Name. MULTIPLE CHOICE Choose the one alternative tht best commpletes the statement er answers 1) All of the lollowing are purposes of internal contre ECEPT the qwestion A) to ensure acurate and neliable accounts records B) to promote operational inefficiercy D) to saleguard assets 2) Which characteristic ill NOT be found in an eflective system of internal controlt A) A combination of dutie B) Competent, reliable, and ethical personne C) A separation of duties D) Documents and records 3) A plan of organization and a system of procedures implemented by company management and 3) A) the Sarbanes-Oxley Act C) internal control. B) the budget. D) the audit 4) SOX created a new body to oversee the audits of public companies called the A) Securities and Exchange Commission B) Association of Certified Fraud Examiners. C) Public Company Accounting Oversight Board D) Association of Certified Public Accountants 5) An examination of the company's financial statements and its acounting system, including its5) controls, is: A) a budgeting system C) a monitoring system. B) an audit D) none of the above. 6) The beginning cash balance is $3,000, estimated cash receipts are $105,000, and estimated cash disbursements are $11.000 How much cash must be borrowed to have a desired ending balance of $5,0007 B) $6,000 C) $2.000 D) $5,000 A) $8,000 7) Realized gains and losses occur when A) the cost of the investment differs from the current market value. B) the investment is sold C) the investment has not been sol D) both B and C occur 8) The use of the allowance method of accounting for bad debts is preferred over the direct write-off method because of the A) historical cost principle. C) full disclosure principle B) matching principle D) revenue recognition principle