ACG COMPREHENSIVE EXAM 2026
QUESTIONS AND ANSWERS 100% CORRECT
◉ (a) Which reviewing the records of Quality Pharmacy, you find that
the same employee orders merchandise and approves invoices for
payment. Answer: (a) Separation of duties.
◉ (b) Business is slow at Amazing Amusement Park on Tuesday,
Wednesday, & Thursday nights. To reduce expenses, the business
decides not to use a ticket taker on those nights. The ticket seller
(cashier) is told to keep the tickets as a record of number sold. Answer:
(b) Separation of duties.
◉ (c) The same trusted employee has served as cashier for 12 years.
Answer: (c) Other controls - No job rotation.
◉ (d) When business is brisk, Fast Mart deposits cash in the bank
several times during the day. The manager at one store wants to reduce
the time employees spend delivering cash to the bank, so he starts a new
policy. Cash will build up over weekends, and the total will be deposited
on Monday. Answer: (d) Other controls - Not depositing cash soon
enough for adequate security.
, ◉ Which of the following is an attribute of the internal control
procedure "assignment of responsibilities"?
(a) To validate their accounting records, a company should have an audit
by an external accountant.
(b) The external auditors will monitor internal controls.
(c) The company should separate the custody of assets from accounting.
(d) Have clearly assignment responsibilities for each position. Answer:
(d) Have clearly assignment responsibilities for each position.
◉ (e) Grocery stores such as Convenience Market and Natural Foods
purchase most merchandise from a few suppliers. At another grocery
store, the manager decides to reduce paperwork. He eliminates the
requirement that the receiving department preparing a receiving report
listing the goods actually received from the supplier. Answer: (e) Other
controls - Documents and record - no receiving report.
◉ Which of the following is included in the category of other
receivables?
(a) investments
(b) notes receivable
(c) accounts receivable
(d) interest receivable Answer: (d) interest receivable
◉ In the final step of the control process the controller compares the
records of the day's cash receipts, as follows:
QUESTIONS AND ANSWERS 100% CORRECT
◉ (a) Which reviewing the records of Quality Pharmacy, you find that
the same employee orders merchandise and approves invoices for
payment. Answer: (a) Separation of duties.
◉ (b) Business is slow at Amazing Amusement Park on Tuesday,
Wednesday, & Thursday nights. To reduce expenses, the business
decides not to use a ticket taker on those nights. The ticket seller
(cashier) is told to keep the tickets as a record of number sold. Answer:
(b) Separation of duties.
◉ (c) The same trusted employee has served as cashier for 12 years.
Answer: (c) Other controls - No job rotation.
◉ (d) When business is brisk, Fast Mart deposits cash in the bank
several times during the day. The manager at one store wants to reduce
the time employees spend delivering cash to the bank, so he starts a new
policy. Cash will build up over weekends, and the total will be deposited
on Monday. Answer: (d) Other controls - Not depositing cash soon
enough for adequate security.
, ◉ Which of the following is an attribute of the internal control
procedure "assignment of responsibilities"?
(a) To validate their accounting records, a company should have an audit
by an external accountant.
(b) The external auditors will monitor internal controls.
(c) The company should separate the custody of assets from accounting.
(d) Have clearly assignment responsibilities for each position. Answer:
(d) Have clearly assignment responsibilities for each position.
◉ (e) Grocery stores such as Convenience Market and Natural Foods
purchase most merchandise from a few suppliers. At another grocery
store, the manager decides to reduce paperwork. He eliminates the
requirement that the receiving department preparing a receiving report
listing the goods actually received from the supplier. Answer: (e) Other
controls - Documents and record - no receiving report.
◉ Which of the following is included in the category of other
receivables?
(a) investments
(b) notes receivable
(c) accounts receivable
(d) interest receivable Answer: (d) interest receivable
◉ In the final step of the control process the controller compares the
records of the day's cash receipts, as follows:
