Which of the following should be considered as cash by an accountant? a. Postage

Question

Which of the following should be considered as cash by an accountant? a. Postage stamps b. Corporate bonds c. Money orders d. Government bonds Which of the following of internal control deals with hiring, training, evaluation, compensation, and promotion of employees? a. Control environment b. Risk assessment c. Control procedures d. Monitoring _____ , which constitute one of the most important elements of internal control, include separating operations, custody of assets, and accounting. a. Control environment b. Control Procedures c. Monitoring d. Risk assessment Which of the following reflects a weak internal control system? a. All employees must take their vacations. b. A single employee is responsible for the collecting and recording of cash. c. A single employee is responsible for comparing a receiving report to an invoice. d. All employees are well supervised.

Explanation / Answer

Answer

a) Following should be considered as cash by an accountant:

1 Corporate Bonds

2 Money orders

3 Government bonds

b) Internal control dealing with hiring training evaluation compensation and promotion of employee is

Monitiring

c)One of the most important element of internal control is

Risk assessment

d) Following reflects a weak internal control system

Single employee is responsible for collecting and recording cash

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