Internal control is a function of management and effective

Assignment Help Accounting Basics
Reference no: EM13221336

Internal control is a function of management, and effective control is based upon the concept of charge and discharge of responsibility and duty. The implementation, monitoring, and evaluation of internal control systems are described in-depth in the Sarbanes-Oxley Act of 2002. Which of the following principles is one of the overriding principles of internal control?
A. Responsibility for accounting and financial duties should be assigned to one responsible officer.
B. Responsibility for the accounting duties must be borne by the audit committee of the company.
C. Responsibility for the performance of each duty must be fixed.
D. Responsibility for accounting activities and duties must be assigned only to employees whoare bonded. 

Reference no: EM13221336

Questions Cloud

What brought them together : What brought them together? Discuss whether you think a strategic alliance is an effective way for these organizations to meet their goals.
Business internal strengths and weaknesses : Demonstrate your ability to use one of the basic managerial planning tools - SWOT analysis and describe the business's internal strengths and weaknesses
Compute the vapor pressure of water above a solution : Calculate the vapor pressure of water above a solution prepared by adding 23.5 g of lactose (C12H22O11)to 200.0g of water at 338K . (Vapor-pressure of water at 338K 187.5 torr.)
What are the various methods for recruiting employees : are what are the various methods for recruiting employees? why are some better than others? In what sense are they better?
Internal control is a function of management and effective : Internal control is a function of management, and effective control is based upon the concept of charge and discharge of responsibility and duty. The implementation, monitoring, and evaluation of internal control systems are described in-depth in the..
What would be the reserves of first commerce bank : Sharon sells a government security worth $4,600,000 to the Federal Reserve Bank of Kansas City. She then deposits the funds in her checking account at First Commerce Bank. Her checking account had a $150,000 balance before this deposit.
Explain most abundant elements in the crust are oxygen : The most two most abundant elements in the crust are oxygen (4.55 X 10^5 g/t, where t stands for metric ton; 1 t=1000kg) and silicon (2.72 X 10^5 g/t), and the two rarest non radioactive elements are ruthenium and rhodium, each with an abundance o..
Determine how much investment and debt : Finco must determine how much investment and debt to undertake during the next year. Each dollar invested reduces the NPV of the conpany by 10 cents, and each dollar of debt increases the NPV by 50 cents.
Explain what is the freezing point depression constant : A 2.55 g sample of naphthalene (C10H8) is dissolved in a 30.0 g of benzene (C6H6). Benzene freezes at 5.50 degrees C and the resulting solution freezes at 2.13 degrees C. What is the freezing point depression constant, K sub f, of benzene?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Gain on the sale of its current plant

Dean uses GAAP On its December 31, year 10 financial statements Dean will defer Gain on the sale of its current plant in the amount of?

  Basics of benefit of budgeting

Which of the following is not a benefit of budgeting? A) It ensures that accounting records comply with generally accepted accounting principles. B) It provides benchmarks for evaluating subsequent performance.

  Income statement of owner equity for calendar

Prepare the income statement of owner's equity for the calendar year 2009 and the classified balnace sheet at December 31, 2009. Prepare the necessary closing entries at December 31, 2009.

  Inventory of transdermal estrogen delivery patches

Suppose that Noven had $49,000 in an inventory of transdermal estrogen delivery patches. These patches are from an initial production run, and will be sold during the coming year.

  Return of capital and capital gain

The partners share equally in partnership capital, income, gain, loss, deduction, and credit and capital is not a material income-producing factor.

  Report on imperial foods balance sheet

The proper amount to be reported on Imperial Foods' balance sheet for cash at December 31, year 1 is:

  Prepare the journal entry to record organizational costs

Fontenot Corporation was organized in 2009 and began operations at the beginning of 2010. The company is involved in interior design consulting services. The following costs were incurred prior to the start of operations.

  What is a letter of credit

What are 4 examples of international Risks and Benefits.

  Differences between tax and accounting income

Woody Corp. had taxable income of $8,000 in the current year. The amount of MACRS depreciation was $3,000 while the amount of depreciation reported in the income statement was $1,000. Assuming no other differences between tax and accounting income..

  What is the breakeven point if tax reduced

What is the breakeven point if Mount Carmel's tax rate is reduced to 25%, assuming the sales mix is 2 units of Product A for each unit of Product B?

  Which of the following accounts is a monetary item

which of the following accounts is a monetary item?

  Considering a capital project

Cannon Company is considering a capital project that will return $100,000 each year for five years. At the company's hurdle rate of 10%, the present value of the annuity is $379,100. If the return on investment in the first year is $37,910, what i..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd