> Quick Check trol? re 1 1. Which of the following is not part of the definition

Question

> Quick Check trol? re 1 1. Which of the following is not part of the definition of int a. Separation of duties b. Safeguard assets e. Encourage employees to follow company policies d. Promote operational efficiency 2. The Sarbanes-Oxley Ac a. created the Private Company Accounting Board. b. allows accountants to audit and to perform any type of consu for a public company e. stipulates that violators of the act may serve 20 years in prison for secun d. requires that an outside auditor must evaluate a public company's interna rities fraud. ls. 3. Encryption a. avoids the need for separation of duties. b. creates firewalls to protect data. c. cannot be broken by hackers. d. rearranges messages by a special process 4. Separation of duties is important for internal control of a. cash receipts c. Neither of the above d. Both a and b b. cash payments. 5. Michelle Darby receives cash from customers. Her other assigned job is to post the collections to customer accounts receivable. Her company has weak a. assignment of responsibilities. b. ethics. c. computer controls. d. separation of duties. 6. Payment by check is an important internal control over cash payments because a. the check must be signed by an authorized official. b. before signing the check, the official reviews the invoice supporting the payme c. Both a and b d. None of the above The petty cash fund had an initial imprest balance of $100. It currently has $20

Explanation / Answer

1. c) Encourage employees to follow company policies

2. c) stipulates that violators of the act mayserve 20 years in prison for securities fraud

3. d) rearranges a message by a special process

4. d) both a and b

5. d) seperation of duties

6. c) both a and b

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