final+exam - ACC/340 Final Exam 1. Three objectives of a...

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ACC/340 Final Exam 1. Three objectives of a company's internal control system should be safeguarding assets, checking the accuracy and reliability of accounting data, and promoting operational efficiency. A fourth objective of a company's internal control system should be: a. Preventing embezzlement of assets b. Encouraging adherence to prescribed managerial policies c. Avoiding the payment of overtime to company employees d. Revising standards for production costs on a weekly basis 2. Control activities and monitoring are one and the same. T or F 3. General controls within IT environments that affect personnel include: a. Use of computer accounts b. Separation of duties c. Informal knowledge of employees d. all of the above affect personnel 4. Contingency planning includes the development of a formal disaster recovery plan T or F 5. What has been the effect on accountants in those organizations which have computerized their data processing functions? a.
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final+exam - ACC/340 Final Exam 1. Three objectives of a...

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