Quiz Ch 04 – The Importance of Separating Key Duties in Internal Controls
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
What are the three key duties that should always be separated in a good system of internal controls?
What are the three key duties that should always be separated in a good system of internal controls?
What is the main mechanism for preventing, detecting, or correcting fraud?
Which type of fraud is the most common, and which type is the most expensive?
What is the additional objective of internal controls besides compliance, efficiency, asset safeguarding, and employee policy adherence?
Who is responsible for implementing internal control in a company?
What is the usage of debit cards in business transactions?
What are the key provisions of the Sarbanes-Oxley Act of 2002?
What assumptions can be made about Tri-C Corp. when comparing its ratios to industry averages, where it has a higher current ratio, an average quick ratio, and a lower inventory turnover?
What are the characteristics of a company’s petty cash fund?
What is the purpose and management of a petty cash fund?