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Self Assessment Essay

262 words - 2 pages

ACC/400 Self-Assessment Questions
-------------------------------------------------
Week One: Assets and Internal Controls
Note: Answers to questions appear on the last page of this document.

All the following are principles of internal control except:
Having a yearly audit by an independent auditing firm
Segregation of duties
Documentation procedures
Establishment of responsibility
Physical, mechanical and electronic controls
Control is the least ...view middle of the document...

True
False
The following are all examples of depreciation methods except:
Straight-line
Declining balance
Remaining book value
Sum-of-the-years digits
Units of production
Plant assets are always shown on the balance sheet at the current market value.
True
False
It is acceptable for a company to use an accelerated method of depreciation for income tax purposes and a different method for its financial statements.
True
False
ACC/400 Self-Assessment Answers
-------------------------------------------------
Week One: Assets and Internal Controls
*
a
Chapter 7 - Financial accounting: Tools for business decision making (4th ed.) by Kimmel, Weygandt and Kieso
b
Chapter 7 - Financial accounting: Tools for business decision making (4th ed.) by Kimmel, Weygandt and Kieso
b
Chapter 7 - Financial accounting: Tools for business decision making (4th ed.) by Kimmel, Weygandt and Kieso
c
Chapter 9 - Financial and Managerial Accounting (13th ed.) by Williams, Haka and Bettner
b
Chapter 9 - Financial and Managerial Accounting (13th ed.) by Williams, Haka and Bettner
a
Chapter 9 - Financial and Managerial Accounting (13th ed.) by Williams, Haka and Bettner

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