Internal cont - Study guides, Class notes & Summaries

Internal Control & Risk Management Exam With 100% Correct Answers 2024 D. Risk event - correct answer-1. In a risk assessment process, if a control objective is to ensure employees protect their passwords, which of the following would describe an employee leaving password on a note taped to the monitor? * A. Risk response B. Residual risk C. Inherent risk D. Risk event A. Reviewing and cancelling supporting documents when a check is issued. - correct answer-2. Which of the following co...

ERM INTERNAL CONTROLS EXAM QUESTIONS & ANSWERS 2024/2025

CDFM Module 1: Resource Management Environment; Competency Area 4: Management's Responsibility for internal Cont What is the name of the Department's internal control effort? - ANSWER Manager's Internal Control Program The purposes of the Federal Managers' Financial Integrity Act of 1982 are to prevent t waste or misuse of agency funds or property and to assure the accountability of what? - ANSWER Assets What do internal controls reasonably ensure? - ANSWER Programs achieve intended r...

CDFM Module 1.3 (Risk ManagemeWhat is the name of the Department's internal control effort? - ANSWER Manager's Internal Control Program The purposes of the Federal Managers Financial Integrity Act of 1982 are to prevent waste or misuse of agency funds or property and to assure the accountability of what? - ANSWER Accountability of assets What do internal controls reasonably ensure? - ANSWER Objectives Operations: effectiveness and efficiency of operations Reporting: Reliability of repo...

How many branches of Government did the Constitution establish? - Answer Three - Legislative Branch (Article I), Executive Branch (Article II), and Judicial Branch (Article III) *What was the predecessor to the Constitution? - Answer Articles of Confederation *Where are all Federal-level laws enacted? - Answer Congress *In which article of the Constitution is the power to raise taxes found? - Answer Article I *What occurs when Congress is not in session and the President does not sign a ...

1. What is petty cash? o Small amounts of cash kept for miscellaneous purposes o Cash used to offset the amounts owed to inventory suppliers o Cash required by banks to be kept on deposit o Cash used to pay for rent, insurance, and advertising FEEDBACK 2 / 2 (100.0%) 2. Debit memos from a bank reduce a depositor's cash balance, and credit memos increase the balance. This seems backwards from the normal debit-and-credit ru

Audit Test 2- CH 11 Internal Control and COSO Framework (Questions + Answers) 2024 Score A+.

ACCT 2301 CH 7 Internal Control and Cash Exam 2024 With 100%Correct Answers

THE DOCUMENT IS A FOUNDATION FOR STUDENTS TO PRESENT THEIR OWN ASSIGNMENT. IT HAS THE NITTY GRITTIES OF INTERNAL CONTROL INCLUDING IMPLEMENTATION, MAINTENANCE AND MONITORING STEPS.