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Financial Control of the Organization.d

Financial Control of the Organization.d — вариант 5

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12 вопросов Вариант 5 Доступ 7 дней
Содержание теста

Вопросы и варианты

Без отметок и подсказок к правильным ответам

Вопрос 1

The type of fraud committed by company managers who make false and misleading entries in the books, making the financial results of the company appear better than they actually are, is called:

  1. misappropriation of assets.
  2. fraudulent financial reporting.
  3. embezzlement
  4. collusion
Вопрос 2

The type of fraud committed by employees of an entity who steal money from the company and cover it up through erroneous entries in the books is called:

  1. misappropriation of assets.
  2. fraudulent financial reporting.
  3. embezzlement.
  4. collusion
Вопрос 3

The two most common types of fraud impacting financial statements are:

  1. fraudulent financial reporting and e-commerce fraud.
  2. misappropriation of assets and embezzlement.
  3. fraudulent financial reporting and misappropriation of assets.
  4. cooking the books and fraudulent financial reporting.
Вопрос 4

All of the following are purposes of internal control EXCEPT:

  1. to promote operational inefficiency.
  2. to encourage adherence to company policies.
  3. to ensure accurate and reliable accounts records.
  4. to safeguard assets.
Вопрос 5

The company’s ___________ have/has the primary responsibility for establishing and maintaining a company’s system of internal control.

  1. external auditors
  2. internal auditors
  3. top management
  4. shareholders
Вопрос 6

Which characteristic will NOT be found in an effective system of internal control?

  1. Competent, reliable, and ethical personnel
  2. A combination of duties
  3. A separation of duties
  4. Documents and records
Вопрос 7

Which of the following is a limitation of internal control?

  1. Operational efficiency
  2. Employee collusion
  3. Accurate and reliable accounting records
  4. Safeguarding company assets
Вопрос 8

Factors that would lead an employee to commit a lapping scheme include:

  1. a proper separation of duties.
  2. not allowing the bookkeeper to access to cash.
  3. appropriately monitoring the activities of employees who handle cash.
  4. allowing employees to not take time off for earned vacations.
Вопрос 9

A bank statement included a NSF check from customer Kim Fields for $2,100. The journal entry to record this reconciling item should:

  1. debit NSF and credit Cash for $2,100.
  2. debit Cash and credit Accounts Receivable for $2,100.
  3. debit Accounts Receivable and credit Cash for $2,100.
  4. debit Cash and credit NSF for $2,100.
Вопрос 10

If a bank statement included a bank collection and related interest revenue, the journal entry to record this reconciling item should include a:

  1. debit to Cash.
  2. credit to Cash.
  3. debit to Note Receivable.
  4. debit to Note Payable.
Вопрос 11

If a bank reconciliation included deposits in transit amounting to $3,700, the journal entry to record this reconciling item:

  1. should debit Deposit in Transit and credit Cash for $3,700.
  2. should debit Cash and credit Deposit in Transit for $3,700.
  3. should debit Accounts Receivable and credit Cash for $3,700.
  4. is not required.
Вопрос 12

If a bank statement includes an EFT payment of $945 for insurance, the journal entry to record this reconciling item should include a:

  1. debit to Cash for $945.
  2. debit to Accounts Payable for $945.
  3. credit to Cash for $945.
  4. credit to Prepaid Insurance for $945.