Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

6. Internal Controls and Reporting Cash

Five Components of Internal Controls

Financial Accounting

6. Internal Controls and Reporting Cash

Five Components of Internal Controls

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Multiple Choice

The impact of technology on internal controls includes:

Making risk assessment unnecessary

Eliminating the need for monitoring internal controls

Enhancing the effectiveness and efficiency of control activities through automation

Reducing the importance of the control environment component

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Verified step by step guidance

Understand the role of technology in internal controls: Technology is used to improve the effectiveness and efficiency of control activities, often through automation, which reduces human error and enhances accuracy.

Clarify the concept of risk assessment: Technology does not make risk assessment unnecessary. Risk assessment remains a critical component of internal controls to identify and address potential risks.

Explain the importance of monitoring internal controls: Technology does not eliminate the need for monitoring internal controls. Monitoring ensures that controls are functioning as intended and helps identify any deficiencies.

Discuss the control environment component: Technology does not reduce the importance of the control environment. The control environment sets the tone for the organization and influences the effectiveness of all other components of internal control.

Conclude with the correct impact: Technology enhances the effectiveness and efficiency of control activities through automation, which is the correct answer in this context.