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1. An element of internal control is (Points : 2) risk assessment. journals. subsidiary ledgers. controlling accounts. 2. The amount of deposits in transit is
1. An element of internal control is (Points : 2) |
journals.
subsidiary ledgers.
controlling accounts.
deduction from the balance per bank statement. addition to the balance per bank statement. addition to the balance per depositor books. |
require all companies to prepare financial statements. protect companies from demands of investors, stockholders, and creditors. do all of these. |
provide reasonable assurance that assets are safeguarded, information is processed accurately, and laws and regulations are complied with. prevent fraud and promote the social interest of the company. provide control over internal-use only reports and employee internal conduct. |
Internal Control Integrated Framework by the Congress of Special Offering. Internal Control Integrated Framework Commission of Organizations. Internal Control Localized Structure by the Congress of Special Offerings. |
is part of the internal control system. is for information purposes only. is sent to the bank for verification. |
report on any fraud and theft detected in the company. report on the state of the economy and likelihood of fraud. report on the effectiveness of the company’s internal controls. |
Risk assessment Control procedures Monitoring |
Monitoring Control procedures The control environment |
Risk assessment Control procedures Monitoring |
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