Test 3

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Match the term with its definitio

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the organizational plan and all the related measures adopted by an entity to safeguard assets, encourage employees to follow company policies, promote operational efficiency and ensure accurate and relable accounting records
A committee that provides throught leadership related to enterprise risk management, internal control and fraud deterrence
requires management to review internal control and take responsibility for the accuracy and completeness of their financial reports
oversees the work of auditors of public companies
Control procedures, Risk assessment, Information systems, Monitoring of controls, Environment
Control Procedures
Risk assessment
Information system
Monitoring of Controls
Environment
POS
Cash ratio
The percent of sales method
Percent of Receivables

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the culture of the business, which starts with top management, who lead by example
controls what must be set in the information system so that only authorized personel or truthful information is allowed
Internal control
Sarbanes-Oxely Act
Committee of Sponsoring Organizations
are designed to ensure that the business's goals are achieved
terminal wihich provides control
The components of Internal control
is when a company identifies its risks
a method of estimating uncollectible receivables by determining the balance of the allowance for bad bebts account based on a percentage of accounts receivable. Target balance=ending balance of accounts receivable X %
includes when companies hire auditors to monitor their controls. Internal and external auditors are included in this process
Public Compnay Accounting Oversight Board
a measure of a company's ability to pay current liablities from cash and cash equivalents (cash + cash equivalents)/Total current liablities
a method of estimating uncollectible receivables that calculates bad debts expense based on a percentage of net credit sales. Bad debts expense=net credit sales X %