The Internal Control—Incorporated Frameoccupational was issued by the Committee of Sponsoring Organizations and offers a frame that is the widely welcomed traditional whereby companies:A) architecture, analyze, and evaluate inner controls.B) evaluate financial results.C) architecture financial statements.D) framework their organizations.

You are watching: The control environment is influenced by all of the following primary factors except:


Which of the complying with is NOT an outcome or characteristic of the Sarbanes-Oxley Act of 2002:A) elimination of fraud and theftB) strong interior controls over the recording of transactionsC) efficient internal controls over the preparation of financial statementsD) restoring public confidence and trust in the financial statements of companies
Which of the complying with is NOT true concerning the Internal Control—Combined Framework:A) The frame is the commonly accepted typical through which service providers analyze and also evaluate interior controls.B) It was issued by the FASB.C) The framework is the widely accepted conventional through which suppliers design inner controls.D) It is regularly the basis of a conversation of internal controls.
The control environment is affected by every one of the complying with major components EXCEPT:A) the company"s personnel policiesB) management"s ideology and also operating styleC) the company"s business structureD) changes in the personnel that consist of the interior audit team
Which among the complying with is NOT an element of inner control:A) regulate proceduresB) threat assessmentC) monitoringD) reorienting administration ideology away from controls
Which of the adhering to statements shows a weak internal regulate system:A) All employees have to take their vacations.B) All employees are well oversaw.C) A single employee is responsible for receiving and counting cash.D) A device of checks and balances is establimelted.
The debit balance in Cash Short and also Over at the end of an bookkeeping period is reported as:A) an asset on the balance sheet.B) an expense on the income statement.C) revenue on the income statement.D) a liability on the balance sheet.
Which of the adhering to is NOT an interior manage activity for cash:A) Banking facilities need to be provided as a lot as possible.B) All cash payments must be made via cash.C) All cash receipts should be tape-recorded promptly.D) Surpclimb audits of cash on hand also need to be made sometimes.
Which of the complying with is NOT an internal control task for cash:A) The attributes of cash record keeping and cash custody must be merged.B) The number of persons that have access to cash must be limited.C) All cash receipts should be taped promptly.D) Surpclimb audits of cash on hand need to be made occasionally.
A financial institution company charge shows up on the bank statement as a:A) delittle bit memorandum that rises the account balance.B) crmodify memorandum that increases the account balance.C) crmodify memorandum that decreases the account balance.D) debit memorandum that decreases the account balance.
Which among the complying with would NOT cause a bank to debit a depositor"s account:A) checks noted NSFB) financial institution service chargeC) interest earned by the accountD) wiring of the depositor"s funds to various other locations
Which of the complying with would appear as a credit memorandum on the financial institution statement:A) company chargeB) NSF checkC) EFT depositD) bank correction of an error from recording a $300 inspect phelp as $30
Grace Company type of gathered the following reconciling information in preparing its July financial institution reconciliation. *The changed cash balance per the publications on July 31 is:Cash balance per books, 7/31 = $4,500Deposits in transit = 150Notes receivable and also interest built up by bank = 850Bank charge for check printing = 20Outstanding checks = 2,000NSF check = 170A) $3,310B) $5,160C) $5,010D) $3,460
A financial institution reconciliation has:A) a financial institution area and also a firm area.B) a financial institution area just.C) a firm area only.D) Namong these options are correct.
Hector Company type of developed the adhering to reconciling indevelopment in preparing its March financial institution reconciliation. - *Using the over information, determine the adjusted cash balance for March:Cash balance per books, 3/31 = $12,000Keep in mind receivable built up by bank = 6,000Outstanding checks = 9,000Deposits in transit = 4,500Bank service charge = 75NSF check = 1,200A) $15,500B) $7,500C) $16,725D) $12,225
Palm Company type of gathered the following reconciling indevelopment in preparing its April financial institution reconciliation. *The readjusted cash balance per the books on April 30 is:Cash balance per publications, 4/30 = $4,300Deposits in transit = 150Notes receivable and interemainder accumulated by financial institution = 850Bank charge for check printing = 20Outstanding checks = 2,000NSF examine = 170A) $2,280.B) $3,110.C) $4,960.D) $2,450.
Which of the complying with is NOT a need or result of the Sarbanes-Oxley Act of 2002:A) helping to prevent fraud and also theft.B) strong interior controls over the recording of transactions.C) eliminating auditor reporting on a company"s internal controls.D) reliable internal controls over the preparation of financial statements.
Which of the adhering to is NOT a factor that Congress passed the Sarbanes-Oxley Act of 2002:A) to apply to exclusive companiesB) to answer the public outcry concerned the financial scandals of the early 2000sC) to need service providers to keep strong and reliable inner controls over the preparation of financial statementsD) to need providers to keep strong and effective interior controls over the recording of financial transactions
If the exact same perkid orders gives, verifies receipt of the provides, and pays the supplier, which of the complying with is a feasible negative result:A) All of these choices are correct.B) Orders may be placed on the basis of friendship rather than on price, high quality and amount of offers.C) Supplies might be stolen by employees.D) The quantity and high quality of offers got might not be proved, for this reason leading to the company to pay for supplies not obtained or for poor-top quality offers.
Internal regulate does NOT consist of plans and steps that:A) ensure that service information is exact.B) safeguard assets from misusage.C) guarantee the firm will certainly make a profit.D) assist management in directing operations towards achieving organization goals.
The credit balance in Cash Short and also Over at the finish of an audit duration is reported as:A) a liability on the balance sheet.B) an cost on the revenue statement.C) an ascollection on the balance sheet.D) income on the income statement.
An NSF examine appears on the financial institution statement as a:A) delittle bit memorandum that decreases the account balance.B) credit memorandum that boosts the account balance.C) delittle bit memorandum that rises the account balance.D) credit memorandum that decreases the account balance.
A financial institution correction of an error from recording a $50 inspect paid as $500 appears on the bank statement as a:A) debit memorandum that decreases the account balance.B) crmodify memorandum that boosts the account balance.C) delittle bit memorandum that rises the account balance.D) crmodify memorandum that decreases the account balance.

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A check drawn by a depositor for $150 in payment of a licapability was tape-recorded in the journal as $510. This item would certainly be contained on the bank reconciliation as:A) a deduction from the balance per the depositor"s records.B) an addition to the balance per the depositor"s records.C) a deduction from the balance per the financial institution statement.D) an addition to the balance per the financial institution statement.
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Horngren"s Financial & Managerial Accountingsixth EditionBrenda L Mattiboy, Ella Mae Matsumura, Tracie Miller-Nobles
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