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ACCT 3301 Final Exam Questions And 100% Correct Answers
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ACCT 3301 Final Exam Questions And 100% Correct AnswersWhat is the Law called that was passed by Congress to help prevent financial statement
fraud, make the financial reports more transparent to the investor community to help
avoid fraud, and to have tougher internal controls to punish executives that perpetrate
the fraud? ANSWER Sarbanes Oxley Act
What is the name of the law Congress passed to prevent companies from bribing foreign
officials? ANSWER FCPA
Internal controls are the procedures put in place to provide reasonable assurance that
the following control objectives are met.
Assure all employees are happy so that fraud and errors are at their lowest
Comply with the relevant laws and regulations
Protect the assets
Prevent fraud and errors regardless of whether this hurts or helps operational efficiency
Provide data that is accurate and reliable - ANSWER Comply with the relevant laws and
regulations
Protect the assets
Provide data that is accurate and reliable
,Controls within the application programs that prevent, detect and correct transaction
errors and fraud. These are also known as: - ANSWER Application controls
The control lever that explains how a company adds value and provides workers with a
bigger comprehension of the business vision of management. Also explained as a -
ANSWER Belief system
The COBIT framework describes the best practices for effective governance and
management of IT. It is based on five key principles of IT governance and management.
Which of the following are among the five key principles?
Coordinating multiple different frameworks
Enabling a holistic approach
Meeting stakeholders' needs
Covering the enterprise end-to-end
Integrating governance and management - ANSWER Enabling a holistic approach
Meeting stakeholders' needs
Covering the enterprise end-to-end
Which of the following are basic underlying principles the ERM is built upon?
Uncertainty creates the possibility that something may have a negative impact on the
firm's ability to create value.
The ERM framework can address uncertainty, but not the capability to create value.
Uncertainty provides the possibility that something may have a positive impact on the
firm's ability to create value.
Companies are established for the purpose of creating value for management and the
government.
,Each employee must make a personal choice as to how much uncertainty he will accept
as he creates value. - ANSWER Uncertainty leads to the possibility that something can
hurt the ability of the company to create value.
Uncertainty leads to the possibility that something can help the company in its ability to
create value.
Which of the following are part of the five components of COSO Internal Controls?
Setting objectives
Information and communication
Control activities
Identifying events
Risk assessment - ANSWER Control activities
Risk assessment
COBIT consolidates control standards from many different sources into a single
framework that allows which of the following?
Management to benchmark security and control practices of IT environments
Users to be assured that adequate IT security and controls exist
, Governmental agencies to be assured that all information produced by the IT system is
free from any errors or fraud
Auditors to substantiate their internal control opinions and to advise on IT security and
control matters - ANSWER Management to benchmark security and control practices of
IT environments
Users to be assured that adequate IT security and controls exist
Auditors to substantiate their internal control opinions and to advise on IT security and
control matters
COSO's Internal Control Model has five components and 17 principles. Which of the
following is(are) principle(s) of the control environment component?
Selecting, developing, and performing ongoing or separate evaluations of the
components of internal control
Considering the potential of fraud
Holding individuals accountable for their internal control responsibilities in pursuit of
objectives
A commitment to attract, develop, and retain competent individuals in alignment with
objectives
Commit to integrity and ethical values - ANSWER Holding individuals responsible for
their internal control responsibilities in achieving objectives
A commitment to attract, develop and retain competent people that supports achieving
objectives
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