ACCT2301 - Ch. 4

Which of the following items are included in cash?

Balance in checking accounts, Currency and coins, Checks from customers

The framework for designing an internal control system is provided by the

Committee of Sponsoring Organizations (COSO) of the Treadway Commission.

Effective internal control over cash requires segregation of duties. Which of the following duties should be segregated?

Depositing checks into the bank and recording receipts in the accounting records

Which of the following are preventive controls?

Physical controls, Separation of duties

The asset that is most easily stolen and susceptible to fraud is

cash

The Committee of Sponsoring Organizations (COSO) of the Treadway Commission provided a framework for

designing an internal control system.

The two types of control procedures are preventive and

detective

The use of one's occupation for personal enrichment through the deliberate misuse or misapplication of the employer's resources is called occupational

fraud

A company's plans to safeguard company assets and enhance the reliability and accuracy of accounting information are referred to as

internal controls.

Separation of duties and E-commerce controls are examples of ______ controls.

preventive

Two types of control activities are

preventive and detective controls.

Internal control consists of plans to (Select all that apply.)

provide accurate and reliable accounting information safeguard company assets.