ACC 201 UPDATED ACTUAL Exam Questions and CORRECT Answers
4 views 0 purchase
Course
ACC 201
Institution
ACC 201
ACC 201 UPDATED ACTUAL Exam
Questions and CORRECT Answers
Liabilities of a company are owed to - CORRECT ANSWER - creditors
Which of the following is not a reason one set of international accounting standards are needed?
- CORRECT ANSWER - All of these answer choices are reasons one set of in...
ACC 201 UPDATED Exam Questions and
CORRECT Answers
E. All of these. - CORRECT ANSWER - 80. An internal control system consists of the
policies and procedures managers use to:
A. Protect assets.
B. Ensure reliable accounting.
C. Promote efficient operations.
D. Urge adherence to company policies.
E. All of these.
E. All of these. - CORRECT ANSWER - 81. Managers place a high priority on internal
control systems because the systems assist managers in the:
A. Prevention of avoidable losses.
B. Planning of operations.
C. Monitoring of company performance.
D. Monitoring of employee performance.
E. All of these.
A. Establish responsibilities. - CORRECT ANSWER - 82. The principles of internal
control include:
A. Establish responsibilities.
B. Maintain minimal records.
C. Use only computerized systems.
D. Bond all employees.
E. Require automated sales systems
E. All of these. - CORRECT ANSWER - 83. Principles of internal control include:
A. Apply technological controls.
,B. Divide responsibilities for related transactions.
C. Perform regular and independent reviews.
D. Separate recordkeeping from custody of assets.
E. All of these.
A. Lowers the company's risk of loss - CORRECT ANSWER - 84. A properly designed
internal control system:
A. Lowers the company's risk of loss.
B. Insures profitable operations.
C. Eliminates the need for an audit.
D. Requires the use of non-computerized systems.
E. Is not necessary if the company uses a computerized system.
B. Monitors company and employee performance. - CORRECT ANSWER - 85. A
company's internal control system:
A. Eliminates the company's risk of loss.
B. Monitors company and employee performance.
C. Eliminates human error.
D. Eliminates the need for audits.
E. All of these.
A. Establish responsibilities. - CORRECT ANSWER - 86. When two clerks share the
same cash register it is a violation of which internal control principle?
A. Establish responsibilities.
B. Maintain adequate records.
C. Insure assets.
D. Bond key employees.
E. Apply technological controls.
, B. Maintain adequate records. - CORRECT ANSWER - 87. Prenumbered printed checks
are an example of which internal control principle?
A. Technological controls.
B. Maintain adequate records.
C. Perform regular and independent reviews.
D. Establish responsibilities.
E. Divide responsibility for related transactions.
A. Reduced processing errors. - CORRECT ANSWER - 88. The impact of technology on
internal controls includes:
A. Reduced processing errors.
B. Elimination of the need for regular audits.
C. Elimination of the need to bond employees.
D. Elimination of separation of duties.
E. Elimination of fraud.
E. All of these. - CORRECT ANSWER - 89. Internal control policies and procedures have
limitations including:
A. Human error.
B. Human fraud.
C. Cost-benefit principle.
D. Collusion.
E. All of these.
D. Required by Sarbanes-Oxley (SOX) to be documented and certified if the company's stock is
traded on an exchange. - CORRECT ANSWER - 90. Internal control systems are:
A. Developed by the Securities and Exchange Commission for public companies.
B. Developed by the Small Business Administration for non-public companies.
C. Developed by the Internal Revenue Service for all U.S. companies.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MGRADES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
