For each of the following 10 statements, mark the answer as True (T) or False (F)

41.It is more difficult to segregate functional responsibilities in top management than in lower employee levels of an organization.

True

False

42.The inherent risk associated with the finance and investment cycle is less than that associated with other cycles, especially given the low number of transactions typically involved.

True

False

43.The accounts payable trial balance is a list of payable amounts by vendor. This total should be reconciled to the accounts receivable control account total in the general ledger for proper internal control.

True

False

44.Internal controls such as those to protect inventory should be put in place no

matter what the cost.

True

False

45. The main audit assertion of auditor concern for assets is existence;

True

False

46. The main audit assertion of auditor concern for liabilities is existence.

True

False