Which of the following statements regarding a system of internal control is false?
a. Effective internal control systems provide complete assurance against the occurrence of material frauds and embezzlements.
b. Internal control systems depend largely on the competency and honesty of people.
c. Because internal control systems have a cost, management should evaluate the cost/benefit of each control plan.
d. The development of an internal control system is the responsibility of management.
Question 2
Tim's Tots, Inc.
September 30, 2012
Cash 5,000 Accounts Payable 3,200
Accounts receivable 3,500 Notes payable 6,500
Inventory ________ Common stock 5,000
Equipment 10,500 Retained earnings 7,300
Total assets ________ Total liabilities & shareholders' equity ________
What is the name of the financial statement above?
A) income statement
B) balance sheet
C) statement of cash flows
D) statement of changes in shareholders' equity
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