The following are general questions about internal control. Choose the best response.

a. Which of the following correctly describes an internal control component?

1. Control activities set the tone of the organization.
2. Information and communication systems have to do with management’s analysis of risk.
3. Risk assessment relates to assessing the quality of the internal control structure over time.
4. Monitoring relates to ongoing assessment by management to determine whether controls are operating as intended.

b. Which of the following situations is not an example of an inherent limitation of internal control?

1. A programming error in the design of an automated control allows an employee to give himself an unauthorized pay increase.
2. Management’s failure to enforce control policies surrounding access to inventory allows employees to steal assets.
3. A lack of physical controls over the safeguarding of assets allows an employee to steal company assets.
4. A fraud scheme whereby an employee orders personal goods and his supervisor, who is in on the scheme, signs the checks to pay for those goods.

c. Which of the following factors are included in an entity’s control environment?

Participation of those charged with Gevernance; Integrity and Ethical Values; Organizational Structure

1. Yes; Yes; No
2. Yes; Yes; Yes
3. No; Yes; Yes
4. Yes; No; Yes

After the 2008 recession, the amount of reserves in the us banking system increased. because of federal reserve actions, required reserves increased from $44 billion to $60 billion. however, banks started holding more reserves than required. by january 2009, banks were holding $900 billion in excess reserves. the federal reserve started paying interest on the excess reserves that the banks held. what possible impact will these unused reserves have on the economy?

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During the year, the delph company had no beginning or ending inventories and it started, completed, and sold only two jobs—job d-75 and job c-100. it provided the following information related to those two jobs: job d-75: molding fabrication total direct materials cost $ 375,000 $ 325,000 $ 700,000 direct labor cost $ 200,000 $ 160,000 $ 360,000 machine-hours 15,000 5,000 20,000 job c-100: molding fabrication total direct materials cost $ 300,000 $ 250,000 $ 550,000 direct labor cost $ 175,000 $ 225,000 $ 400,000 machine-hours 5,000 25,000 30,000delph had no overapplied or underapplied manufacturing overhead during the year. assume delph uses a plantwide overhead rate based on machine-hours.1-a. compute the predetermined plantwide overhead rate.1-b. compute the total manufacturing costs assigned to job d-70 and job c-200.1-c. if delph establishes bid prices that are 150% of total manufacturing costs, what bid price would it have established for job d-70 and job c-200? 1-d. what is delph's cost of goods sold for the year? assume delph uses departmental overhead rates based on machine-hours.2-a. compute the predetermined departmental overhead rates.2-b. compute the total manufacturing costs assigned to job d-70 and job c-200.2-c. if delph establishes bid prices that are 150% of total manufacturing costs, what bid price would it have established for job d-70 and job c-200? 2-d. what is delph's cost of goods sold for the year?