Match Seven of the Nine Terms (A-I) with the Seven

question 29

Essay

Match seven of the nine terms (a-i) with the seven definitions provided below (1-7):
a. control environment
b. control activities
c. independent checks on performance
d. internal control
e. monitoring
f. separation of duties
g. general authorisation
h. specific authorisation
i. risk assessment

1. management's ongoing and periodic assessment of the quality of internal control performance to determine that controls are operating as intended and modified when needed
2. company-wide policies for the approval of all transactions within stated limits
3. the actions, policies, and procedures that reflect the overall attitudes of top management, directors, and owners of an entity about control and its importance to the entity
4. segregation of the following activities in an organisation: custody of assets, accounting, authorisation, and operational responsibility
5. management's identification and analysis of risks relevant to the preparation of financial statements in accordance with applicable accounting standards
6. policies and procedures that help ensure necessary actions are taken to address risks in the achievement of the entity's objective
7. a process designed to provide reasonable assurance regarding the achievement of management's objectives in the following categories: (1) reliability of financial reporting, (2) effectiveness and efficiency of operations, and (3) compliance with applicable laws and regulations

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Definitions:

Orange Juice

A liquid extract of the orange tree fruit, consumed as a beverage or used in culinary dishes and as a commodity traded on futures markets.

Futures Contracts

Standardized legal agreements to buy or sell a financial instrument or physical commodity at a predetermined future date and price.

Profit (Loss)

The financial gain or loss resulting from revenue generated minus the expenses of operating the business.

Ounce

A unit of weight commonly used in the United States and the United Kingdom, equal to 1/16 of a pound or approximately 28.35 grams.