Internal control is defined, in part, as a plan that... Question 3Answera.enhances the accuracy and reliability of accounting recordsb.all of the other options are correctc.eliminates mistakes and errorsd.prevents robbery and theft

Internal controls are concerned withGroup of answer choicesonly manual systems of accounting.the extent of government regulations.safeguarding assets.preparing income tax returns.

Internal controls have certain limitations. Identify the alternative that is not one of those limitations.a.Controls are directed at routine and non-routine transactions.b.Management can abuse their responsibility.c.The potential of human error exists.d.The cost of implementing a control could exceed it benefits

Four techniques of internal control1. Basic controlWhere simple steps are taken to protect assets, insure valuables and items against theft, for example maintaining records of sales and express, whether or not one item is known to another. not only protect from inside but also from outside2. Supervisory controlMake sure the employee is doing the job right, give them regular performance reviews, train them and supervise them.3. Internal CheckIt is the regular checking that is known during the work to catch fraud e.g sale record and cash register are compared. And then cross-checking will find out whether it is a fraud or an error. It is for some department it is towards different activity to check error internal control is a broad term4.Internal audit

Which of the following is not an internal control?Select one:a.The initialling of changes and receiptsb.Separate bank accountsc.No cash to be issuedd.The review of receipts against deposits.

When duties cannot be segregated, the most important internal control procedure isSelect one:a.independent verificationb.supervisionc.accounting recordsd.access controls