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11 separation of duties refers to a making each manager personally responsible for h 4296540

 

11.Separation of duties refers to:
A.Making each manager personally responsible for his/her department.
B.Keeping functions across different departments separate.
C.Preventing top management and lower-level employees from interacting.
D.Individuals who have physical responsibility for assets should not also have access to accounting records.

12.Which employees have an impact on the operation and effectiveness of internal controls?
A.Upper management.
B.Mid-level managers.
C.Lower-level employees.
D.All employees.

13.Which of the following best describes the goal of internal controls?
A.Ensuring the business is profitable.
B.Enhancing the health of employees.
C.Improving the accuracy and the reliability of financial information.
D.Ensuring the compliance with tax regulations.

14.What is the concept behind separation of duties in establishing internal controls?
A.The company's financial accountant should not share information with the company's tax accountant.
B.Duties of middle-level managers should be clearly separated from those of top executives.
C.Employee fraud is less likely to occur when access to assets and access to accounting records are separated.
D.The external auditors of the company should have no contact with managers while the audit is taking place.

15.Which employees are the ones who must take final responsibility for the establishment and success of internal controls?
A.Top executives.
B.Mid-level managers.
C.Lower-level employees.
D.All employees.

16.The act of collusion refers to:
A.Top management and lower-level employees working together to share information necessary for effective internal controls.
B.Two or more people acting in coordination to circumvent internal controls.
C.Management working with an auditor to prevent occupational fraud.
D.Middle-level managers taking full responsibility for effective internal controls.

17.Which of the following is not an example of preventive controls?
A.Separation of duties.
B.Physical controls.
C.Proper authorization.
D.Reconciliations.

18.Which of the following is an example of detective controls?
A.Separation of duties.
B.Physical controls.
C.Proper authorization.
D.Reconciliations.

19.Keeping supplies in a locked room with access allowed only to authorized personnel is an example of which preventive control?
A.Separation of duties.
B.Physical controls.
C.Proper authorization.
D.Employee management.

20.Giving only management the right to make purchases over a certain amount is an example of which preventive control?
A.Separation of duties.
B.Physical controls.
C.Proper authorization.
D.Employee management.

 

 

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