Match the following terms with the appropriate definition.1.The set of policies and procedures managers use to monitor and control business activities. Cash ?2.The organization that lists five ingredients of internal controls that adds to the quality of accounting information. Cash equivalent ?3.Principle that costs of internal controls must not exceed their benefits.Canceled checks?4.Currency, coins, and amounts on deposit in bank accounts. Cost-benefit principle?5.An asset such as cash that can be readily used to settle near-term obligations. Liquid assets ?6.Regulation requiring public companies to document and certify their system of internal controls. Internal control system ?7.Set of procedures and approvals designed to control cash payments.Sarbanes-Oxley
Act ?8.Short-term, highly liquid investments that are readily convertible to a known cash amount and are sufficiently close to their maturity date so that the market value is not sensitive to interest rate changes. Committee of Sponsoring Organizations ?9.Internal document used to collect information to control cash payments and to ensure that a transaction is properly recorded.Voucher system?10.Checks the bank has paid and deducted from a customer's account. Voucher?
What will be an ideal response?
| 1.The set of policies and procedures managers use to monitor and control business activities. | Cash | 4 |
| 2.The organization that lists five ingredients of internal controls that adds to the quality of accounting information. | Cash equivalent | 8 |
| 3.Principle that costs of internal controls must not exceed their benefits. | Canceled checks | 10 |
| 4.Currency, coins, and amounts on deposit in bank accounts. | Cost-benefit principle | 3 |
| 5.An asset such as cash that can be readily used to settle near-term obligations. | Liquid assets | 5 |
| 6.Regulation requiring public companies to document and certify their system of internal controls. | Internal control system | 1 |
| 7.Set of procedures and approvals designed to control cash payments. | Sarbanes-Oxley Act | 6 |
| 8.Short-term, highly liquid investments that are readily convertible to a known cash amount and are sufficiently close to their maturity date so that the market value is not sensitive to interest rate changes. | Committee of Sponsoring Organizations | 2 |
| 9.Internal document used to collect information to control cash payments and to ensure that a transaction is properly recorded. | Voucher system | 7 |
| 10.Checks the bank has paid and deducted from a customer's account. | Voucher | 9 |
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