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WGU C213 Internal Controls Questions with Answers (All Answers Correct) $7.99
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WGU C213 Internal Controls Questions with Answers (All Answers Correct)
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What are the various elements of an internal control system? - Answer-Authorization. Authorizing and approving the execution of transactions Record keeping. Recording the transactions in the accounting records Custody of assets. Having physical possession of or control over the assets involved i...

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  • November 20, 2024
  • 3
  • 2024/2025
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WGU C213 Internal Controls
What are the various elements of an internal control system? - Answer-Authorization.
Authorizing and approving the execution of transactions
Record keeping. Recording the transactions in the accounting records
Custody of assets. Having physical possession of or control over the assets involved in
transactions, including
operational responsibility


What is earnings management? Why does it occur? - Answer-two common ways to
engage in earnings management: (1) modifying operating decisions, such as delaying
expenditures for research and development, and (2) modifying accounting, such as
massaging the timing or judgments
involved in making accounting estimates



frauds - Answer-Result from intentional errors. Fraudulent financial reporting occurs
when management chooses to intentionally
manipulate the financial statements to serve their own

control environment - Answer-consists of the actions, policies, and procedures that
reflect the overall attitudes of top management,
the directors, and the owners about control and its importance to the company

Risk assessment - Answer-Standards establish standards and provide guidance
concerning the auditor's assessment of the risks of material misstatement in a financial
statement audit and the design and performance of audit procedures whose nature,
timing, and extent are responsive to the assessed risks.

control activities - Answer-Control activities or control procedures are those policies and
procedures, in addition to the control environment and
accounting system,
Identify the types of problems that can occur in financial statements. - Answer-Errors,
disagreement, frauds

Errors - Answer-Result when unintentional mistakes are made in recording transactions,
posting transactions, summarizing accounts, and so forth

Disagreement - Answer-Result when different people arrive at different conclusions
based on the same set of facts

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