11.Which situation indicates an internal control risk in the General Ledger/Financial Reporting Systems (GL/FRS)?
a.the employee who maintains the cash journal computes depreciation expense
b.the cash receipts journal voucher is approved by the Treasurer
c.the cash receipts journal vouchers are prenumbered and stored in a locked safe
d.the employee who maintains the cash receipts journal records transactions in the accounts receivable subsidiary ledger
12.With a limited work force and a desire to maintain strong internal control, which combination of duties performed by a single individual presents the least risk exposure?
a.maintaining the inventory ledger and recording the inventory journal voucher in the general ledger
b.recording the inventory journal voucher in the general ledger and maintaining custody of inventory
c.maintaining the cash disbursements journal and recording direct labor costs applied to specific jobs
d.preparing the accounts payable journal voucher and recording it in the general ledger
13. Operational control decisions
a.set the goals and objectives for the firm
b.involve motivating managers to use resources as productively as possible.
c.are more focused than tactical decisions
d.have a fairly high degree of uncertainty
14.Which of the following is not a report attribute needed to make a report effective?
a.is the basic protocol that permits communication between Internet sites.
b.controls Web browsers that access the Web.
c.is the document format used to produce Web pages.
d.was designed to provide the financial community with a standardized method for preparing
e.is a low-level encryption scheme used to secure transmissions in higher-level (HTTP) format.
a. is the document format used to produce web pages.
b. is the final product (report).
c. is a classification scheme.
d. is a tag stored in each database record.
e. none of the above is true.
17.A characteristic of the Management Reporting System (MRS) is
a.the MRS operates in conformity with generally accepted accounting principles
b.it is a legal requirement that the MRS be installed and functioning properly
c.the MRS is developed by implementing SEC requirements
d.the MRS focuses on internal decision-making information
18.Which statement is not true?
a.authority refers to an individual’s obligation to achieve desired results
b.if an employee is given the responsibility for a task, that employee should be given authority to make decisions within the limits of that task
c.the level of detail provided to an employee is a function of the employee’s position with the firm
d.all of the above are true
19.Which statement is not true? The manager’s span of control
a.is narrow for routine and repetitive tasks
b.is related to the number of layers of management
c.affects the amount of detail provided to a manager
d.can affect employee morale and motivation
20.Short-range planning involves
a.setting goals and objectives of the firm
b.planning the production schedule for the next quarter
c.planning the growth of the firm
d.deciding on the degree of diversification among the firm’s products
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