MATH 110 Module 2 Exam 2024- Requires
Respondus LockDown Browser + Webcam
100% Correct
Internal Control System ...ANSWER...Monitors and controls business activities
through
Sarbanes-Oxley Act (SOX) ...ANSWER...Mandates internal control documentation for
public companies.
Public Company Accounting Oversight Board (PCAOB) ...ANSWER...Oversees
auditors' work on internal controls.
Committee of Sponsoring Organizations (COSO) ...ANSWER...Identifies five
components enhancing internal control quality.
Information & Communication ...ANSWER...Ensures relevant information is
communicated effectively.
Establish Responsibilities ...ANSWER...Clearly define tasks assigned to individuals.
Maintain Adequate Records ...ANSWER...Protects assets and helps monitor activities.
Insure Assets ...ANSWER...Assets should be insured against potential losses.
Bond Key Employees ...ANSWER...Insurance against theft by employees handling
cash.
Separate Recordkeeping ...ANSWER...Accounting records must be separate from asset
custody.
Divide Responsibility ...ANSWER...Transaction responsibilities split to prevent fraud.
Technological Controls ...ANSWER...Use technology to enhance transaction recording
accuracy.
, Regular Independent Reviews ...ANSWER...Auditors evaluate internal controls'
efficiency and effectiveness.
Blockchain ...ANSWER...Secure ledger that updates and verifies transactions.
Limitations of Internal Control ...ANSWER...Includes human error and intentional fraud
risks.
Cost-Benefit Constraint ...ANSWER...Costs of controls should not exceed their benefits.
Control of Cash ...ANSWER...Guidelines to protect cash and cash equivalents.
Handling Cash ...ANSWER...Must be separate from cash recordkeeping.
Cash Receipts ...ANSWER...Should be promptly deposited in a bank.
Cash Payments ...ANSWER...Made by check or electronic funds transfer (EFT).
Deposit Ticket ...ANSWER...Lists cash and checks for bank deposits.
Basic Bank Services ...ANSWER...Includes accounts, checks, and electronic transfers.
Cash and Cash Equivalents ...ANSWER...Liquid assets easily convertible to cash.
Signature Cards ...ANSWER...Documents verifying account holder's signature.
Bank Accounts ...ANSWER...Accounts held at banks for managing funds.
Deposit Tickets ...ANSWER...Forms used to deposit money into accounts.
Checks ...ANSWER...Written orders to withdraw funds from accounts.
Bank Statements ...ANSWER...Monthly reports of account transactions and balances.
Electronic Funds Transfer (EFT) ...ANSWER...Digital transfer of money between
accounts.
Deposits in Transit ...ANSWER.. Deposits rec. orded by the company, not yet by the
bank.
Adjusted Cash Balance ...ANSWER...Final cash balance after reconciliation
adjustments.
Cash Balance per Bank ...ANSWER...Balance reported by the bank statement.
Respondus LockDown Browser + Webcam
100% Correct
Internal Control System ...ANSWER...Monitors and controls business activities
through
Sarbanes-Oxley Act (SOX) ...ANSWER...Mandates internal control documentation for
public companies.
Public Company Accounting Oversight Board (PCAOB) ...ANSWER...Oversees
auditors' work on internal controls.
Committee of Sponsoring Organizations (COSO) ...ANSWER...Identifies five
components enhancing internal control quality.
Information & Communication ...ANSWER...Ensures relevant information is
communicated effectively.
Establish Responsibilities ...ANSWER...Clearly define tasks assigned to individuals.
Maintain Adequate Records ...ANSWER...Protects assets and helps monitor activities.
Insure Assets ...ANSWER...Assets should be insured against potential losses.
Bond Key Employees ...ANSWER...Insurance against theft by employees handling
cash.
Separate Recordkeeping ...ANSWER...Accounting records must be separate from asset
custody.
Divide Responsibility ...ANSWER...Transaction responsibilities split to prevent fraud.
Technological Controls ...ANSWER...Use technology to enhance transaction recording
accuracy.
, Regular Independent Reviews ...ANSWER...Auditors evaluate internal controls'
efficiency and effectiveness.
Blockchain ...ANSWER...Secure ledger that updates and verifies transactions.
Limitations of Internal Control ...ANSWER...Includes human error and intentional fraud
risks.
Cost-Benefit Constraint ...ANSWER...Costs of controls should not exceed their benefits.
Control of Cash ...ANSWER...Guidelines to protect cash and cash equivalents.
Handling Cash ...ANSWER...Must be separate from cash recordkeeping.
Cash Receipts ...ANSWER...Should be promptly deposited in a bank.
Cash Payments ...ANSWER...Made by check or electronic funds transfer (EFT).
Deposit Ticket ...ANSWER...Lists cash and checks for bank deposits.
Basic Bank Services ...ANSWER...Includes accounts, checks, and electronic transfers.
Cash and Cash Equivalents ...ANSWER...Liquid assets easily convertible to cash.
Signature Cards ...ANSWER...Documents verifying account holder's signature.
Bank Accounts ...ANSWER...Accounts held at banks for managing funds.
Deposit Tickets ...ANSWER...Forms used to deposit money into accounts.
Checks ...ANSWER...Written orders to withdraw funds from accounts.
Bank Statements ...ANSWER...Monthly reports of account transactions and balances.
Electronic Funds Transfer (EFT) ...ANSWER...Digital transfer of money between
accounts.
Deposits in Transit ...ANSWER.. Deposits rec. orded by the company, not yet by the
bank.
Adjusted Cash Balance ...ANSWER...Final cash balance after reconciliation
adjustments.
Cash Balance per Bank ...ANSWER...Balance reported by the bank statement.
