Internal Controls and Cash Handling Practices Quiz Test your knowledge on internal auditing, segregation of duties, control activities, and more with this quiz on internal controls and cash handling practices.
#1
Increase expenses
Ensure compliance with laws and regulations
Decrease employee satisfaction
Encourage fraudulent activities
#2
To maximize profits
To minimize customer satisfaction
To establish guidelines for handling cash transactions
To encourage theft and fraud
#3
To promote unethical behavior
To provide guidelines for ethical behavior
To ignore legal requirements
To discourage employees from reporting misconduct
#4
To increase discrepancies
To decrease segregation of duties
To identify and resolve discrepancies
To ignore internal control procedures
#5
To encourage theft and fraud
To ensure accurate financial reporting
To decrease segregation of duties
To ignore financial discrepancies
#6
To increase efficiency
To decrease accountability
To prevent fraud and errors
To decrease employee morale
#7
Reconciling bank statements
Conducting surprise audits
Issuing pre-numbered invoices
Investigating discrepancies
#8
To increase fraudulent activities
To evaluate the effectiveness of internal controls
To decrease employee accountability
To ignore financial discrepancies
#9
To encourage unethical behavior
To ensure all employees have criminal records
To decrease employee morale
To mitigate risks associated with hiring untrustworthy individuals
#10
Access controls
Employee training programs
Surveillance cameras
Segregation of duties
#11
Risk assessment
Information technology
Employee motivation
Control activities
#12
Increased likelihood of fraud
Decentralized decision-making processes
Continuous monitoring and evaluation
Lack of segregation of duties
#13
Segregation of duties
Management oversight
Physical access controls
Employee background checks
#14
Responsibility
Flexibility
Segregation of duties
Competence
#15
Enhanced reliability of financial reporting
Increased efficiency
Decreased risk of fraud
Increased likelihood of errors
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