Technology Such As Cash Registers, Check Protectors, Time Clocks And Personal Identification Scanners Can Impr?

1) Technology such as cash registers, check protectors, time clocks and personal identification scanners can improve internal control.
True
False
2 ) Proper internal control means that responsibility for a task is clearly established and assigned to one person.
True
False
3 ) Internal control policies and procedures are identical across companies.
True
False
4 ) Control of cash disbursements is important for companies as most large thefts occur from payment of fictitious invoices.
True
False
5 ) In order to streamline the purchasing process, department managers should place orders directly with suppliers.
True
False
6 ) Two important limitations of internal control systems are (1) human error or human fraud, and (2) cost-benefit.
True
False
7 ) The Sarbanes-Oxley Act requires that bookkeepers are certified and licensed.
True
False
8) Good internal control dictates that a person who controls an asset also maintains that asset’s accounting records.
True
False
9) Separation of duties causes duplication of work.
True
False
10) Once a good system of internal control is in place, it should regularly be reviewed.
True
False
11 ) To streamline a voucher system, procedures for purchasing, receiving, and paying for merchandise can be performed by one department or individual.
True
False
12) The best person to perform a system review is the person who is most familiar with the system.
True
False

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