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accounting test
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Questions in this quiz (9)
1internal control systems use to do what?
- Aprotect assets,ensure,reliable accounting, promote efficient operations, and urge adherence to company policies
- Bprotect assets,monetary, reliable acounting
- Cprotect assets,ensure,reliable accounting, promote efficient operations, and security of the company
2The Sarbanes-Oxley Act (SOX) requires the managers and auditors of companies whose stock is traded on an exchange (called public companies) to document and certify the system of internal controls
- ATrue
- BFalse
3which of the four choices is requirements of the Sarbanes-Oxley Act (SOX)?
- AAuditors must evaluate internal controls and issue an internal control report.
- BAuditors of a client are restricted as to what consulting services they can provide that client.
- CThe person leading an audit can serve no more than seven years without a two-year break.
- DAuditors' work is overseen by the Public Company Accounting Oversight Board (PCAOB)
- EHarsh penalties exist for violators—sentences up to 25 years in prison with severe fines
- FPunish higher level executives for their misconducts within the business.
4The principles of internal control are?
- AEstablish responsibilities.
- BMaintain adequate records
- CInsure assets and bond key employees
- DSeparate recordkeeping from custody of assets
- EDivide responsibility for related transactions
- FApply technological controls
- GPerform regular and independent reviews
- HHave higher internal security
5Five aspects of internal control?
- Acontrol activities
- Bcontrol environment
- Crisk assessment
- Dmonitoring
- Ecommunication
- FSecurity
6Establishing Responsibilities to one person is a bad idea due to it being harder to find who is responsible when a problem arises.
- ATrue
- BFalse
7Maintain Adequate Records can help protect assets and ensure employees prescribe procedures. As well as allow managers to monitor company activities.
- ATrue
- BFalse
8Bonding assets increases theft within a company.
- ATrue
- BFalse
9If a person controls or access assets what should happen?
- AThey should not be allowed to do the accounting records for it. It also doesnt give them a reason to falsify or collude if they dont have access to the assets.
- BThey should be allowed to do the accounting records to reduce time when doing the record keeping.
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- Description
- Accounting Quiz on accounting test, created by Mark Caballero on 26/10/2016.
- Author
- Mark Caballero
- Language
- English
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- 1
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