Question 32 (5 points) The function of management that checks to make sure that internal...
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Question 32 (5 points) The function of management that checks to make sure that internal control activities are being done correctly and consistently and results in exception reporting is: Monitoring Risk Assessment Communication Segregation of duties Question 33 (5 points) Chia Pet, Inc. owns a machine that it uses in its manufacturing process. Chia purchased the machine 4 years ago for $100,000. The depreciation on the machine for the first 4 years was calculated using the straight line method with no residual and a 5 year useful life. During the fifth year, Chia spends $8,000 in cash on an overhaul of the machine which was starting to wear out. Which of the following is true with regard to the overhaul? If the overhaul is determined to extend the useful life of the machine the $8,000 should be added to the machine account If the overhaul is determined to only fix the machine so that it will operated normally, then the $8,000 will increase expenses The recording of the overhaul will have no effect on the company's liabilities All of the above are true with regard to the overhaul
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