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WGU D102 Financial Accounting Unit 5
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WGU D102 Financial Accounting Unit 5

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  • October 9, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • wgu d102 financial accounting unit 5

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  • WGU D102 Financial Accounting Unit 5
  • WGU D102 Financial Accounting Unit 5

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WGU D102 Financial Accounting
Unit 5
internal control structure - -1. the control environment
2. risk assessment
3. control activities
4. information and communication
5. monitoring

- control environment - -the actions, policies, and procedures that reflect
the overall attitudes of top management about control and its importance to
the entity

- organizational structure - -lines of authority and responsibility

- audit committee - -members of a company's board of directors who are
responsible for dealing with the external and internal auditors

- control activities - -policies and procedures used by management to meet
their objectives; also control procedures

- preventative controls - -internal control activities that are designed to
prevent the occurrence of errors and fraud

- detective controls - -internal control activities that are designed to detect
the occurrence of errors and fraud

- segregation of duties - -a strategy to provide an internal check on
performance through separation of authorization of transactions from
custody of related assets, operational responsibilities from record-keeping
responsibilities, and custody of assets from accounting personnel

- three functions that should be performed by separate departments or
people - -1. authorization-authorizing and approving the execution of
transactions
2. record keeping-recording the transactions in the accounting records
3. custody of assets-having physical possession of or control over the assets
involved in transactions

- independent checks - -procedures for continual internal verification of
other controls

- cash - -coins, currency, money orders, checks, and funds on deposit with
financial institutions

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