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Accounting Expert Answers & Study Resources : Page 389

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11) In the COSO Internal Control-Integrated Framework, control activities do NOT include A) Independent reconciliations of assets and accounting records B) Physical controls C) Segregation of duties D) Management controls 12) Which COSO Internal Control-Integrated Framework essential component of an effective internal control system includes the accounting system for identifying, recording, processing, and reporting transactions.

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  • 11) In the COSO Internal Control-Integrated Framework, control activities do
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11) Which of the following is NOT part of the audit committee's responsibilities? A) The organization's compliance with legal and regulatory requirements B) The integrity of the organization's financial statements and reports C) The organization's policies regarding ethical conduct D) The organization's ability to process data efficiently and effectively 12) Which general IT control includes.

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  • 11) Which of the following NOT part of the audit
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Objective 1 1) Motive and opportunity without means still results in fraud. 2) Corruption involves theft of assets for personal gain. 3) Fraudulent financial reporting includes misstating financial statements to meet earnings targets. 4) Not even the strongest system of controls can eliminate all risk of organizations being defrauded by employees who are sufficiently.

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  • Objective 1 1) Motive and opportunity without means still results in
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11) Which guiding principle of integrated reporting attempts to improve transparency of reporting on key economic, social, and environmental issues? A) Connectivity of Information B) Responsiveness and Stakeholder Inclusiveness C) Strategic Focus D) Conciseness, Reliability, and Materiality 12) The two primary benefits of integrated reporting are A) Increased production and improved profit B) Increased good will and.

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  • 11) Which guiding principle of integrated reporting attempts to improve
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Chapter Extension 10A 1) The ________ of internal auditors establishes trust and thus provides the basis for reliance on their judgment. 2) Internal auditors exhibit the highest level of professional ________ in gathering, evaluating, and communicating information about the activity or process being examined. Match the internal auditors code of ethics principle to.

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  • Chapter Extension 10A 1) The ________ of internal auditors establishes trust
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Objective 2 1) The accounting profession is self-regulated. 2) The SOX legislation basically requires management of privately held companies must assess and report on the effectiveness of internal controls for financial reporting using a recognized framework. 3) SOX emphasizes a strong system of internal control as a way of avoiding Enron-sized accounting.

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  • Objective 2 1) The accounting profession self-regulated. 2) The SOX legislation basically
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Match the linkbase to the appropriate definition. A) Defines the basic validation rules B) Defines the labels used in the document C) Defines how the elements are presented D) Defines different kinds of relationships between elements E) Defines the relationships between the elements and the external regulations or standards 19) Reference link 20) Calculation link 21) Presentation link 22).

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  • Match the linkbase to the appropriate definition. A) Defines the basic
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Objective 4 1) Sustainability reports are used by investors, consumers, society, and others to evaluate a firm's performance in terms of profit, loss, and the ability to continue as a corporation. 2) The ISO 14000 Environmental Management framework provides specific levels of environmental performance for an organization. 3) The ability to tag qualitative.

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  • Objective 4 1) Sustainability reports used by investors, consumers, society, and
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11) The success of a framework or model is often based upon not perfection, but ________. 12) In order to be effective, the sustainability report must provide information about the organization's sustainability performance in a relatively straightforward and understandable manner. In business, this is described as the ________. 13) The ________.

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  • 11) The success of a framework or model often based
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Match the privacy principle to the correct definition. A) The entity defines, documents, communicates, and assigns accountability for its privacy policies and procedures. B) The entity provides information about its privacy policies and procedures and identifies the purposes for which personal information is collected, used, retained, and disclosed. C) The entity limits the.

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  • Match the privacy principle to the correct definition. A) The entity
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Objective 5 1) In integrated reporting, thinking does not include considering long-term success. 2) Integrating reporting combines the financial report and sustainability performance into one report. 3) An integrated report does not show how business decisions and performance are connected. 4) An integrated report provides insights into an organization's relationship with its key stakeholders. 5).

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  • Objective 5 1) In integrated reporting, thinking does not include considering
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11) How does sustainability accounting impact people? A) Accountants collect the same type of data. B) Customers expect more people-friendly products. C) Vendors may be asked to provide less energy efficient products. D) Employees will not need to modify business processes. 12) How does sustainability accounting impact technology? A) Sustainability accounting has no impact on technology. B).

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  • 11) How does sustainability accounting impact people? A) Accountants collect the
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21) Which sustainability reporting framework is the cornerstone of the G3 guidelines? A) International Federation of Accountants (IFAC) Sustainability Framework B) EMAS European Union C) ISO 14000 Environmental Management D) Global Reporting Initiative (GRI) 22) In order for a model to be accepted throughout an organization and provide a common language for communicating and understanding.

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  • 21) Which sustainability reporting framework the cornerstone of the G3
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11) Which of the following is considered a disadvantage of shadow data? A) Spreadsheets are outside the formal data systems under IT control. B) An accounting professional can develop the spreadsheet solution when needed. C) Spreadsheets have extensive analytic features. D) Spreadsheets offer reporting features that do not require custom programming. 12) A spreadsheet identifier.

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  • 11) Which of the following considered a disadvantage of shadow
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47) What information does the following XBRL tag provide? <us-gaap:InventoryNet contextRef="Jan012014" unitRef="USD" decimals="6">391400000000</us-gaap:InventoryNet> 48) What information does the following XBRL tag provide? <us-gaap:GoodWill contextRef="Jul012013" unitRef="USD" decimals="2">4956000</us-gaap:GoodWill> 49) List and define the XBRL essentials. .

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  • 47) What information does the following XBRL tag provide? <us-gaap:InventoryNet contextRef="Jan012014"
  • Accounting
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Objective 3 1) Internal control is designed to provide reasonable assurance regarding the achievement of objectives in effectiveness and efficiency of operations, reliability of financial reporting, and compliance with applicable laws and regulations. 2) The internal control category control environment includes identifying, analyzing, and managing risks affecting the ability to report financial.

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  • Objective 3 1) Internal control designed to provide reasonable assurance regarding
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42) What information does the following XBRL tag provide? <ifrs-gp:AssetsHeldSale contextRef="Current_AsOf" unitRef="U-Euros"decimals="2">20000</ifrs-gp:AssetsHeldSale> Answer:  43) What information does the following XBRL tag provide? <ifrs-gp:Inventories contextRef="Current_AsOf" unitRef="U-Euros"decimals="2">5000000</ifrs-gp:Inventories> 44) What information does the following XBRL tag provide? <ifrs-gp:OtherOperatingExpenses contextRef="Dec312014" unitRef="USD" decimals="3">6920000</ifrs-gp:OtherOperatingExpenses> 45) What information does the following XBRL tag provide? <us-gaap:PrepaidExpenseCurrent contextRef="Dec312013" unitRef="USD" decimals="4">12984000000</us-gaap:PrepaidExpenseCurrent> 46) What information does the following XBRL.

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  • 42) What information does the following XBRL tag provide? <ifrs-gp:AssetsHeldSale contextRef="Current_AsOf"
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Objective 3 1) True sustainability focuses on creating long-term value. 2) Biomimicry is an innovation method that seeks sustainable solutions by emulating nature's patterns and strategies. 3) Integrating sustainability into decision making often involves innovation, looking at issues as opportunities and envisioning new sustainable solutions. 4) The ________ model provides an organizing framework for.

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  • Objective 3 1) True sustainability focuses creating long-term value. 2) Biomimicry an
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Objective 4 1) Increasingly the expectation is that the auditor and the IT professional learn more about the other's field. 2) Internal controls for the accounting system are incomplete without IT controls. 3) Application controls ensure completeness and accuracy of transaction processing, authorization, and validity. 4) Input controls ensure data is processed properly. 5).

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  • Objective 4 1) Increasingly the expectation that the auditor and the
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Objective 5 1) The reporting framework for Service Organization Control (SOC) consists of five SOC reports. 2) Service organizations are external organizations that perform services to the company being audited. 3) ________ reports are issued by the service organization to report on its controls relevant to a company's internal control over financial reporting. 4).

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  • Objective 5 1) The reporting framework for Service Organization Control (SOC)
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