Which correctly classify the items as a control activity

Assignment Help Accounting Basics
Reference no: EM132584354

The following is a list of control activities or things that create strong control environment.

1. Hire competent ethical employees

2. Keep cash locked up

3. Have job descriptions

4. Ensure all cash receipts are deposited daily

5. Limit purchases to only authorized personnel

6. Ensure staff take vacations

7. Establish a code of conduct and follow it

8. Have a security system in place

9. Ensure applicable human resource policies are in place

Question 1: Which of the following correctly classify the items as a control activity or part of the control environment?

Option 1: Control Activity: 1, 3, 7, 9; Control Environment: 2, 4, 5, 6, 8

Option 2: Control Activity: 1, 2, 5, 6, 8; Control Environment: 3, 4, 7, 9

Option 3: Control Activity: 2, 4, 5, 7, 8, 9; Control Environment: 1, 3, 6

Option 4: Control Activity: 2, 4, 5, 6, 8; Control Environment: 1, 3, 7, 9

Option 5: Control Activity: 1, 2, 3, 4, 5; Control Environment: 6, 7, 8, 9

Option 6: Control Activity: 2, 4, 5, 7, 9; Control Environment: 1, 3, 6, 8

Reference no: EM132584354

Questions Cloud

What are 4 factors of production played in determining : What are 4 factors of production played in determining how the economic concentration of the Hollywood movie industry?
Explain the social aspects of drug addiction : Make an essay about the physiological, psychological, and social aspects of drug addiction. Afterward, design a graphic organizer of your choice to compare.
Describe how you might implement your marketing plan : Provide a brief explanation of how you might implement your marketing plan for Diabetes Mellitus. Be sure to include the timeline, time frame, and any tools.
Develop leadership traits : To what degree is it possible to develop leadership traits? Are they innate? What are some ways one can develop persistence?
Which correctly classify the items as a control activity : Which correctly classify the items as a control activity or part of the control environment? Limit purchases to only authorized personnel
Why is malpractice coverage so extremely expensive today : Why is malpractice coverage so extremely expensive today? Do you feel that the need for liability insurance adds to or detracts from the patient care
How could we check the the christofide algorithm : How could we check the the Christofide's algorithm 1.5 optimal theorem hold or not for specific question without solving it? Please explain it in details.
Dewey prescription for success : Dewey Cheatham is the new Vice President of Marketing for a large online search engine company, Pottstown Innovative Enterprises
What types of accounts would close income statement : The first step is to "Close income statement credit balances". What types of accounts would that include? What accounts might those be?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd