help?

Chapter 7 Test BA 211 TRUE/FALSE Write "T" if True and "F" If False. 1) Internal control is the organizational plan and all the related measures adopted by an entity to safeguard assets, encourage employees to follow company policy, promote operational efficiency, and ensure accurate and reliable accounting records 2) The Public Company Oversight Board oversees the work of auditors of public companies. 3) Under the Sarbanes-Oxley Act, accounting firms are prohibited from both auditing a chent and providing certain consulting services for the same client. 4) Under the Sarbanes-Oxley Act, violators may be sentenced to prison for securities fraud. 5) External auditors monitor company controls to safeguard assets and ensure that employees are following company policies. 6) Mandatory vacations and job rotation improve internal control. 7) Separation of duties limits fraud and promotes the accuracy of the account records. 8) If a system of internal controls is properly designed and structured, it cannot be overcome or broken into 9) If a system of internal controls is too strict or complex, it may harm efficiency and not be cost-effective. 10) A strong computer firewall is an essential element of good internal controls for e-commerce, 11) The cash balance in a company's general ledger and the bank's balance on the bank statement will generally be different because of the time lag in recording transactions 12) Journal entries must be made to record the reconciling items on the bank side of the reconciliation 13) An outstanding check is a check issued by the company and recorded on its books, but not yet paid by its bank 14) On a bank reconciliation, deposits in transit are subtracted on the book side of the reconciliation 15) If the bank reconciliation includes a bank service charge, a journal entry is required which debits Cash and credits Miscellaneous expense. 16) If the bank reconciliation includes a deposit in transit, a journal entry is required which includes a debit to cash. hast rompletes the statement or answers the