Internal Controls in Managerial Accounting

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Protecting the company's tangible and intangible assets from misuse, fraud, and theft is known as:

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1. Inventory controls are important to a company for what main reason?

2. How can you track inventory?

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About This Quiz & Worksheet

Internal controls in managerial accounting can help protect the company, and this quiz will judge what you know about some of the more common internal control measures. To answer the questions correctly, you will need to know term definitions and typical managerial accounting practices.

Quiz & Worksheet Goals

With this combination of tools, you can assess what you know about:

  • The significance of inventory controls
  • Inventory tracking measures
  • Reasons for dual signatures
  • Timesheet approval practices

Skills Practiced

The quiz and worksheet offer you the chance to upgrade the following skills:

  • Reading comprehension - ensure that you draw the most important information from the related internal controls lesson
  • Making connections- use understanding of topics like inventory tracking and dual signatures to answer questions about them
  • Information recall - access the knowledge you've gained regarding the requirements for approving timesheets

Additional Learning

To find out more information about this topic, go through the connected Internal Controls in Managerial Accounting lesson. In addition to finding answers to the quiz questions, you will also review the following:

  • Internal controls objectives
  • Procedures for submitting and approving purchases
  • Payroll protocols and protecting employee information
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