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1. Receivables turnover and inventory turnover ratios are used to analyze:

a. long-term solvency.
b. profitability.
c. liquidity.
d. leverage.

2. Which one of the given is not the objective of system of internal controls?

a. Safeguard company assets
b. Overstate liabilities in order to be conservative
c. Enhance the accuracy and reliability of accounting records
d. Reduce the risks of errors

3. Internal control is defined, in part, as plan that safeguards

a. all balance sheet accounts.
b. assets.
c. liabilities.
d. capital stock.

4. Internal controls are not designed to safeguard assets from

a. natural disasters.
b. employee theft.
c. robbery.
d. unauthorized use.

5. Having one person responsible for the related activities of ordering merchandise, receiving goods, and paying for them

a. increases potential for errors and fraud.
b. decreases potential for errors and fraud.
c. is an ex of good internal control.
d. is a good ex of safeguarding the company's assets.

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  • Category:- Accounting Basics
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