Test Your Internal Control Knowledge (Quiz)

Check out the 10-question quiz at The Journal of Accountancy regarding internal control. You don’t need to be a CPA to take it, as only 1 question leans toward the financial realm. Like most good quizzes, the answers are provided at the end, along with an explanation.

I got 9 right, including the financial question, so I’m “competent” according to the scoring system at the bottom of the quiz:

An effective system of internal control is one of the best ways to prevent the fraudulent misstatement of financial statements. If you answered all 10 questions correctly, you are an internal control guru. If you answered eight or nine questions correctly, your knowledge of internal control is competent.

Here’s the quiz. How’d you do? Did you miss any?

I missed #6.

Leave a comment

Filed under Audit

Leave a Comment

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s