Cmpc 312 - Study guides, Class notes & Summaries

process designed and effected by those charged with governance, management and other personnel to provide reasonable assurance about the achievement of the entity's objectives with regard to reliability of financial reporting, effectiveness and efficiency of operations, and compliance with laws and regulations - ANSWER-Internal Control who defined the internal control - ANSWER-Commission of Sponsoring Organizations of the Treadway Commission (COSO) Organizational Objectives, except: a) O...

CMPC 312 EXAM PREP WITH COMPLETE SOLUTION

These are the test of controls in the revenue/sales cycle, except: a) Selling (Authorization) b) Purchasing (Authorization) c) Delivery (Custody) d) Accounting (Recording) e) Collection - ANSWER-b) Purchasing (Authorization) These are the test of controls in the purchase/disbursement cycle, except: a) Purchasing (Authorization) b) Receipt of goods (Custody) c) Collection d) Accounting (Recording) e) Disbursement - ANSWER-c) Collection designed to ensure safe custody - ANSWER-Inventor...