, GFOA CPFO - Accounting and Financial
Reporting Exam questions with correct
answers
Ultimate responsibility for internal control rests with - verified answers; The governing board
Which of the following types of fraud is least likely in an environment where cash receipting and
record keeping for accounts receivable are adequately segregated? - verified answers; Lapping
What is the best way to select a sample to test internal control? - verified answers; Random sampling
All of the following are examples of permanent risk: - verified answers; Complexity, Cash receipts,
Prior problems
Which are examples of a control procedure? - verified answers; Authorization, Segregation of
incompatible duties, Analytical review
Which of the following is the most important element in a comprehensive framework of internal
controls? - verified answers; Control environment
Which of the following is an implicit assertion made in financial reporting? - verified answers;
Existence or occurrence, Completeness, Rights and obligations
Which of the following control-related procedures is the most useful in meeting the implicit assertion
of completeness? - verified answers; Analytical procedures
Which of the following is an inherent limitation of internal controls? - verified answers; Principle of
cost/benefit, Collusion, Management override
Reporting Exam questions with correct
answers
Ultimate responsibility for internal control rests with - verified answers; The governing board
Which of the following types of fraud is least likely in an environment where cash receipting and
record keeping for accounts receivable are adequately segregated? - verified answers; Lapping
What is the best way to select a sample to test internal control? - verified answers; Random sampling
All of the following are examples of permanent risk: - verified answers; Complexity, Cash receipts,
Prior problems
Which are examples of a control procedure? - verified answers; Authorization, Segregation of
incompatible duties, Analytical review
Which of the following is the most important element in a comprehensive framework of internal
controls? - verified answers; Control environment
Which of the following is an implicit assertion made in financial reporting? - verified answers;
Existence or occurrence, Completeness, Rights and obligations
Which of the following control-related procedures is the most useful in meeting the implicit assertion
of completeness? - verified answers; Analytical procedures
Which of the following is an inherent limitation of internal controls? - verified answers; Principle of
cost/benefit, Collusion, Management override
