ACCOUNTING EXAM 3- WILEY PLUS
MULTIPLE CHOICE QUESTIONS AND
ANSWERS WITH VERIFIED SOLUTIONS
100% CORRECT!!!
Chapter 7 - ANSWER✔✔
Which of the following is not an element of the fraud triangle?
A. Rationalism
B. Financial pressure
C. Segregation of duties
D. Opportunity - ANSWER✔✔ C. Segregation of Duties
Internal control is used in a business to:
A. Safeguard its assets
B. Enhance the accuracy and reliability of its accounting records
C. Ensure compliance with laws and regulations
D. All of the above - ANSWER✔✔ D. All of the above
The principles of internal control do not include:
A. Establishment of responsibility
B. Documentation procedures
C. Management responsibility
D. Independent internal verification - ANSWER✔✔ C. Management responsibility
Physical controls do not include:
, A. Safes and vaults to store cash
B. Independent bank reconciliations
C. Locked warehouses for inventories
D. Bank safety deposit boxes for important papers - ANSWER✔✔ b. independent
bank reconciliations
What was not a result of the Sarbanes-Oxley act? - ANSWER✔✔ Companies must
file financial statements with the Internal Revenue Service
Which of the following control activities is not relevant when a company uses a
computerized (rather than manual) accounting system?
A. Establishment of responsibility
B. Segregation of duties
C. Independent internal verification
D. All of the above - ANSWER✔✔ D. All of the above
Permitting only designated personnel such as cashiers to handle cash receipts is an
application of the principle of:
A. Segregation of duties
B. Establishment of responsibility
C. Independent internal verification
D. Human resource controls - ANSWER✔✔ B. Establishment of responsibility
The use of pre numbered checks in disbursing cash is an application of the
principle of:
A. Establishment of responsibility
B. Segregation of duties
MULTIPLE CHOICE QUESTIONS AND
ANSWERS WITH VERIFIED SOLUTIONS
100% CORRECT!!!
Chapter 7 - ANSWER✔✔
Which of the following is not an element of the fraud triangle?
A. Rationalism
B. Financial pressure
C. Segregation of duties
D. Opportunity - ANSWER✔✔ C. Segregation of Duties
Internal control is used in a business to:
A. Safeguard its assets
B. Enhance the accuracy and reliability of its accounting records
C. Ensure compliance with laws and regulations
D. All of the above - ANSWER✔✔ D. All of the above
The principles of internal control do not include:
A. Establishment of responsibility
B. Documentation procedures
C. Management responsibility
D. Independent internal verification - ANSWER✔✔ C. Management responsibility
Physical controls do not include:
, A. Safes and vaults to store cash
B. Independent bank reconciliations
C. Locked warehouses for inventories
D. Bank safety deposit boxes for important papers - ANSWER✔✔ b. independent
bank reconciliations
What was not a result of the Sarbanes-Oxley act? - ANSWER✔✔ Companies must
file financial statements with the Internal Revenue Service
Which of the following control activities is not relevant when a company uses a
computerized (rather than manual) accounting system?
A. Establishment of responsibility
B. Segregation of duties
C. Independent internal verification
D. All of the above - ANSWER✔✔ D. All of the above
Permitting only designated personnel such as cashiers to handle cash receipts is an
application of the principle of:
A. Segregation of duties
B. Establishment of responsibility
C. Independent internal verification
D. Human resource controls - ANSWER✔✔ B. Establishment of responsibility
The use of pre numbered checks in disbursing cash is an application of the
principle of:
A. Establishment of responsibility
B. Segregation of duties
