Exam 10: Understanding Internal Controls

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Under the traditional file method of data organization, transaction files contain the details of individual transactions of the same class such as a day's credit sales or a day's cash disbursements.

(True/False)

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Question 81

A very detailed flowchart would be prepared for the accounting system as a whole.

(True/False)

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Question 82

The least likely procedure to obtain an understanding of internal controls would be:

(Multiple Choice)

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Question 83

With which of the following data processing methods may validation checks be used and data be screened for errors at the time of entry?

(Multiple Choice)

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Question 84

Which of the following is not one of the interrelated components of internal controls identified by the COSO report?

(Multiple Choice)

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Question 85

Standardized internal control questionnaires are used on a minority of audits.

(True/False)

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Question 86

Which of the following is not a widely recognized type of computer general controls?

(Multiple Choice)

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Question 87

Transactions consist of exchanges of assets and services between an entity and outside parties, as well as the transfer or use of assets and services within an entity.

(True/False)

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Question 88

Which of the following is not one of the fundamental concepts in the COSO report's definition of internal control?

(Multiple Choice)

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Question 89

Which one of the following is not recognized as one of the types of general controls?

(Multiple Choice)

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Question 90

Which of the following is not an example of incompatible duties?

(Multiple Choice)

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Question 91

Showing 81 - 91 of 91

Under the traditional file method of data organization, transaction files contain the details of individual transactions of the same class such as a day's credit sales or a day's cash disbursements.

A very detailed flowchart would be prepared for the accounting system as a whole.

The least likely procedure to obtain an understanding of internal controls would be:

With which of the following data processing methods may validation checks be used and data be screened for errors at the time of entry?

Which of the following is not one of the interrelated components of internal controls identified by the COSO report?

Standardized internal control questionnaires are used on a minority of audits.

Which of the following is not a widely recognized type of computer general controls?

Transactions consist of exchanges of assets and services between an entity and outside parties, as well as the transfer or use of assets and services within an entity.

Which of the following is not one of the fundamental concepts in the COSO report's definition of internal control?

Which one of the following is not recognized as one of the types of general controls?

Which of the following is not an example of incompatible duties?

Auditing and the Public Accounting

Financial Statement Audits and

Professional Ethics

Auditors Legal Liability

Overview of the Audit Process

Audit Evidence, Audit Objectives,

Accepting the Engagement and

Materiality Decisions and Performing Analytical Procedures

Audit Risk, Including the Risk of Fraud

Audit Procedures in Response to Assessed Risks: Tests of Controls

Audit Procedures in Response to Assessed Risks: Substantive Tests

Audit Sampling in Substantive Tests

Auditing the Revenue Cycle

Auditing the Expenditure Cycle

Auditing the Production and

Auditing the Investing and

Auditing Investments and

Completing the Audit and Postaudit

Attest and Assurance Services, and Related Reports

Internal, Operational, and

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