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.
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