"To ensure that purchases are made at the best possible price." Which one of the following best describes the above statement?

Chap 5 Introduction to internal control

Quiz
•
Mathematics
•
University
•
Hard
Huy Huy
FREE Resource
35 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
A risk
A control objective
A control procedure
A test of control
2.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
2 The following statements relate to small companies and their internal control systems. For each statement select whether it is true or false. Small companies have no need for internal control systems.
True
False
3.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Small companies can use unsophisticated methods of control to compensate for the lack of formal controls.
True
False
4.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Small companies have difficulty with implementing segregation of duties controls.
True
False
5.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
With regards to the following control procedures, select whether they are primarily preventative or detective controls.
Bank reconciliations are prepared on a monthly basis.
Preventative
Detective
6.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
With regards to the following control procedures, select whether they are primarily preventative or detective controls
Management accounts are compared on a monthly basis against the budget
Preventative
Detective
7.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
With regards to the following control procedures, select whether they are primarily preventative or detective controls.
Supplier statements are reconciled with trade payables balances
Preventative
Detective
Create a free account and access millions of resources
Similar Resources on Wayground
30 questions
Unit 4 Test Review

Quiz
•
9th Grade - University
30 questions
Foundations Unit 4 Test Review

Quiz
•
9th Grade - University
30 questions
Inequalities

Quiz
•
6th Grade - University
40 questions
Stats Quiz 11/13/24

Quiz
•
University
39 questions
SBA Review Week 1

Quiz
•
6th Grade - University
30 questions
FAST Practice Test #2

Quiz
•
7th Grade - University
38 questions
KCHAP 4-5

Quiz
•
University
31 questions
3.1-3.3 Review

Quiz
•
11th Grade - University
Popular Resources on Wayground
25 questions
Equations of Circles

Quiz
•
10th - 11th Grade
30 questions
Week 5 Memory Builder 1 (Multiplication and Division Facts)

Quiz
•
9th Grade
33 questions
Unit 3 Summative - Summer School: Immune System

Quiz
•
10th Grade
10 questions
Writing and Identifying Ratios Practice

Quiz
•
5th - 6th Grade
36 questions
Prime and Composite Numbers

Quiz
•
5th Grade
14 questions
Exterior and Interior angles of Polygons

Quiz
•
8th Grade
37 questions
Camp Re-cap Week 1 (no regression)

Quiz
•
9th - 12th Grade
46 questions
Biology Semester 1 Review

Quiz
•
10th Grade