Try these level 4 exams Internal control and accounting systems practice questions. Practice is essential if you are to succeed at the Advanced Diploma in Accounting.
Small limited liability companies normally have particular difficulty in implement which of the following types of internal controls?
(1) Information processing.
(2) Performance reviews.
(3) Segregation of duties.
A (1) (2) and (3)
B (1) only
C (2) only
D (3) only
You are employed as an accounting trainee in a manufacturing company and you have been studying level 4 exams Internal control and accounting systems.
Your boss has noted an increase in total sales value but a decrease in the company’s gross profit percentage for 2015 as compared to the previous year.
Which of the following is consistent with, and adequately explains, the decrease?
(1) During 2015, a major component supplier withdrew early settlement discounts previously granted.
(2) During 2015, due to a scarcity of supply the company had to pay higher prices when purchasing components.
(3) Sales volumes have decreased as compared to 2014
A (3) only
B (1) and (2)
C (2) only
D (1) only