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CMPC 312 QUIZ 1 Exam Questions and Answers
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CMPC 312 QUIZ 1 Exam Questions and Answers
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CMPC 312 QUIZ 1 ExamQuestions and Answers
Denning [Date] [Course title]
, process designed and effected by those charged with governance, management and other personnel to
provide reasonable assurance about the achievement of the entity's objectives with regard to reliability
of financial reporting, effectiveness and efficiency of operations, and compliance with laws and
regulations - Correct Answer: Internal Control
who defined the internal control - Correct Answer: Commission of Sponsoring Organizations of the
Treadway Commission (COSO)
Organizational Objectives, except:
a) Operational
b) Growth
c) Financial Reporting
d) Compliance - Correct Answer: b) Growth
effective and efficient use of the entity's resources including performance and profitability goals and
safeguarding resources against loss - Correct Answer: Operational
preparation of reliable published financial statements, including prevention of fraudulent financial
reporting. - Correct Answer: Financial Reporting
entity's compliance with applicable laws and regulations - Correct Answer: Compliance
all the policies and procedures adopted by the management of an entity to assist in achieving
management's objective of ensuring, as far as practicable, the orderly and efficient conduct of its
business. ncluding adherence to management policies, the safeguarding of assets, the prevention and
detection of fraud and error, the accuracy and completeness of the accounting records, and the timely
preparation of reliable financial information. - Correct Answer: Internal Control System
sets the tone of an organization, influencing the control consciousness of its people. - Correct Answer:
Control Environment
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