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Quiz by Markie Grabillo

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35 questions
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  • Q1
    From the point of view of good procedural control, distributing payroll checks to employees is best handled by the:
    Personnel Department
    Employee Department Supervisor
    Accounting Department
    Treasurer's Department
  • Q2
    Which of the following best describes the proper internal control over payroll?
    The duties of hiring, payroll computation, and payment to employees should be segregated
    The payment of cash to employees should be replaced with payment check
    The preparation of the payroll must be under the control of the personnel department
    The confidentiality of employee payroll data should be catefully protected to avoid fraud
  • Q3
    Which of the following controls would be the most appropriate means to ensure that terminated employees had been removed from the payroll?
    Reconciling payroll and time-keeping records
    Mailing checks to employees' residences
    Establishing direct deposit procedures with employees' banks
    Establishing computerized limit checks on payroll rates
  • Q4
    For appropriate segregation of duties, journalizing and posting summary payroll transactions should be assigned to…
    Payroll Accounting
    Treasurer's Department
    Timekeeping Department
    General Accounting
  • Q5
    Management can best strengthen internal control over the custody of inventory stored in an off-site warehouse by implementing
    Increases in incurance converage
    Reconciliation of physical inventories to accounting records
    Regular confirmation of the amount on hand with the custodian of the warehouse
    Reconciliation of transfer slips to/from the warehouse with inventory records
  • Q6
    When an auditor tests a client’s cost accounting system, the auditor’s tests are primarily designed to determine that…
    Physical inventories are in substantial agreement with book inventories
    Costs have been properly assigned to finished goods, work-in-process and cost of goods sold
    Quantities on hand have been computed based on acceptable cost accounting techniques that reasonably approximate actual quantities on hand
    The system is in accordance with GAAP and is functioning as planned
  • Q7
    When perpetual inventory records are maintained in quantities and in pesos, and internal control procedures over inventory are deficient, the auditor would probably…
    Insist that the client perform physical count of inventory items several times during the year
    Have to disclaim an opinion on the income statement that year
    Want the client to schedule the physical inventory count at the end of the year
    Increase the extent of tests for unrecorded liabilities at the end of the year
  • Q8
    Which of the following is not a control that is designed to protect investment securities?
    Access to securities should be vested in more than one individual
    Securities should be registered in the name of the owner
    Securities should be properly controlled physically in order to prevent unauthorized usage
    Custody over securities should be limited to individuals who have recordkeeping responsibility over the securities
  • Q9
    A company has additional temporary funds to invest. The board of directors decided to purchase marketable securities and assigned the future purchase and sale decisions to a responsible financial executive. The best person(s) to make periodic reviews of the investment activity should be…
    The Investment Committee of the board of directors
    The Treasurer
    The Corporate Controller
    The Chief Operating Officer
  • Q10
    Of the following, which is the least persuasive type of audit evidence?
    Corresponding between the auditor and the vendor
    Documents mailed by the outsider to the auditor
    Computations made by the auditor
    Copies of sales invoices inspected by the auditor
  • Q11
    To improve accountability for fixed asset retirements, management most likely would implement control that includes
    Continuous utilization of serially numbered retirement work orders
    Periodic inquiry of plant executives by internal auditors as to whether any plant assets have been retired
    Periodic inspection of insurance policies by the internal auditors
    Continuous analysis of the repairs and maintenance account
  • Q12
    In order to avoid the misappropriation of company-owned marketable securities, which of the following is the best course of action that can be taken by the management of a company with a large portfolio of marketable securities?
    Require that one trustworthy and bonded employee be responsible for access to the safekeeping area, where securities are kept
    Require that the safekeeping function for securities be assigned to a bank that will act as a custodial agent
    Require that employees involved in the safekeeping function maintain a subsidiary control ledger for securities on a current basis
    Require that employees who enter and leave the safekeeping area sign and record in a log the exact reasons for their access
  • Q13
    For internal control purposes, which of the following individuals should preferably be responsible for the distribution of payroll checks?
    Payroll clerk
  • Q14
    Where no independent stock transfer agents are employed and the corporation issued its own stocks and maintains stock records, canceled stock certificates should...
    Be destroyed to prevent reissuance
    Be defaced and sent to the secretary of state
    Not be defaced but segregated from other stock certificates and retained in a cancelled certificate file
    Be defaced to prevent reissuance and attached to their corresponding stubs
  • Q15
    In auditing investments for proper valuation, the auditor should do all but the following:
    Confirm securities held in safekeeping off the client's premises
    Compare cost and market by reference to year-end market values for selected securities
    Vouch purchases and sales of securities by tracing to brokers' advices and canceled checks
    Recalculate gain or loss on disposals

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