Sample content 1- Multiple Choice Question 107 A bank statement is a bill from the bank for services rendered. is a credit reference letter written by the depositor’s bank. shows the activity which increased or decreased the depositor’s account balance. lets a depositor know the financial position of the bank as of a certain date. 2- IFRS Multiple Choice Question 233 The principles of internal control activities are used in the internationally but not in the U.S. in the U.S. and Canada but not globally. globally. U.S.but not globally. 3- Multiple Choice Question 71 Postage stamps on hand are considered to be cash. petty cash. a prepaid expense. cash equivalents. 4- IFRS Multiple Choice Question 237 Tangible frauds include asset misappropriation. false pretenses. counterfeiting. All of these. 5- Multiple Choice Question 44 All of the following requirements about internal controls were enacted under the Sarbanes- O

1. ACC 557 Week 6 Quiz
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Sample content
1-
Multiple Choice Question 107
A bank statement

2. is a bill from the bank for services rendered.
is a credit reference letter written by the depositor’s bank.
shows the activity which increased or decreased the depositor’s account
balance.
lets a depositor know the financial position of the bank as of a certain date.
2-
IFRS Multiple Choice Question 233
The principles of internal control activities are used in the
internationally but not in the U.S.
in the U.S. and Canada but not globally.
globally.
U.S.but not globally.
3-
Multiple Choice Question 71
Postage stamps on hand are considered to be
cash.
petty cash.
a prepaid expense.
cash equivalents.
4-

3. IFRS Multiple Choice Question 237
Tangible frauds include
asset misappropriation.
false pretenses.
counterfeiting.
All of these.
5-
Multiple Choice Question 44
All of the following requirements about internal controls were enacted under the
Sarbanes- Oxley Act except;
independent outside auditors must eliminate redundant internal controls.
independent outside auditors must attest to the level of internal control.
companies must develop sound internal controls over financial reporting.
companies must continually assess the functionality of internal controls.
6-
Multiple Choice Question 111
A deposit made by a company will appear on the bank statement as a
debit.
credit.
debit memorandum.

4. credit memorandum.
7-
Multiple Choice Question 65
In large companies, the independent internal verification procedure is often
assigned t
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