Question

The COSO study defines internal control in a way that controls should provide reasonable assurance that objectives of the firm are achieved for each of the following

1. Effectiveness and efficiency of operations.
2. Reliability of financial reporting.
3. Prevention of all fraudulent acts by employees or others.
4. D) Compliance with applicable laws and regulations.

Management's ability to monitor and control business operations is greatly improved with a computerized accounting system because of all but which one of the following?

1. Computers provide more rapid access to information
2. Computers allow data to be presented in many different reports and formats
3. Computers provide access to large quantities of information
4. Data entry errors are always discovered in the early stages
5. None of the above

Answer 1

objectives of the firm are achieved for each of the following

1. Effectiveness and efficiency of operations.
2. Reliability of financial reporting.
3. Prevention of all fraudulent acts by employees or others.
4. D) Compliance with applicable laws and regulations.

Ans- : B (2) Reliability of financial reporting

Management's ability to monitor and control business operations is greatly improved with a computerized accounting system because of all but which one of the following?

1. Computers provide more rapid access to information
2. Computers allow data to be presented in many different reports and formats
3. Computers provide access to large quantities of information
4. Data entry errors are always discovered in the early stages
5. None of the above

Ans -: A and C(1 and 3)