4. Which of the following is a characteristic of good internal control system?* ) (1 Point) Inefficient system of authorization and approval Areas of authority and responsibility are not clearly defined. Competent, reliable person who possess integrity. Improper authorization procedure 5. "Whenever possible, the function of authorization, recording and custody should be recorded by separate individuals." Which of the following defines the above statement? * (1 Point) Performance Review Segregation of duties Computer Password Bank reconciliation 6. Which is Not an example of Preventive Control? * (1 Point) Computer passwords Physical control of assets Segregation of duties Bank Reconciliation 7. Which of the following is an inherent limitation of internal control? * (1 Point) Lack of authorization Lack of segregation of duties Collusion with other parties inside/outside the organization Not having sufficient passwords 8. A company purchases equipment for $40,000 on Aug 1, 2019. It estimates that the equipment will have a salvage value of 4,000 and its useful life will be 9 years. It is the company's policy to charge a full years depreciation on the year of purchase and no depreciation charge on the year of disposal. Assuming that the company's accounting year ends on December 31 of each year, what will be the Depreciation Expense for the years 2020 assuming straight-line depreciation?* (1 Point) 3450 4000 1750 2000 9. Under the written down value method (Reducing Balance method) of Depreciation, the value of depreciation during the useful time. Select the appropriate answer from the following?* L (1 Point) Increases every year. Remains constant every year Decreases every year. Remains the same every year 10. If an asset cost 27,000 with no scrap value, and the annual depreciation charge calculated using the straight-line method is 6,750 per annum, then depreciation is being charged at the rate of(SLM depreciation rate)?* (1 Point) 40%. 25%. 6.75%. 67.5%. 11. Internal control is said to be the backbone of all businesses. Which of the following is the best description of internal controls?* ( (1 Point) Internal controls are designed to keep employees from committing fraud against the company. The only role of internal controls is to protect customer data. Internal controls and company policies are important to protect and safeguard assets and to protect all company data and are designed to protect the company from fraud. Internal controls ensure that the financial statements published are correct. 12. Martin bought a machine for 50,000 on 1st of April 2017, The machine is expected to have a useful life of five years and a residual value of 5,000 at the end of that time. The company's policy is to charge straight line method of depreciation. Which of the following is Depreciation charge for the year 2018?* (1 Point) 9,000 8750 6,750 15,750 13. ABC Ltd, purchased a machinery worth of $ 100,000 in the year 2018. The machinery has no resale value and has a useful life of 5 years. The machine can be used for a total of 50,000 machine hours. If the machine was used for 15,000 hours in the first year. What is the value of depreciation in the first year based on the activity-based method of depreciation?* (1 Point) 40,000 50,000 30,000 60,000