Which of the Following Statements About Internal Controls Are Correct

question 100

Multiple Choice

Which of the following statements about internal controls are correct?

• A)It is not possible to have perfect (materially correct)financial statements and no internal controls.
• B)It is possible to have perfect internal controls and materially incorrect financial statements.
• C)Testing internal controls does not answer the question,"Are the financial statements correct?" It only answers the question,"Are the controls working to prevent or detect misstatements in the financial statements?"
• D)Control tests answer the question,"Are the account balances correct?"
• E)Both A and B
• F)Both B and C
• G)Both C and D

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