PA - #08 - Cash - Handout

Match definitions with vocabulary terms) Use theseterms to complete the statements that follow. You can use a term more than once or not at all.Bank reconciliation Firewall Misappropriation of assetsCash equivalents Fraud triangle Outstanding checkController Fraudulent financial reporting PhishingDeposits in transit Imprest system Remittance adviceFidelity bond Internal control Treasurerb. ___________________occurs when management prepares misleading financial statements

Match definitions with vocabulary terms) Use theseterms to complete the statements that follow. You can use a term more than once or not at all.Bank reconciliation Firewall Misappropriation of assetsCash equivalents Fraud triangle Outstanding checkController Fraudulent financial reporting PhishingDeposits in transit Imprest system Remittance adviceFidelity bond Internal control Treasurerj. Investments such as time deposits and certificates of deposit are . __________________

Summarize the alleged fraud List which management assertions were violated In your opinion, what component(s) of the COSO framework were weak/missing? If you were to audit FTX’s cash, name 1-2 procedure(s) that you could have done to detect this fraudFOR Defendant concealed his diversion of FTX customers’ funds to crypto trading firm Alameda Research while raising more than $1.8 billion from investors The Securities and Exchange Commission today charged Samuel Bankman-Fried with orchestrating a scheme to defraud equity investors in FTX Trading Ltd. (FTX), the crypto trading platform of which he was the CEO and co-founder. Investigations as to other securities law violations and into other entities and persons relating to the alleged misconduct are ongoing. According to the SEC’s complaint, since at least May 2019, FTX, based in The Bahamas, raised more than $1.8 billion from equity investors, including approximately $1.1 billion from approximately 90 U.S.-based investors. In his…

Match definitions with vocabulary terms) Use theseterms to complete the statements that follow. You can use a term more than once or not at all.Bank reconciliation Firewall Misappropriation of assetsCash equivalents Fraud triangle Outstanding checkController Fraudulent financial reporting PhishingDeposits in transit Imprest system Remittance adviceFidelity bond Internal control Treasurerl. An insurance policy that reimburses a company for any losses due to employee theft isa/an .__________________________

Which one of the following statements is true of E-commerce? Question 13Answer a. It  involves the exchange of an electronic item for cash.  b. Banks are reducing their use of e-commerce platforms because of cyber attacks. c. Includes trading and transferring of funds by using computer networks. d. E-commerce is not as secure as traditional delivery channels.

Off-balance-sheet (OBS) banking business contributes to a significant growth in bank income, but can also result in heightened risk exposure. Give examples of two (2) OBS products to illustrate why OBS activities may involve more risk than the traditional balance sheet business.

Match definitions with vocabulary terms) Use theseterms to complete the statements that follow. You can use a term more than once or not at all.Bank reconciliation Firewall Misappropriation of assetsCash equivalents Fraud triangle Outstanding checkController Fraudulent financial reporting PhishingDeposits in transit Imprest system Remittance adviceFidelity bond Internal control Treasurerh. The _____________________is typically responsible for cash handling and cash management.

Match definitions with vocabulary terms) Use theseterms to complete the statements that follow. You can use a term more than once or not at all.Bank reconciliation Firewall Misappropriation of assetsCash equivalents Fraud triangle Outstanding checkController Fraudulent financial reporting PhishingDeposits in transit Imprest system Remittance adviceFidelity bond Internal control Treasurerc. A/An______________________ is an optional attachment to a check that lists the payer, date, andamount of the payment

1. What is the purpose of internal controls? 2. What will happen if companies do not impose internal controls? 3. Think of possible controls over cash, receivables and inventories. Explain

Match definitions with vocabulary terms) Use theseterms to complete the statements that follow. You can use a term more than once or not at all.Bank reconciliation Firewall Misappropriation of assetsCash equivalents Fraud triangle Outstanding checkController Fraudulent financial reporting PhishingDeposits in transit Imprest system Remittance adviceFidelity bond Internal control Treasureri. A/An_______________ is prepared to explain the difference between the cash on the booksversus the bank cash balance.

Blueprint Connection: Cash and Bank Reconciliation Cash and Cash Controls Cash includes coins, paper currency, checks, money orders, and money deposited with a financial institution that the company can withdraw at any time. The key to the classification of an amount as cash is that it be readily available to pay debts. Cash is a current asset reported on the Balance Sheet. Cash also includes items properly classified as cash equivalents. These are limited to investments that are readily convertible to known amounts of cash and have an original maturity to the investor of three months or less. Bank Reconciliation A bank reconciliation explains the causes for any differences between a company's cash balance on its bank statement and its cash balance on the books (that is, in the ledger. ) Allez Company's monthly bank statement shows an account balance of $6353.95. The cash balance in its ledger is $5375.10. A thorough bank reconciliation investigation yields the following…

Question two Which of the following statements is CORRECT?Select one:A. Collection float refers to an immediate increment in a firm's available balance when a check is received.B. The basic cost of collection float to the firm is the opportunity cost of not being able to use the cash.C. Instantaneous electronic funds transfer would only eliminate all types of float if the transaction occurs during normal business hours.D. Float management only involves controlling a company's collection of cash.

Accounting This is a business law principle for today's commercial environment by Twomey| Jennings |Greene 5th edition Question-what do you think of the increasing amount of reliance on electronic interactions? Some banks now charge to return the actual canceled check and some think that it is only a matter of time before there will be a charge for dealing with a "real" teller. What are the repercussions, good and bad, of this move toward electronic financial transactions?

Cash deposits in other banks during money laundering by criminal activities comes under   O a. Placement   O b. Layering   O c. Integration   O d. Siphoning

Match definitions with vocabulary terms) Use theseterms to complete the statements that follow. You can use a term more than once or not at all.Bank reconciliation Firewall Misappropriation of assetsCash equivalents Fraud triangle Outstanding checkController Fraudulent financial reporting PhishingDeposits in transit Imprest system Remittance adviceFidelity bond Internal control Treasurern. The fraudulent practice of creating bogus websites or sending fake e-mails to get individuals to share personal information such as birthdays, passwords, and credit cardnumbers is called ._____________________________--

Match definitions with vocabulary terms) Use theseterms to complete the statements that follow. You can use a term more than once or not at all.Bank reconciliation Firewall Misappropriation of assetsCash equivalents Fraud triangle Outstanding checkController Fraudulent financial reporting PhishingDeposits in transit Imprest system Remittance adviceFidelity bond Internal control Treasurerk. Petty cash can be accounted for using a/an .____________________-

Chapter 8:  Sarbanes Oxley, Internal Control, and Cash Chapter 8 discusses the creation of the Sarbanes Oxley Act of 2002.  The act is commonly known by the acronym "SOX."  The act established the Public Companies Accounting Oversight Board.  This board is sometimes known as the "Peek-a-Boo" which serves as what may be a very appropriate acronym.  Please let us know why the Public Companies Accounting Oversight Board has come to be known as the "Peek-a-Boo."  Please use the link below to access the Sarbanes Oxley Act of 2002 and include it. http://www.soxlaw.com/ (Links to an external site.)

19 Which one is NOT the reason to regulate financial system?   Select one: Regulation encourages fair competition in the industry Regulation ensure that banks reduce their liabilities risk and protect customers’ deposit Supervision and monitoring the practices of banks ensure good corporate governance Regulation will make public less confident with financial system