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

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

True

False

2.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

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

True

False