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Quiz #5_solutions.pdf

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Trish Stringer

# D I : e m a N 1. Performance reviews are control activities that include: a) authorization for access to computer programs. b) segregating incompatible duties. c) periodic counting and comparison with amounts shown on control records. d) reviews of actual performance versus budgets. 2. If controls are in place to ensure that transactions are recorded in the correct accounting period, this satisfies which internal control objective? a) real b) valued c) timely d) posted 3. Which assertion is not specifically addressed by internal control objectives? a) cut-off b) presentation and disclosure c) completeness d) existence 4. The internal control objective of 'classified' means there are controls in place to ensure that: a) transactions are charged and allocated to the correct general ledger account. b) fictitious or duplicate transactions are not included in the books of an organization. c) correct amounts are assigned to transactions. d) transactions are recorded in the correct accounting period. 5. As part of her yearly audit plan activities, Krystyne Sliz reviews audit working papers of previous years to determine the risk that a client's system of internal controls will not prevent or detect a material misstatement. This review refers to:
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