ACCT 2401 TEST 3 - ACCT 2401 TEST 3(Chapters 7 8 9 Test is...

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ACCT 2401 TEST 3 (Chapters 7, 8 & 9) Test is 25 multiple choice questions. Chapter 7 – 6 questions Internal control – purpose and elements (def.) the procedures and processes used by a company to safeguard it’s assets, process information accurately, and ensure compliance with laws and regulations elements of internal control – 1. the control environment, 2. risk assessment, 3. control procedures, 4. monitoring, 5. information and communication (protect from control threats) (def. of each element) 1. the overall attitude of management and employees about importance of control (size of umbrella) 2. risks faced by organizations, management should access risks and determine actions to prevent risk from occurring (umbrella fabric) 3. C.P.’s are established to provide reasonable assurance that business goals will be achieved 4. locates weaknesses and improves control effectiveness 5. Help guide operations and ensure compliance with reporting, legal, and regulatory requirements Bank reconciliation – purpose how to handle items on the bank rec (i.e. are they an
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