ACC 356 Final Exam Questions And Answers 2024 Latest Tests
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Course
ACC 356
Institution
ACC 356
ACC 356 Final Exam Questions And Answers 2024 Latest Tests
Go-Go Corporation, a publicly traded company, has three brothers who serve as President, Vice President of Finance and CEO. This situation ANS increases the risk associated with an audit.
Which of the following is not a reason for the ...
ACC 356 Final Exam Questions And Answers 2024
Latest Tests
Go-Go Corporation, a publicly traded company, has three brothers who serve as President, Vice President of Finance
and CEO. This situation ANS increases the risk associated with an audit.
Which of the following is not a reason for the increase in security problems for AIS? ANS Increasing efficiency
resulting from more automation
Which of the following suggests a weakness in a company's internal environment? ANS Formal employee
performance evaluations are prepared every three years.
With a limited work force and a desire to maintain strong internal control, which combination of duties would result
in the lowest risk exposure? ANS Entering payments to vendors in the cash disbursements journal and entering
cash received from customers in the cash receipts journal
A computer operator is allowed to work as a programmer on a new payroll software project. Does this create a
potential internal control problem? ANS Yes, the computer operator could alter the payroll program to increase
her salary.
At a movie theater box office, all tickets are sequentially prenumbered. At the end of each day, the beginning ticket
number is subtracted from the ending number to calculate the number of tickets sold. Cash is counted and compared
with the number of tickets sold. Which of the following situations does this control detect? ANS The box office
cashier accidentally gives too much change to a customer.
According to The Sarbanes-Oxley Act of 2002, the audit committee of the board of directors is directly responsible
for ANS hiring and firing the external auditors
Which of the following is not a factor of internal environment according to the COSO Enterprise Risk Management
Framework? ANS Analyzing past financial performance and reporting
Which of the following is an example of a preventive control? ANS approving customer credit prior to
approving a sales order
Of the following examples of fraud, which will be the most difficult to prevent and detect? Assume the company
enforces adequate segregation of duties. ANS Jim issues credit cards to him and Marie, and when the credit card
balances are just under $1,000, Marie writes off the accounts as bad debt. Jim then issues new cards.
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