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torisob [31]
4 years ago
11

An internal control system consists of all policies and procedures used to protect assets, ensure reliable accounting, promote e

fficient operations, and urge adherence to company policies. Evaluate each of the following statements and indicate which are true and which are false regarding the objectives of an internal control system.
1. Separation of recordkeeping for assets from the custody over assets is intended to reduce theft and fraud.
2. The primary objective of internal control procedures is to safeguard the business against theft from government agencies.
3. The main objective of internal control procedures is best accomplished by designing an operational system with managerial policies that protect the assets from waste, fraud, and theft.
4. Separating the responsibility for a transaction between two or more individuals or departments will not help prevent someone from creating a fictitious invoice and paying the money to herself or himself.
Business
1 answer:
GenaCL600 [577]4 years ago
7 0

Answer:

Explanation:

1. True

Separation of record keeping for assets from custody over assets in custody over assets reduces theft and fraud . except in a case of collusion.

Fraud and theft of assets can be easily perpetrated and covered up when an individual combines the role.

2. False

Internal control focuses more on the internal operation of an organization rather than the external. Even though it can still be of impact in checking the excesses of external parties like the government agencies , but that is not its primary objective

3.True

Internal control's main objectives can be best accomplished when there is an operational system with managerial policies that protect waste , fraud and theft , being the major factors targeted to control

4.False

Separating the responsibility for a transaction between two or more individuals or departments is a major way of preventing creation of fictitious invoices and payment as it could have easily be detected if different individuals are involved in approval and payment of invoices.

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Answer:

1) 56,000

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3) 8,479

4) 25,500

Explanation:

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3 years ago
According to your textbook, the following passage from a speech introduction is an example of a(n) __________ . Today I would li
inysia [295]

Answer:

The answer is: this is an example of a preview statement

Explanation:

Preview statements are used to present the main topics of your speech. As a speaker you should not only introduce your main topics to your audience, you must be able to capture your audience's attention. Usually the preview statement is the second thing you say during a speech, the first should be a general greeting, so it is very critical that your audience understands how you are going to cover your main topics and in what order.

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The owner of Grandma's Applesauce is planning to retire after the coming year. She has to repay a loan of $50,000 plus 8 percent
Aleks04 [339]

Answer:

Option (B) $5,000

Explanation:

Data provided in the question:

Repayment of Loan = $50,000

Interest = 8%

Cash flow             Probability

$65,000                    70%

$45,000                    30%

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Now,

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6 0
4 years ago
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