Financial Accounting Sample Questions (2) [DocGiant]

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					                       Financial Accounting Sample Questions (2) [DocGiant]

1. Briefly define five components of internal control, MICER.

        1. “Monitoring of Controls” – Companies hire internal and external auditors to monitor
           and evaluate their internal controls. ) Internal auditors monitor company controls to
           safeguard assets, and external auditors evaluate the controls

        2.    “Information System” – Internal controls within the information system must be
             present to insure that only authorized users can access various parts of information
             system.

        3.    “Control Procedures” – Control procedures help to ensure that a business’s goals are
             met.

        4. “Control Environment” – A tone of respect must be set by senior management for the
           system of internal controls to help ensure widespread compliance.

        5. “Risk Assessment” – A system of internal controls must factor in the risk associated
           with various aspects of the business and the individual accounts. Where risk is
           determined to be higher, greater internal control is required. A pharmaceutical
           company testing drugs to determine possible side effects is an 
				
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Description: --- Financial Accounting sample questions and correct solutions. --- Total 10 questions. Including calculations, short answers and multiple choices. --- Very useful for those people who want to understand the concepts of Financial Accounting and to be a successful accountant.
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