ACG 2021- Final Exam Review Questions with Complete Solutions
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Course
ACG 2021-
Institution
ACG 2021-
ACG 2021- Final Exam Review
Questions with Complete Solutions
Which category includes computer programs designed to prevent unauthorized access to certain
files?
physical safeguards
What internal control measures are effective for managing cash outflows?
-Utilizing checks with sequentia...
ACG 2021- Final Exam Review
Questions with Complete Solutions
Which category includes computer programs designed to prevent unauthorized access to certain
files?
✔✔physical safeguards
What internal control measures are effective for managing cash outflows?
✔✔-Utilizing checks with sequential numbers
-Keeping blank checks in a secure location
-Dividing the responsibility for authorizing and writing checks
When reconciling a bank statement, how should deposits that have not yet been recorded by the
bank be treated?
✔✔added to the bank’s reported balance
What principle is applied when only specific employees, such as cashiers, are authorized to
handle cash receipts?
✔✔assignment of responsibility
1
,During a financial review, multiple parties, including internal auditors, external auditors, and IRS
representatives, examine ABC Company’s records. Which group consists of ABC Company
employees?
✔✔internal auditors
What item does not require an adjusting entry when reconciling a bank statement?
✔✔deposits that are in transit
Why might an organization implement an internal control system?
✔✔to eliminate the necessity for an external auditor
Which of the following is not considered a physical safeguard?
✔✔independent reconciliation of bank statements
Which factor is not part of internal control principles?
✔✔collaboration among employees
2
, Under what circumstance might a bank issue a credit adjustment to a depositor's account?
✔✔earned interest
Which of the following was not a requirement established by the Sarbanes-Oxley Act?
✔✔Companies must submit financial reports to the IRS.
What is not a component of the fraud triangle?
✔✔collaboration
What is a fundamental element of an internal control framework?
✔✔ongoing monitoring
Which statement is accurate about the bank reconciliation process?
✔✔Deposits in transit are added to the bank's balance, while outstanding checks are subtracted
from the bank's balance.
Which element is part of the fraud triangle?
✔✔financial stress
3
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