trial balance? 12) which of the following statements is true regarding the post-closing A. The post-closing trial statements balance will be distributed to investors and other stakeholders along with the financial e. The post closing trial balance is a report prepared before the adjustments and the financial statements to prove that debits equal credits. C. The post-closing trial balance is an internal report prepared as the last step in the accounting cycle. D. The post-closing trial balance proves that all entries have been made correctly and accurately during the accounting period 33) Separation of duties refers to: A. Making each manager personally responsible for his/her department. B. Keeping functions across different departments separate. C. Preventing top management and lower-level employees from interacting D. Individuals who have physical responsibility for assets should not also have a access to accounting records 34) Which of the following is an example of detective controls? A. Separation of duties. 8. Physical controls C. Proper authorization D. Reconciliations. 35) Allowing only certain individuals to have passwords to conduct online purchases is an example of which preventive control? A. Separation of duties. B. Physical controls. C. E-commerce controls D. Employee management. 36) The act of collusion refers to: A. Top management and lower-level employees working together to share information necessary for effective internal controls. B. Two or more people acting in coordination to circumvent internal controls. C. Management working with an auditor to prevent occupational fraud. D. Middle-level managers taking full responsibility for effective internal controls