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Marketable securities typically appear in the long

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27.Marketable securities typically appear in the long-term investments section of a statement offinancial position.(A) True(B) FalseAnswer :(B)
28.Money market accounts with original maturities of less than 90 days are cash equivalents.
29.Collections of accounts receivable are considered to be cash equivalents.
30.There are no significant differences between IFRS and ASPE with respect to cash and cashequivalents.
31.The establishment of a petty cash fund has no effect on the company's total cash balance.(A) True(B) FalseAnswer :(A)
32.Even though the amount of a petty cash fund is small, special internal control procedures arenecessary relating to the petty cash fund.
33.As part of a sound system of internal controls, all disbursements (with the exception of pettycash) should be made by cheque.
SHORTANSWER34.Under the ____________________ Act, management of publicly traded corporations in the UnitedStates have increased responsibility for a system of internal controls that ensures reliability offinancial statements.
35.In a good internal control system, the control ____________________ is such that a solid "tone at thetop" is set by management of the organization.
36.Strategic risk assessment is designed to identify, analyze, and manage possible threats to theorganization's success concerning ____________________ forces such as competitors, customers,suppliers, and PEST factors.
37.Business process risk assessment is designed to identify, analyze, and manage possible threatsto the organization's success concerning ____________________ forces such as resourceallocations.
38.An internal control activity that separates responsibilities so that no one person handles all thetasks for a particular activity is referred to as ____________________.

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Term
Winter
Professor
NoProfessor
Tags
Cheque

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