed in the workplace both
inside and outside of the accounting department. Please share any
work experiences you may...
Compare the existing internal control environment at Microsoft
to management’s responsibility for designing effective internal
controls outlined in the textbook, and identify the deficiencies
that existed. Speculate on what types of internal controls could
have been designed to detect the accounting irregularities, and
provide at least two reasons why the internal controls that were in
place at Microsoft were not effective in detecting the accounting
errors. Provide specific examples. Discuss the importance of senior
management in setting the tone at...
Which is NOT a broad purpose of Internal
Control?Internal Control helps management to achieve:1.Compliance with applicable laws2.Reliable financial reporting3.Operations that are effective and efficient4.Effective budgetingInternal Control is:1.the accounting cycle2.the process to help a company meets its operational and
financial reporting objectives3.A report prepared in 2013 by forensic accounting firm Warfield
& Associates4.showing that debits = creditsA component of internal control is:1.risk assessment2.journals3.subsidiary ledgers4.controlling accounts
Companies can gain efficiencies by implementing effective
ongoing monitoring of their internal control processes. Identify
the important onging monitoring procedures that an organization
might use in assessing its controls over revenue recognition in
each of the following situations:
a. A convenience store such as 7-Eleven
b. A chain restaurant such as Olive Garden
c. A manufacturing division of a larger company that makes
rubberized containers for the consumer market
Which of the following is not a factor that
influences a business's control environment?
a.personnel policies
b.proofs and security measures
c.management's philosophy and operating style
d.organizational structure
Accompanying the bank statement was a debit memo for an NSF
check received from a customer. What entry is required in the
company's accounts?
a.debit Cash; credit Other Income
b.debit Cash; credit Accounts Receivable
c.debit Other Income; credit Cash
d.debit Accounts Receivable; credit Cash
Entries are made to the petty cash account when...