ACING MBA 510 FINAL EXAM WITH THE LATEST A+ QUESTIONS
AND ANSWERS STUDY COMPANION.
Which of the following are correct regarding why management uses internal
controls?
uphold company policies.
protect assets.
ensure reliable accounting.
promote efficient operations.
Identify the principles of internal control by selecting the correct answers below.
Establish responsibilities.
Perform regular and independent reviews.
Insure assets.
Maintain adequate records.
Apply technological controls.
Separate recordkeeping from custody of assets.
Which of the statements below explains how technology has impacted internal
control systems?
Technology can be designed to require the use of password before access to the
system is granted.
Technology has reduced the number of processing errors.
Technologically advanced systems can record who made entries, the date and time of
the entry and the source of the entry.
Technology has encouraged the growth of e-commerce, which means that there is a
higher risk of credit card number theft.
All of the following describe blockchain
blockchain makes it more difficult for the ledger to be modified without a detailed record
of changes
blockchain is continuously and simultaneously updated and verified
The triple threat of fraud involves
, rationalization
pressure
opportunity
What is the purpose of internal controls?
to protect assets and ensure reliable accounting
Each of the following are types of technological impacts related to internal
control:
new evidence of processing
more extensive testing of records
separation of duties
reduced processing errors
Auditors focus more on testing the Blank______ of a company's blockchain
processes and technology than on verifying the Blank______ of its output.
effectiveness/accuracy
Internal control policies and procedures have limitations that arise from many
elements: Human Error
Can occur from carelessness, misjudgment or confusion
Internal control policies and procedures have limitations that arise from many
elements: Human Fraud
Involves intent by people to defeat internal controls for personal gain
Internal control policies and procedures have limitations that arise from many
elements: Cost-benefit principle
Dictates that the costs of internal controls must not exceed their benefits
Internal control policies and procedures have limitations that arise from many
elements: Internal control environment
Management must convey commitment to internal control policies and procedures
Identify the basic internal control guidelines which should be in place to protect a
business's cash by selecting the correct answers below.
Cash receipts are promptly deposited in a bank.
Cash payments are made by check.
Handling cash is separate from recordkeeping of cash.
AND ANSWERS STUDY COMPANION.
Which of the following are correct regarding why management uses internal
controls?
uphold company policies.
protect assets.
ensure reliable accounting.
promote efficient operations.
Identify the principles of internal control by selecting the correct answers below.
Establish responsibilities.
Perform regular and independent reviews.
Insure assets.
Maintain adequate records.
Apply technological controls.
Separate recordkeeping from custody of assets.
Which of the statements below explains how technology has impacted internal
control systems?
Technology can be designed to require the use of password before access to the
system is granted.
Technology has reduced the number of processing errors.
Technologically advanced systems can record who made entries, the date and time of
the entry and the source of the entry.
Technology has encouraged the growth of e-commerce, which means that there is a
higher risk of credit card number theft.
All of the following describe blockchain
blockchain makes it more difficult for the ledger to be modified without a detailed record
of changes
blockchain is continuously and simultaneously updated and verified
The triple threat of fraud involves
, rationalization
pressure
opportunity
What is the purpose of internal controls?
to protect assets and ensure reliable accounting
Each of the following are types of technological impacts related to internal
control:
new evidence of processing
more extensive testing of records
separation of duties
reduced processing errors
Auditors focus more on testing the Blank______ of a company's blockchain
processes and technology than on verifying the Blank______ of its output.
effectiveness/accuracy
Internal control policies and procedures have limitations that arise from many
elements: Human Error
Can occur from carelessness, misjudgment or confusion
Internal control policies and procedures have limitations that arise from many
elements: Human Fraud
Involves intent by people to defeat internal controls for personal gain
Internal control policies and procedures have limitations that arise from many
elements: Cost-benefit principle
Dictates that the costs of internal controls must not exceed their benefits
Internal control policies and procedures have limitations that arise from many
elements: Internal control environment
Management must convey commitment to internal control policies and procedures
Identify the basic internal control guidelines which should be in place to protect a
business's cash by selecting the correct answers below.
Cash receipts are promptly deposited in a bank.
Cash payments are made by check.
Handling cash is separate from recordkeeping of cash.
