1. The FASB has concluded that financial reporting rules should 2. Keeping the p
ID: 2345397 • Letter: 1
Question
1. The FASB has concluded that financial reporting rules should2. Keeping the personal assets of the owner of a business separate from the assets of the firm is an example of
3. Internal control is
4. Separation of duties refers to separating all of these functions except which of the following? A. Authorizing transactions. B. Keeping accounts record. C. Hiring personnel D. Maintain custody of assets
5. Which of the following is not a control activity? A. Mandatory B. Risk assessment C. Security measures D. Proper authorization
Explanation / Answer
1.This Statement improves financial reporting by requiring an employer to recognize ... This Statement's reporting requirements are tailored for those entities 2. the personal assets 3., internal control is defined as a process effected by an organization's structure, work and authority flows, people and management 4 D. Maintain custody of assets 5 c . Security measures D.
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