Identify the items below which are correct statements about the similarities and differences between IFRS and U. S. GAAP

Identify the items below which are correct statements about the similarities and differences between
IFRS and U. S. GAAP in regards to internal controls and in the accounting and reporting of cash. (Check all
that apply.)

Accounting definitions for cash are similar for U.S. GAAP and IFRS.
GAAP and IFRS strongly support procedures aimed at controlling cash receipts and
disbursements.
GAAP, but not IFRS, encourages the use of a bank statement to check the accuracy of the
general ledger cash account.
Both U.S. GAAP and IFRS support enhanced internal controls. 


Which of the statements below describes the internal control principle of applying technological controls?

The person In charge of creating technology controls should not be the person who installs the
technology control.
Technological controls for assets should be separated from custody over those assets.
Technological controls, such as time clocks and cash registers, improve the effectiveness of
controls.
A responsibility for a transaction should be divided between two or more Individuals or

departments


Which of the statements below explains the Internal control principle of performing regular and
Independent reviews?
Using preprinted forms and internal documents are designed to be an Independent review of
transactions.
Using personal identification scanners are an appropriate regular and Independent review.
Regular reviews of Internal control systems are needed to ensure that procedures are followed.
Responsibility for a task Is clearly established and assigned to one person who does a regular
review of these tasks to verify accuracy.