1 Role Of Accounting In Society 2 Introduction To Financial Statements 3 Analyzing And Recording Transactions 4 The Adjustment Process 5 Completing The Accounting Cycle 6 Merchandising Transactions 7 Accounting Information Systems 8 Fraud, Internal Controls, And Cash 9 Accounting For Receivables 10 Inventory 11 Long-term Assets 12 Current Liabilities 13 Long-term Liabilities 14 Corporation Accounting 15 Partnership Accounting 16 Statement Of Cash Flows Chapter8: Fraud, Internal Controls, And Cash
Chapter Questions Section: Chapter Questions
Problem 1MC: Which of the following would a fraudster perceive as a pressure? A. lack of management oversight B.... Problem 2MC: Internal control is said to be the backbone of all businesses. Which of the following is the best... Problem 3MC: What is the best way for owners of small businesses to maintain proper internal controls? A. The... Problem 4MC: Which of the following is not considered to be part of the internal control structure of a company?... Problem 5MC: There are several elements to internal controls. Which of the following would not address the issue... Problem 6MC: A company is trying to set up proper internal controls for their accounts payable/inventory... Problem 7MC: There are three employees in the accounting department: payroll clerk, accounts payable clerk, and... Problem 8MC: Which one of the following documents is not needed to process a payment to a vendor? A. vendor... Problem 9MC: What is the advantage of using technology in the internal control system? A. Passwords can be used... Problem 10MC: Which of the following assets require the strongest of internal controls? A. inventory B. credit... Problem 11MC: Which of the following is true about the Sarbanes-Oxley Act? A. It was passed to ensure that... Problem 12MC: The external auditor of a company has certain requirements due to Sarbanes-Oxley. Which of the... Problem 13MC: Petty cash is used to ________. A. avoid having to use checks frequently B. make small payments C.... Problem 14MC: A company has decided to start a petty cash fund for $150. Which of the following is the correct... Problem 15MC: Which of the following items are found on a book side of the bank reconciliation? A. beginning bank... Problem 16MC: Which of the following are found on the bank side of the bank reconciliation? A. NSF check B.... Problem 17MC: What would be a reason a company would want to understate income? A. to help nudge its stock price... Problem 18MC: What would be a reason a company would want to overstate income? A. to help nudge its stock price... Problem 19MC: At what point does revenue recognition occur? A. When the purchase order is received B. When the... Problem 1Q: What is an example of perceived opportunity as one of the three elements causing a person to commit... Problem 2Q: What is an example of rationalization as one of the three elements causing a person to commit fraud? Problem 3Q: What is an example of incentive as one of the three elements causing a person to commit fraud? Problem 4Q: Why is it important to have a very sound and well-developed internal control structure? Problem 5Q: The information technology departments of all companies have significant and important roles in the... Problem 6Q: What are the functions of the internal control? Problem 7Q: Discuss the importance of a company having proper insurance and bonding its employees. Problem 8Q: What is the role of the Sarbanes-Oxley Act and the Public Company Accounting Oversight Board? Problem 9Q: Why is it important to have a petty cash fund available in a company? Problem 10Q: Is it required to have only one petty cashier or should the company appoint more than one person to... Problem 11Q: Technology can be used to support a strong internal control system. Discuss how technology has... Problem 12Q: What is the purpose of the bank reconciliation? Problem 13Q: What should be done if differences are found between the bank statement and the book account? Problem 1EA: Record the following transactions: A. Started a petty cash fund in the amount of $300. B.... Problem 2EA: Record the following transactions: A. Started a petty cash fund in the amount of $200. B.... Problem 3EA: Record the following transactions: A. Started a petty cash fund in the amount of $300. B.... Problem 4EA: Record the following transactions: A. Started a petty cash fund in the amount of $500. B.... Problem 5EA: The bank reconciliation shows the following adjustments: Deposits in transit: $1,234 Outstanding... Problem 6EA: The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes... Problem 7EA: Using the following information, prepare a bank reconciliation. Bank balance: $3,678 Book balance:... Problem 8EA: Prepare the journal entry to reconcile the bank statement in EA7. Problem 9EA: Using the following information, prepare a bank reconciliation. Bank balance: $4,587 Book balance:... Problem 10EA: Prepare the journal entry to reconcile the bank statement in EA9. Problem 11EA: Using the following information, prepare a bank reconciliation. Bank balance: $6,988 Book balance:... Problem 12EA: Prepare the journal entry to reconcile the bank statement in EA11. Problem 1EB: Record the following transactions: A. Started a petty cash fund in the amount of $575 B. Replenished... Problem 2EB: Record the following transactions: A. Started a petty cash fund in the amount of $260. B.... Problem 3EB: Record the following transactions: A. Started a petty cash fund in the amount of $340. B.... Problem 4EB: Record the following transactions: A. Started a petty cash fund in the amount of $1,000. B.... Problem 5EB: The bank reconciliation shows the following adjustments. Deposits in transit: $526 Outstanding... Problem 6EB: The bank reconciliation shows the following adjustments. Deposits in transit: $1,698 Notes... Problem 7EB: Using the following information, prepare a bank reconciliation. Bank balance: $4,021 Book balance:... Problem 8EB: Prepare the journal entry to reconcile the bank statement in EB7. Problem 9EB: Using the following information, prepare a bank reconciliation. Bank balance: $7,651 Book balance:... Problem 10EB: Prepare the journal entry to reconcile the bank statement in EB9. Problem 11EB: Using the following information, prepare a bank reconciliation. Bank balance: $12,565. Book... Problem 12EB: Prepare the journal entry to reconcile the bank statement in EB11. Problem 1PA: On September 1, French company has decided to initiate a petty cash fund in the amount of $800.... Problem 2PA: On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare... Problem 3PA: Domingo Company started its business on January 1, 2019. The following transactions occurred during... Problem 4PA: Prepare a trial balance using the journal entries in PA3. Problem 5PA: Inner Resources Company started its business on April 1, 2019. The following transactions occurred... Problem 6PA: PA6. 8.4 Prepare a trial balance using the journal entries in PA5. Problem 7PA: Identify where each of the following transactions would be found on the bank reconciliation. Table... Problem 8PA: Which of the following transactions will require a journal entry? Indicate if it will be a debit or... Problem 9PA: Domingo Company received the following bank statement. Using PA9, prepare the bank reconciliation. Problem 10PA: Prepare the journal entry required to reconcile the book balance to the bank balance. Problem 11PA: Inner Resources Company received the following bank statement. Using the information from PA11 and... Problem 12PA: Prepare the journal entry required to reconcile the book balance to the bank balance. Problem 1PB: On June 1 French company has decided to initiate a petty cash fund in the amount of $800. Prepare... Problem 2PB: On July 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare... Problem 3PB: Hajun Company started its business on May 1, 2019. The following transactions occurred during the... Problem 4PB: Prepare a trial balance using the journal entries in PB3. Problem 5PB: Lavender Company started its business on April 1, 2019. The following are the transactions that... Problem 6PB: Prepare a trial balance for Lavender Company using the journal entries in PB5. Problem 7PB: Identify where each of the following transactions would be found on the bank reconciliation. Table... Problem 8PB: Which of the following transactions will require a journal entry? Indicate if it will be a debit or... Problem 9PB: Hajun Company received the following bank statement. Using the information from PB9 and PB10,... Problem 10PB: Prepare the journal entry required to reconcile the book balance to the bank balance. Problem 11PB: Leann Company received the following bank statement. Using the information from PB11 and PB12,... Problem 12PB: Prepare the journal entry required to reconcile the book balance to the bank balance. Problem 1TP: A retail store normally has three people working in the evening. All of the employees have access to... Problem 2TP: Visit a favorite eatery. Describe some of the internal controls that are implemented in the... Problem 3TP: A manufacturing plant was finding a huge increase in the scrapping of raw materials. Its internal... Problem 4TP: The vice president of finance asks the accounts payable (AP) clerk to write a check in the name of... Problem 5TP: Even though technology has improved the internal control structure of a company, a supervisor cannot... Problem 6TP: A bank reconciliation takes time and must balance. An employee was struggling in balancing the bank... Problem 7TP: The bank reconciliation revealed that one deposit had cleared the bank two weeks after the date of... Problem 1MC: Which of the following would a fraudster perceive as a pressure? A. lack of management oversight B....
Related questions
32-Which among the following is untrue in respect of segregation of duties?
a.
Deliberate fraud is more difficult because it requires consent of two or more persons,
b.
It is the basic, key internal control system in an organization
c.
Single individual doing different jobs can’t carry out and conceal errors easily
d.
No single individual should have control over two or more phases of a transaction
Clear my choice
Processes and procedures involved in achieving the organizational goals and objectives for the daily operations of a company. Control systems involve all the operational control systems, their implementation, and strategic control processes.
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