Question: 1. Internal control is defined, in part, as a plan that safeguards liabilities. all balance sheet accounts. assets. capital stock. 2. Which of the following

1. Internal control is defined, in part, as a plan that safeguards

liabilities.

all balance sheet accounts.

assets.

capital stock.

Which of the following should not be included in the physical inventory of a company?

Goods held on consignment from another company.

Goods in transit from another company shipped FOB shipping point.

Goods shipped on consignment to another company.

All of these answer choices should be included.

3. Under the concept of establishment of responsibility, how many people should have the ultimate responsibility?

The CEO.

Only one individual.

An individual and his/her supervisor.

Everyone in the organization.

Internal controls are not designed to safeguard assets from

robbery.

employee theft.

natural disasters.

unauthorized use.

5. Which of the following is not a limitation of internal control?

Collusion.

Cost of establishing control procedures should not exceed their benefit.

The size of the company.

The human element.

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