which on is not an objective off internal control on financial statements .

a) Safeguarding of assets of the company.

b) financial statements are free from material misstatements.

c) financial statements are prepared on the basis of IFRS.

d) financial statements are correctly prepared by the auditors.

2. Roy co sold goods on credit for 100,000 on 11 feb 2021 to Ram co terms 3/7;n/30 .Ram co paid on 17 fed 2021. journal entry to record this transaction on 17 feb 2021 in the books of roy co is

a) debit cash $ 1000,000 credit AR (Ram) $100,000

b) debit cash $ 97,000 debit cash $3,000 credit AR (Ram)$100,000

c) need more information

d) Debit cash $97,000 debit discount $3,000 credit AR (Ram) $100,0000

3. what is assumption underlying the valuation of internal controls?

a) the internal control should at least provide reasonable assurance that control problems don not develop.

b) the primary cost analyzed is overhead .

c) costs are more difficult to quantify than revenues.

d) cannot say

4. which one of the following makes for an affective control environment with regards to commitment to competence?

a) assurance independence from managements.

b) reduce pressure to meet unrelastic performance targets.

c) its culture is one in which quality and competence are openly valued.

d) increase interaction between senior management and operating management