Multiple Choice
A system of internal control can only provide reasonable assurance, which is based on the belief that
A) the system is infallible.
B) the system can always detect errors and irregularities.
C) the costs of establishing control activities should not be greater than the expected benefit.
D) the human element is not important.
Correct Answer:
Verified
Correct Answer:
Verified
Q70: Segregation of duties among employees eliminates the
Q77: External auditors report on whether or not
Q78: All documents should be prenumbered.
Q79: Blank cheques<br>A)should be safeguarded.<br>B)should be pre-signed.<br>C)do not
Q80: An accounts payable clerk also has cheque
Q81: Cash equivalents<br>A)include all investments in shares.<br>B)include short-term,
Q83: A cheque written by the company for
Q84: The use of a bank account makes
Q86: An example of segregation of duties is
Q87: Which of the following statements is true