91.               The COSO report identified a component of internal control as the policies and procedures that      help ensure that management directives are carried out…

91.               COSO identified an element of internal control in the COSO report as the procedures and policies.

     help ensure that management directives are carried out and that management directives are

     achieved The component is:

A.You can control your activities.

B.Risk assessment.


D.Information and communication

92.              This is the term used to describe the variety of activities comprising internal control.

     activities includes each of the following, except:

A.Segmentation of duties

B.Risk assessment.

C.Reconciliations and independent checks.

D.Autorization of transactions

93.              Approval or endorsement by a department or responsible person of an organisation

      has been sanctioned by top management is the process of:

A.Assuring assets.

B.Segregating duties.

C.Authorization of transactions

D.Recording is adequate.

94.              Segregation of duties is a category that requires certain control activities.

     activities should be the responsibility of different person or department. There are three basic duties.

     to be separated are:

A.Authorizing and recording payments.

B.Recording, custody and disposition

C.Authorizing, payment, and custody

D.Authorizing, recording, or taking possession.

95.              An accounting supervisor could hire people, and approve their hours.

     the paychecks, and deliver the paychecks, which of the categories of control activities would be


A.Records that are adequate

B.Separation of duties


D.Independent checks

96.               An effective system for internal control requires many forms of documentation. What are the options?

     types of documentation is not part of the adequate records and documents category of internal


A.Analyses and schedules of financial information

B.All significant transactions require a supporting document

C.Accounting cycle reports

D.These are all types of documentation

97.               It is a term that refers to the availability of verified information concerning accounting records accuracy.

A.Audit trail.

B.Control internal.

C.Risk assessment.

D.Supporting documentation.

98.               There are many options for protecting documents and assets.

     Which of the following would not be related to this category of internal control?

A.Secure assets and records to prevent misuse or theft.

B.Access to assets should be limited to the maximum extent possible.

C.Recognizing risk sources and the probability of them being present.

D.Protect some assets by putting in place physical security measures, like security cameras.

99.               Internal control includes independent reviews of performance by others.

     These independent checks would include all of the following, except:

A.Retrospective of batch numbers.


C.Comparative analysis of records and physical assets

D.To enter restricted areas, you must have the appropriate identification

100.              What of these objectives are not necessary for an effective approach to achieve?

       accounting system?

A.Get the necessary documents prepared

B.All relevant financial events should be identified

C.Take important data

D.Data processing and recording should be done correctly

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