Which of the following is not the fundamental principle as set out in ACCA's code of ethics and conduct? a. Honesty b. Professional behavior c. Professional competence d. Objectivity Policies and procedures related to physical control over assets and records help management to meet its objectives. The policies come under a. Responsibility b. Authority c. Control activities d. Monitoring Which among the following is not an inherent limitation of internal control? a. Auditors generally select a few critical operations to observe and evaluate, many essential operations are overlooked. b. As the internal control system is involved in routine transactions, irregular transactions are overlooked. c. Chances of misuse by a person of authority who is operating on the internal control system. d. Increasingly complex internal control system can lead to operational inefficiencies.
Added by Jose Francisco W.
Step 1
The fundamental principles as set out in ACCA's code of ethics and conduct are honesty, integrity, objectivity, professional competence and due care, confidentiality, and professional behavior. Show more…
Show all steps
Your feedback will help us improve your experience
Sanchit Jain and 98 other Principles of Accounting educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Recommended Videos
Which of the following is a feature of business ethics? A. Business ethics has a universal application B. It is a relative norm. It differs from business to business. C. Business ethics is based on well accepted moral and social values D. All the above
Jennifer S.
In business ethics, which of the following is not an adequate moral claim of economic theory? a) This theory promotes the welfare of minorities by providing them adequate income. b) This theory helps in the effective distribution of goods in society. c) This theory makes it the responsibility of managers to maximize the profits generated by their firms. d) This theory helps in allocating the scarce resources in an effective manner.
Liliane M.
Which of the following is a resource constraint? a) Machine hours available b) Sales commissions c) Cost per unit d) Budgeted overhead 2. Development of a budget ____________. a) Is required by GAAP. b) Is required by tax authorities. c) Enhances communication and coordination among managers. d) Enhances borrowing limit of the firm. 3. Which of the following statements relating to budgeting is NOT true? a) A budget is a formal document that quantifies a company's plans for achieving its goals. b) Budgets are useful in the control process because they provide a basis for evaluating performance. c) A bottom-up approach to budgeting involves substantial input from lower-level managers. d) Most managers believe that budgeting is more successful when a top-down approach rather than a bottom-up approach is used.
Akash M.
Recommended Textbooks
Horngren’s Cost Accounting
Cost Accounting A Managerial Emphasis
Principles of Accounting Volume 1: Financial Accounting
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD