All of the following are objectives of internal control except a. To ensure accurate and reliable accounting
Question:
All of the following are objectives of internal control except
a. To ensure accurate and reliable accounting records.
b. To comply with legal requirements.
c. To maximize net income.
d. To safeguard assets.
Answer each question by selecting the best choice from among the options given.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 45% (11 reviews)
Answer Internal control is the process designed implemented maintained by those charge...View the full answer
Answered By
Prabhu Shankar Kumar Jha
I'm teaching the students in field of accounting, taxation finance & coat accounting etc. I have more than 4 years of teaching experience however previously iam worked as associate business advisor.
0.00
0 Reviews
10+ Question Solved
Related Book For
Financial Accounting
ISBN: 978-0134725987
12th edition
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Question Posted:
Students also viewed these Business questions
-
All of the following are stockholder equity accounts except a. treasury stock b. dividends payable c. retained earnings d. preferred stock A good system of internal control is designed to achieve all...
-
The following are objectives for Whitefeather Corporation: 1. Ethics violations 2. Credit rating 3. Customer retention 4. Stockouts 5. Reportable accidents 6. Brand recognition Instructions Indicate...
-
(Multiple Choice) 1. All of the following are objectives of internal control except a. To safeguard assets b. To maximize net income c. To ensure accurate and reliable accounting records d. To comply...
-
Define and explain the Bioptic Telescope
-
If suppose a chloride ion and a sodium ion are separated by a center-center distance of 5 . Is the interaction energy (the energy required to pull them innitely far apart) predicted to be larger if...
-
Briefly discuss any limitations associated with this research scenario and the specific design. Develop a hypothetical research scenario that would necessitate the use of a Regression-Discontinuity...
-
Define the following mechanical properties: ( i) Strength, (ii) Hardness, (iii) Ductility, and (iv) Toughness.
-
On December 31, 2017, Oakbrook Inc. rendered services to Beghun Corporation at an agreed price of $102,049, accepting $40,000 down and agreeing to accept the balance in four equal installments of...
-
What are the legal consequences of using corporate assets for personal use? Back it with primary sources like the internal revenue code, internal revenue manual, treasury regulations.
-
Use GM file data that is listed below. GM data is a 5-year stock price and trade volume for General Motors Company (GM) from May 2016 through April 2021. This data includes average daily open, high,...
-
The following situations describe two cash payment situations and two cash receipt situations. In each pair, one set of internal controls is better than the other. Evaluate the internal controls in...
-
All of the following are internal control procedures except a. Sarbanes-Oxley reforms. b. Assignment of responsibilities. c. Adequate records. d. Internal and external audits. Answer each question by...
-
The brakes on an automobile act by forcing brake pads, which have a metal support and a lining, to press against a disk (rotor) attached to the wheel. Friction between the pads and the disk causes...
-
A pharmacist received a prescription from a psychiatrist for a cardiac antiarrhythmic drug. Explain if it would violate the law to dispense this prescription and the procedure that the pharmacist...
-
Georgis will provides that each of his lineal heirs living at the time of his death is to take an equal share of his estate. This means that Georgi intends for his estate to be distributed on a. a...
-
Assign probabilities to the events a to \(f\) in the preceding question, but include the condition "given that the individual chosen is \(\geq 30\) years old."
-
Eve dies without a will but is survived by her brother, Frank; her daughter, Gail; and her parents. The party with the first priority to receive Eves estate is a. Eves brother, Frank. b. Eves...
-
A manufacturer would like to have its drug product switched from prescription to OTC. What procedures can a manufacturer follow in order to attempt this? What might the manufacturer likely have to...
-
The spaceship Enterprise 1 is moving directly away from earth at a velocity that an earth-based observer measures to be +0.65c. A sister ship, Enterprise 2, is ahead of Enterprise 1 and is also...
-
What is removed during each of the three stages of wastewater treatment: primary, secondary, and tertiary? During which state would you expect items to be recovered that were accidentally flushed,...
-
Multiplex purchased 100 percent of the outstanding common stock of Lipley Company for $900,000. At the time of the acquisition, the fair market values of Lipleys individual assets and liabilities...
-
The following chart describes six transactions where 100 percent of a subsidiary's voting stock was purchased for cash: Provide the missing values. Net FMV in Excess Purchase Price Book Value $ 7,000...
-
The book value of a share of Camden common stock on December 31 is $12. The balance sheet value and the market value of the company's assets and liabilities as of that date follow: On December 31,...
-
You are a supervisor at your company. You've overheard Employee A making offensive comments to other employees, and Employee B has complained about these comments. You've given Employee A a verbal...
-
What is the probability of developing and dying from cancer today?
-
On January 1, 2024, Majestic Mantles leased a lathe from Equipment Leasing under a finance lease. Lease payments are made annually. Title does not transfer to the lessee and there is no purchase...
Study smarter with the SolutionInn App