A powerful tool for controlling economic events, called _________________ encompasses the development of a long-range or strategic plan, the analysis of capital expenditures, the preparation of short-range plans or budgets, and reports to the Board of Directors and the organization.
A. Financial planning
B. Accrual planning
C. Surplus relief
D. Financial budgets
What focused on the corporate responsibility for the appropriateness of the financial statements and related disclosures for public companies?
A. Audit Insurance Act
B. Company Corporate Act
C. Sarbanes-Oxley Act
D. Financial Reporting ct
Control Environment, Risk Assessment, Control Activities, Information and Communication and Monitoring are all components of:
A. State Insurance Statutes
B. Committee of Sponsoring Organization
C. Trade Organizations/Associations
D. Accounting Firms and Business Partners
Under statutory accounting principles, __________________costs are non-admitted assets and are charged directly to earnings, as their respective expense components are incurred.
A. capital adequacy insurance
B. deferred policy acquisition
C. capital loss
D. trading cost acquisition
Who are principally responsible for communicating to the Audit Committee the scope of their annual audit of the financial statements, the extent of their involvement with interim reports?
A. external auditors
B. Internal auditors
C. team workers
D. stakeholders
The internal audit function typically focuses on:
A. operating and financial controls
B. efficiency and productivity issues
C. internal operating information
D. All of the above
What foster a strong ethical climate and open channels of communication to help protect against irregularities and fraudulent financial reporting?
A. Administrative controls
B. Prospective conduct
C. Codes of corporate conduct
D. Business conduct
What needs to understand and assess this environment and the system of internal controls so it can exercise effective oversight?
A. Financial reporting
B. Audit Committee
C. Inventory control
D. Business Assessment
Financial reporting is the most critical component of the full and fair disclosures that ensure the effective functioning of the capital and credit markets in the United States, it is reported by:
A. Operational commission
B. Audit Committee
C. Corporate sector
D. Treadway Commission
The basic tasks of a system generally include the recognition of an economic event as a transaction, followed by approval, computation, posting, summarization, accumulation and reporting, this is called:
A. transaction cycle
B. accounting system
C. business deals
D. computing cycle
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