On the April 30 bank reconciliation, a deposit made by a company to its bank account on April 18 will likely appear as a[n) this will not affect the current period's bank reconciliation deduction from the balance per books. O deduction from the balance per bank. addition to the balance per books. Physical controls are not designed to safeguard assets from natural disasters. employee theft O unauthorized use. O robbery. Internal controls are concerned with all of the following except effective and efficient operations. O compliance with relevant laws and regulations. O ensuring reliable financial reporting, O computerized systems of accounting, Which of the following statements is true? When one individual is responsible for all related activities, the potential for errors and irregularities is decreased, O Risk assessment is one component of a good system of internal control. O Control activities are most effective when several people are responsible for a given task O A good system of internal control does not require monitoring In large companies, review and reconciliation is often assigned to shift supervisors. O management O internal auditors. O external auditors. Which of the following statements is true in terris of an internal control system? Only large companies need to be concerned with a system of internal control O A good internal control system will help a company achieve reliable financial reporting effective and efficient operations, and compliance with laws and regulations The extent of internal control activities adopted by a company must not be evaluated in terms of cost-benefit O An internal control system cannot be considered effective until the possibility of human error has been completely eliminated A bank statement shows the activity that increased or decreased the depositor's account balance. O is a credit reference letter written by the depositor's bank. Olets a depositor know the financial position of the bank as of a certain date O is a bill from the bank for services provided. a If an account is collected after having been previously written off both statement of income and statement of financial position accounts are affected. Othere is both a debit and a credit to Accounts Receivable, the allowance account is debited. O only the control account is credited The principal value of a note refers to the amount that has been dishonoured, at which the note receivable is recorded. borrowed plus interest received at maturity from the maker. O remaining after a service charge has been deducted. Under the allowance method for uncollectible accounts, writing off an uncollectible account O affects either statement of financial position or statement of income accounts. affects only statement of financial position accounts. affects both statement of financial position and statement of income accounts. affects only statement of income accounts
