A person who has control over an asset should not safeguard that asset.Which choice is a general guideline for adequate separation of duties to prevent both fraud and error? Which month should the business recognize the expense? The business uses accrual-based accounting. On March 15, a business receives an invoice from the power company for utilities used in February. Internal controls may be preventative, detective, corrective, or directive. A contra asset has a debit balance and therefore a positive effect on total assets.A contra asset with a positive balance will increase overall liabilities.A contra asset has a credit balance and therefore a negative effect on total assets✔️.A contra asset is not an accounting term.What effect does a contra asset account have on a balance sheet? Which statement is not an advantage of robotic process automation (RPA)? Which choice is not a component of internal control? Microsoft Excel LinkedIn Skill Assessment Answer Microsoft PowerPoint LinkedIn Skill Assessment Answer Microsoft Power BI LinkedIn Skill Assessment Answer Visio LinkedIn Skill Assessment Answer Google Ads LinkedIn Skill Assessment Answer Microsoft Project LinkedIn Skill Assessment Answer FAQs Videos What is the purpose of an operational audit? Q24. What trait distinguishes auditors from accountants? Q23. An employee who makes a sale, ships the goods, and bills the customer violates which control activity? Q22. Which characteristic would concern an auditor about the risk of material misstatements arising from fraudulent financial reporting? Q21. What does the degree of operating leverage represent? Q20. Proper segregation of functional responsibilities calls for separation of Q19. An external auditor is required to be independent when performing Q18. What is the firm’s debt-to-equity ratio? Q17. A firm has $1,000 in debt and $3,000 in assets. What situation could be the results of the three retails store employees sharing the same cash register? Q16. What would be deducted from the balance per books when doing a bank reconciliation? Q15. Which is not one of the four perspectives of the balanced scorecard? Q14. How are the three financial statements (income, statement, balance sheet, and cash flow statement) linked? Q13. What does the discontinued operations section of the income statement refer to? Q12. Which budgeting approach request justification of all expenditures? Q11. Which is not an example of an internal control activity? Q10. What do you call a situation where more than one person collaborates to circumvent existing internal controls? Q9. Which answer best describes accruals and deferrals? Q8. What does the cost of a unit of product under absorption costing method consist of? Q7. Which choice is a general guideline for adequate separation of duties to prevent both fraud and error? Q6. Which month should the business recognize the expense? Q5. What effect does a contra asset account have on a balance sheet? Q3. Which statement is not an advantage of robotic process automation (RPA)? Q2. Table of Contents Wikipedia – Accounting Accounting LinkedIn Skill Assessment :- Q1.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |