Quiz on Internal Controls
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the fundamental purpose of internal control?
To reduce employee turnover
To increase efficiency
To maximize profits
To safeguard assets
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main consequence of a lack of sound internal controls?
Higher employee morale
Improved efficiency
Increased profits
Serious consequences for a company
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of background checks as an internal control?
To enhance employee morale
To safeguard assets
To improve efficiency
To increase profits
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is segregation of duties considered an important internal control?
To prevent fraud
To reduce employee turnover
To maximize profits
To safeguard assets
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of user training as an internal control?
To safeguard assets
To ensure proper application of controls
To increase inefficiency
To reduce profits
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main purpose of internal control in an organization?
To encourage compliance with management's directives
To promote operational efficiency
To ensure reliable financial statements
To eliminate fraud
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which legislation legally requires management to assess a company's internal controls annually?
Brown's risk taxonomy
Sarbanes-Oxley Act
Foreign Corrupt Practices Act
COSO Internal Control framework
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