Test Bank For Survey of Accounting 7th edition
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Edition: 7th Edition
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Resource Type: Test Bank
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Test Bank For Survey of Accounting 7th edition
- The Sarbanes-Oxley Act of 2002 applies to all publicly held companies.
- True
- False
ANSWER: True
- The Sarbanes-Oxley Act of 2002 requires companies to maintain strong and effective internal controls over recording transactions and preparing financial statements.
- True
- False
ANSWER: True
- The Sarbanes-Oxley Act requires companies and their independent accountants to report on the effectiveness of the company’s internal controls.
- True
- False
ANSWER: True
- Employee fraud is the intentional act of deceiving an employer for personal gain.
- True
- False
ANSWER: True
- All organizations face risks, and the assessment of these risks is necessary so that the objectives of internal control can be achieved.
- True
- False
ANSWER: True
- The internal control environment is enhanced by the hiring and retention of competent, honest employees.
- True
- False
ANSWER: True
- There are only two internal control objectives: to ensure accurate financial reports, and to ensure compliance with applicable laws.
- True
- False
ANSWER: False
8. Separating the responsibilities for purchasing, receiving, and paying for equipment is an example of the control procedure: separating operations, custody of assets, and accounting.
- True
- False
ANSWER: True
- Adding a review of operations by an internal audit staff weakens internal control.
- True
- False
ANSWER: False
MAECENAS IACULIS
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ADIPISCING CONVALLIS BULUM
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