____ are the policies and procedures that help ensure that the risk responses are effectively ...

____ are the policies and procedures that help ensure that the risk responses are effectively carried out.
a. Control environment
b. Risk assessment
c. Control activities
d. Monitoring

(Q. 2) Match each of the accounts listed below with the appropriate balance sheet classification.

a. Assets
b. Liabilities
c. Shareholders' equity

_____ 1. Accounts receivable
_____ 2. Retained earnings
_____ 3. Accounts payable
_____ 4. Cash
_____ 5. Contributed capital
_____ 6. Notes payable
_____ 7. Inventory
_____ 8. Common stock

(Q. 3) A petty cash fund of 200 has 27 in cash, 170 in petty cash vouchers, and 3 in miscellaneous receipts not included with the petty cash vouchers. The debit to the Cash Short and Over would be
a. 173.
b. 170.
c. 27.
d. 0.

(Q. 4) Inventory consists of items that ________.

A) are purchased for resale to customers as a normal operating activity
B) are purchased, and will be sold to customers only if they go up in market value
C) are intangible in nature
D) can be stored indefinitely and will be held in the business

(Q. 5) Which account is not classified as a selling expense?
a. Sales Salaries
b. Delivery Expense
c. Cost of Goods Sold
d. Advertising Expense

(Q. 6) What is the purpose of a bank reconciliation?

What will be an ideal response?

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____ are the policies and procedures that help ensure that the risk responses are effectively ...

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