1.18

Which type of question would accountants most likely use data analytics to answer?

Multiple Choice

• Control framework definitions.

• Account reconciliation.

• Posting journal entries.

• Collectibility of Loans Receivable

2. 20

In the SUA case,

In determining cost of goods sold under the periodic inventory method, which account is not affected?

Multiple Choice

• inventory

• purchase returns and allowances

• purhase discounts

• sales discounts

3. 21

Which of the following is the best way to compensate for the lack of adequate segregation of duties in a small organization?

Multiple Choice

• Replacing personnel every three or four years.

• Providing greater management oversight of incompatible activities.

• Disclosing lack of segregation of duties to external auditors during the annual review.

• Requiring accountants to pass a yearly background check.

4. 25

All of the following are the primary functions of internal controls except:

Multiple Choice

• Prevention.

• Correction.

• Detection.

• Reflection.