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ACG 2021- Final Exam Review; Questions & Answers 100% Pass

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ACG 2021- Final Exam Review; Questions & Answers 100% Pass Under which of the following do computer programs that limit unauthorized access to certain files fall? CORRECT ANSWER-physical controls Which of the following is an effective internal control over cash disbursements? CORRECT ANSWER...

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  • August 9, 2024
  • 17
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • acg 2021 final exam review
  • questions answers 100 pass

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  • ACG 2021
  • ACG 2021

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ACG 2021- Final Exam Review; Questions &
Answers 100% Pass
Under which of the following do computer programs that limit unauthorized access to certain
files fall? CORRECT ANSWER-physical controls




Which of the following is an effective internal control over cash disbursements?
CORRECT ANSWER--The use of pre-numbered checks

-The storage of blank checks in a secure place

-The separation of authorization of checks and the actual writing of the checks




When preparing a bank reconciliation, how are deposits in transit handled? CORRECT
ANSWER-added to the bank balance



Handy Inc. permits only designated personnel such as cashiers to handle cash receipts. What
principle is being applied? CORRECT ANSWER-establishment of responsibility




During a given year, several parties examine the financial records of ABC Company. These
parties include internal auditors, independent auditors, and Internal Revenue Service agents.
Which of these parties are considered employees of ABC Company? CORRECT ANSWER-
internal auditors



Which of the following will not require an adjusting entry as a result of a bank reconciliation?
CORRECT ANSWER-deposits in transit

, ACG 2021- Final Exam Review; Questions &
Answers 100% Pass
Which of the following is not a reason why an organization establishes a system for internal
control? CORRECT ANSWER-to eliminate the need for an independent auditor




Which one of the following is not a physical control? CORRECT ANSWER-independent
bank reconciliation




Which of the following is not a principle of internal control? CORRECT ANSWER-collusion
between employees




For which item below might a bank issue a credit memorandum to a depositor's account?
CORRECT ANSWER-interest earned




Which of the following was not a result of the Sarbanes-Oxley Act? CORRECT ANSWER-
Companies must file financial statements with the Internal Revenue Service.




Which of the following is not an element of the fraud triangle? CORRECT ANSWER-
collusion




Which one of the following is a primary component of an internal control system?
CORRECT ANSWER-monitoring

, ACG 2021- Final Exam Review; Questions &
Answers 100% Pass
Which one of the statements below is true? CORRECT ANSWER-The deposits in transit
are added to the balance per the bank statement, and outstanding checks are deducted from
the balance per the bank statement during the bank reconciliation process.




Which of the following is an element of the fraud triangle? CORRECT ANSWER-financial
pressure




Which one of the following control activities is relevant when a company uses a computerized
(rather than manual) accounting system? CORRECT ANSWER--Establishment of
responsibility

-Segregation of duties

-Independent internal verification




Which one of the following is not a primary component of an internal control system?
CORRECT ANSWER-rationalization



Which of the explicitly requires that all publicly traded companies must maintain adequate
internal controls? CORRECT ANSWER-the Sarbanes-Oxley Act




Which of the following is not an effective internal control over cash disbursements?
CORRECT ANSWER-Requiring personnel who authorize cash disbursements to work
continuously without vacations

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