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Accounting > Chapter 7-9 > Flashcards

Chapter 7-9 Flashcards

1
Q

What internal control element does SEPARATING RELATED OPERATIONS belong to?

A

Control Procedures

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2
Q

What internal control element does REPORT OF INTERNAL AUDITORS belong to?

A

Information and Communication

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3
Q

What internal control element does MANAGEMENTS PHILOSOPHY AND OPERATING STYLE belong to?

A

The Control Enviroment

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4
Q

What internal control element doesTHE COMPANY’S ORGANIZATIONAL STRUCTURE belong to?

A

Control Enviroment

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5
Q

What internal control element doesTHE COMPANY’S PERSONNEL POLICIES belong to?

A

The Control Enviroment

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6
Q

What internal control element does COMPETENT PERSONNEL, ROTATING DUTIES, AND MANDATORY VACATIONS belong to?

A

Control Procedures

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7
Q

What is included in cash?

A

Coins, currency (paper money), checks, and money orders

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8
Q

Annual Depreciation Equation

A

Cost - Residual Value \ Useful Life

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9
Q

What internal control element does HIRING OF EXTERNAL AUDITORS TO REVIEW THE ADEQUACY OF CONTROLS belong to?

A

Monitoring

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10
Q

What internal control element does SAFEGUARDING INVENTORY IN A LOCKED WAREHOUSE belong to?

A

Control Procedures

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11
Q

What internal control element does PERSONNEL POLICIES belong to?

A

The Control Environment

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12
Q

What is the most common method of depreciation?

A

Straight-Line Method

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13
Q

What is an EFT payment?

A

Electronic Funds Transfer

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14
Q

Book Value Equation

A

Cost - Accumulated Depreciation

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16
Q

Accounts used for uncollectible accounts

A

Bad debt expense (d) and allowance for doubtful accounts (c)

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17
Q

What internal control element does PROOFS AND SECURITY MEASURES belong to?

A

Controls Procedures

17
Q

What type of account is Allowance for Doubtful Accounts?

A

Contra Asset Account

Accounting (2 decks)

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