Question

which of the following is not an internal control? a.required segregation of duties b.use sequentially numbered...

which of the following is not an internal control?

a.required segregation of duties

b.use sequentially numbered documents

c.compare the difference analysis between actual results and budget.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

ANSWER.

c. Compare the difference analysis between actual results and budget.

Explanation.

a. Segregation of Duties

One of the major concepts in Internal Control is Segregation of duties. It ensures fraud detection and prevention as the duties are separated amongst employees. If an employee commits a mistake or fraud, he easily gets caught by others.

b.Sequentially Numbered Documents.

If the documents are sequentially or serially numbered, there is a very high probability of noticing any missing document, whether intentional and unintentional. Thus, it is also a part of Internal Control.

c. Comparison between actual results and budget.

It is an activity of Budgetary Control and Variance Analysis. Internal Control is not a related topic for this.

So, the answer is c. Compare the difference analysis between actual results and budget.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Segregation of duties is an important internal control. What functions must be separated? Be specific. If...
Segregation of duties is an important internal control. What functions must be separated? Be specific. If ideal segregation of duties is not economically feasible, what are some compensation controls that would help reduce the risk of fraud or error?
In the performance of which transaction(s) does segregation of duties serve as an important internal control?...
In the performance of which transaction(s) does segregation of duties serve as an important internal control? 1 Cash receipts, not credit sales 2 Both cash receipts and credit sales 3 Credit sales, not cash receipts 4 None of these answer choices are correct.
Which of the following is a part of an internal control system? -control cues -policy communication...
Which of the following is a part of an internal control system? -control cues -policy communication -segregation of duties -record keeping -all of above
Internal control is an important concept for Curly’s business, separation of duties is part on of...
Internal control is an important concept for Curly’s business, separation of duties is part on of an internal control framework and refers to: Multiple Choice Having manager evaluate their employees at least annually. Senior management reviewing monthly variances between actual expenses versus budget. Preventing top management and lower-level employees from interacting. Individuals who have physical responsibility for assets should not also have access to accounting records.
Separation of duties is intended to prevent opportunities for fraud. Which of the internal control objective...
Separation of duties is intended to prevent opportunities for fraud. Which of the internal control objective categories does separation of duties fall into? Select one: a. Operations b. Reporting c. Compliance d. Both A and B
Question 12 (1 point) Regarding internal control in a technological environment, which group designs the information...
Question 12 (1 point) Regarding internal control in a technological environment, which group designs the information system? Question 12 options: Database administration Data control Systems analysis Telecommunications Question 13 (1 point) Which internal control document identifies employees and the tasks they perform in addition to how their duties are segregated? Question 13 options: Flowchart Internal control questionnaire Walk-through Written narrative Question 14 (1 point) Which of the following application control activities is concerned with input validation checks? Question 14 options:...
Internal control over a company’s assets should include the following policy A responsibilities and duties of...
Internal control over a company’s assets should include the following policy A responsibilities and duties of employees will be divided B all cash receipts will be deposited into the bank the same day they arrive C all cash payments will be made by check (except petty cash) D all of the above
From the below partial flowchart, which of the following choices seems to indicate an internal control?...
From the below partial flowchart, which of the following choices seems to indicate an internal control? A check is prepared A review is done of these documents: check, receiving report, and approved PO before the check is signed A credit history is reviewed Multi-copies of documents are used
1.) non cash misappropriations of assets may be prevented or detected by: - segregation of duties...
1.) non cash misappropriations of assets may be prevented or detected by: - segregation of duties - matching invoices to receiving reports before payemnts are issued - matching packing slips to approved sales orders - matching every outgoing shipment to the sales order before the merchandise is shipped - examining significant increases in bad debt expense - all of the above 2.) which of the following is false - weak internal controls breed fraud - red flags will always indicate...
According to the COSO framework for internal control, which of the following is not one of...
According to the COSO framework for internal control, which of the following is not one of the objectives for the internal control process?` A. Effectiveness and efficiency of operations B. Effectiveness of the external audit C. Reliability of financial reporting D. Compliance with applicable laws and regulations
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT