Internal cont Study guides, Class notes & Summaries

CDFM Module 1: Resource Management Environment; Competency Area 4: Management's Responsibility for internal Cont What is the name of the Department's internal control effort? - ANSWER Manager's Internal Control Program The purposes of the Federal Managers' Financial Integrity Act of 1982 are to prevent t waste or misuse of agency funds or property and to assure the accountability of what? - ANSWER Assets What do internal controls reasonably ensure? - ANSWER Programs achieve intended r...

Internal Control & Risk Management Exam With 100% Correct Answers 2024 D. Risk event - correct answer-1. In a risk assessment process, if a control objective is to ensure employees protect their passwords, which of the following would describe an employee leaving password on a note taped to the monitor? * A. Risk response B. Residual risk C. Inherent risk D. Risk event A. Reviewing and cancelling supporting documents when a check is issued. - correct answer-2. Which of the following co...

CDFM Module 1.3 (Risk ManagemeWhat is the name of the Department's internal control effort? - ANSWER Manager's Internal Control Program The purposes of the Federal Managers Financial Integrity Act of 1982 are to prevent waste or misuse of agency funds or property and to assure the accountability of what? - ANSWER Accountability of assets What do internal controls reasonably ensure? - ANSWER Objectives Operations: effectiveness and efficiency of operations Reporting: Reliability of repo...

ACCT 2301 CH 7 Internal Control and Cash Exam 2024 With 100%Correct Answers

1. What is petty cash? o Small amounts of cash kept for miscellaneous purposes o Cash used to offset the amounts owed to inventory suppliers o Cash required by banks to be kept on deposit o Cash used to pay for rent, insurance, and advertising FEEDBACK 2 / 2 (100.0%) 2. Debit memos from a bank reduce a depositor's cash balance, and credit memos increase the balance. This seems backwards from the normal debit-and-credit ru

AIS CH. 3: FRAUD, ETHICS, AND INTERNAL CONTROL EXAM 2023

PUB4870 ASSIGNMENT 2023 (INTERNAL CONTROL)

3- Risk Management & Internal Controls Questions And Answers 2024 the process that specifically mitigates risks to the company's financial information - correct answer-Internal Controls the mechanisms, like rules, policies, or procedures, that make up the process of internal controls - correct answer-Controls prevent problems from happening - correct answer-Preventive Controls type of preventive control that lessens the risk of error and fraud by ensuring that different employees ar...

Ethics, Fraud, and Internal Control Exam 2023 Questions and Answers

Chapter 3 - Ethics, Fraud, and Internal Control Exam with complete solutions