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ACCTG 211 Cash Review


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  • 1. Multiple Choice
    30 seconds
    1 pt
    Which of the following statements is true of the​ Sarbanes-Oxley Act?
    Accounting firms are allowed to provide both auditing services and a full range of consulting services to their public company clients.
    All private and foreign companies must issue an internal control report evaluated by an outside auditor.
    The Public Company Accounting Oversight Board oversees the work of auditors of public companies.
    Those who commit securities fraud must be sentenced to 10 years in prison.
  • 2. Multiple Choice
    30 seconds
    1 pt
    Which of the following describes the risk assessment component of internal​ control?
    Risk assessment is the​ "tone at the​ top" of the business.
    Internal auditors monitor company controls to safeguard​ assets, and external auditors monitor the controls to ensure that the accounting records are accurate.
    Risk assessment is designed to ensure that the​ business's goals are achieved.
    A company must identify its risks and take necessary steps to minimize them.
  • 3. Multiple Choice
    30 seconds
    1 pt
    At Cadmia  Services, the cashier collects checks and cash from  customers, and the junior accountant records the transactions in the journal. The controller approves the journal entries and bank reconciliations. The treasurer signs checks and approves contracts.

    Which internal control procedure is exemplified in the above  situation?
    separation of duties

    competent, reliable, and ethical personnel
    assignment of responsibilities
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