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24 Sep 2019

The Chief Accounting Officer in a company is also known as the Controller. True or False?

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Patrina Schowalter
Patrina SchowalterLv2
1 Jul 2019

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The chief accounting officer in a company is known as the

a. Treasurer

b. President

c. Controller

d. Vice-president

1.Closing entries deal primarily with the balances of realaccounts.

a. True
b. False

2.Which of the following accounts does not appear inthe Balance Sheet columns of a work sheet?

a. Wages Payable
b. DepreciationExpense-Equipment
c. Unearned Revenue
d. Withdrawals

3.Which account that does not appear on the balancesheet has an amount in the Balance Sheet columns of a worksheet?

a. Owner's Capital
b. AccumulatedDepreciation-Trucks
c. Depreciation Expense-Trucks
d. Withdrawals

4.The Securities and Exchange Commission instituted rulesrequiring the chief executive officers and chief financial officersof all publicly traded companies to certify that, to theirknowledge, the quarterly and annual statements that their companiesfile with the SEC are

a. accurate and complete.
b. subject to interpretation due tothe many accounting rules and regulations.
c. not to be used except byindividuals working for the company.
d. 100 percent accurate and containno misstatements, errors, or mistakes

5.The continuity assumption states that the business willcontinue to operate indefinitely.

a. True
b. False

6.The recognition of an expense does not depend on the paymentof cash.

a. True
b. False

7.Which of the following pairs of accounts could not beincluded in the same adjusting entry?

a. Rent Expense and RentPayable
b. Interest Expense and InterestReceivable
c. Unearned Revenue and ServiceRevenue
d. Wages Expense and WagesPayable

8.Failure to adjust for expired prepaid insurance at year endwill result in an

a. understatement of assets.
b. overstatement of netincome.
c. understatement of owner'sequity.
d. overstatement ofliabilities.

9.Working capital measures

a. the ability to earn asatisfactory income.
b. the excess of current assetsover current liabilities-what is on hand to fund businessoperations.
c. the profitability of thebusiness.
d. the amount of debt in thecompany.

10.Income Summary is closed with a debit to Income Summary and acredit to the Withdrawals account.

a. True
b. False

11.Which of the following accounts would not beclosed?

a. Interest Expense
b. Accumulated Depreciation -Equipment
c. Design Revenue
d. Interest Income

12.All of the following must certify that a public company'sfinancial statements are accurate, complete, and not misleading,except for the

a. independent auditor.
b. director of humanresources.
c. chief executive officer.
d. chief financial officer.

Scenario

You have been promoted as a Chief Financial Officer of a manufacturing company operating continuous basis with a stock of around one billion Dollars. In Last year the company suffered financial loss due to theft of inventory and worker compensation. On top of that, in 2014 a corruption charges came in to light, when Mr Mi Lim previous CFO of the company awarded tender for building factory construction to his relative known for bad reputation.

Required:

Briefly describe some risk minimisation technique you will suggest. Answer in 200-250 words.

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