Internal control system should be safeguarding assets

Assignment Help Financial Accounting

Reference no: EM131215710

Three objectives of a company's internal control system should be safeguarding assets, checking the accuracy and reliability of accounting data, and promoting operational efficiency. A fourth objective of a company's internal control system should be: a) Preventing embezzlement of assets b) Encouraging adherence to prescribed managerial policies c) Avoiding the payment of overtime to company employees d) Revising standards for production costs on a weekly basis

Reference no: EM131215710

Questions Cloud

Prepare fund accounting statements and records worksheet : The City of South Pittsburgh maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. Deferred inflows of resources—property taxes of $69,400 at the end of the p..

Hardware of computer system includes the computer : The hardware of a computer system includes the computer itself and other devices that help the computer perform its tasks. These “other devices” are commonly also called:

Objective of manufacturing organization production process : The primary objective of a manufacturing organization’s production process is to

Computer crime is committed for personal gain : According to the chapter, which of these statements is most accurate? a) Almost all computer crime is committed for personal gain b) Very little computer crime is committed for personal gain c) Most computer crime is just as easily described as “embe..

Internal control system should be safeguarding assets : Three objectives of a company's internal control system should be safeguarding assets, checking the accuracy and reliability of accounting data, and promoting operational efficiency. A fourth objective of a company's internal control system should be..

Component of a company internal control system : The control environment is a component of a company's internal control system that:

Agency relationship was created by classic beverage : Build-It Construction Company contracts with Classic Beverage Corporation to build Classic Beverage’s corporate headquarters. Build-It Construction contracts with Dependable Tools & Materials Inc. for construction supplies but refuses to pick up the ..

Distinguish between assurance and attestation services : Audits typically consist of three phases: Planning; Fieldwork; Reporting. Describe activities that accompany each phase. Distinguish between Assurance and Attestation Services. What is a Peer Review and how and when are they performed? Why does gover..

Compute the amount that would be reported on fancys books : On January 1, 2014, Fancy Associates purchased 30 percent of the outstanding shares of stock of Ashley Corp. for $100,000 cash. The investment will be accounted for by the equity method. On that date, Ashley's net assets (book and fair value) were $2..

User Account

All Pages