Reference no: EM132949856

Problem 1. The objectives of internal control are to ensure efficient operations and provide reasonable assurance of all of the following EXCEPT

A) business information is accurate.

B) assets are safeguarded and used for business purposes.

C) employees and managers comply with laws and regulations.

D) profits are maximized while minimizing spending.

Problem 2. Endorsing a cheque

A) guarantees payment.

B) transfers the right to deposit or transfer cash.

C) cancels the transaction.

D) All of these answers are correct.

Problem 3. When the bank pays a cheque written by the company, it would

A) credit the customer's bank account.

B) debit the customer's bank account.

C) debit the cash account on the company's books.

D) No increase or decrease is made to the company's bank account.

Problem 4. Technological controls can include all of the following EXCEPT

A) using digital keycards for access.

B) restricting social media access at work.

C) requiring passwords on all systems.

D) using personal identification scanners.