When transactions are entered in wrong accounts, the classification assertion is violated. * True False

Q: When transactions are entered in wrong accounts, the classification assertion is violated. * True…

A: Classification Assertion. The assertion is that all transactions have been recorded within the…

Q: Which of the following error will be called as an Error of Commission?

A: The error of principle states that it is a error when entries are posted correct for amount but in…

Q: both financial and management accounting rely exclusively on gaap for reporting true false

A: Financial accounting is that branch of accounting which deals with preparation and circulation of…

Q: Because all fraud involves some form of financial misstatement, how is fraudulent statement fraud…

A:

Q: All bad debts balances should be removed from accounts receivable balances when they are determined…

A: Accounts receivables can be defined as the payment which is yet to be received by the business in…

Q: Identify the wrong statement relating to receivables ledger:

A: Solution: Following statements are true with respect to receivables ledger: 1. All entries made in…

Q: Explain the difference between an attribute and an exceptioncondition. State the exception condition…

A: Introduction: Auditing: The process through which the financial information reported in the…

Q: Examples of segregation of duties include reporting, reviewing and approving reconciliations, and…

A: Segregation of duties is assigning the particular duties to each person, to avoid a single person…

Q: What are the different types of errors that are found in the books of accounts?

A: Accounting error: Accounting errors can be defined as omission of the fundamental accounting…

Q: what is stale checks in accounting

A: Introduction: Banks: Banks accepts deposits from the public and gives loans to the needy people or…

Q: True or false, the individual posting account balance right offs should be given complete authority…

A: The write-off refers to the amount that is deducted from the receivables balance because this is the…

Q: Which of the following statements is invalid relating to confirmation of accounts receivable?  a. A…

A: Solution: Positive confirmation means inquiry that requires response from customer confirming the…

Q: How could an employee embezzle funds by issuing an unauthorized sales credit memo if the appropriate…

A: Credit memo is generally issued by a seller to the customer which reduces the amount of account…

Q: True or False: You can dispute an incorrect item on your credit report. True False

A: If there is an error in your credit report one should immediately takes steps to rectify it because…

Q: The greater the account's liquidity, the less susceptible the account is to fraud. * True O False

A: Liquid assets involve assets that are more easily convertible into cash.

Q: error was due to purchases

A: The total difference in net income = Corrected net income - Reported net income Corrected net…

Q: type of impropriety that is hard to find is cheating that comes from: a. More transaction…

A: A transaction is an agreement between purchasers and sellers to exchange goods and services for…

Q: Fraudulent reporting by management could include a. Fictitious revenues from a fake customer. b.…

A: Sarbanes Oxley Act (SOX): Sarbanes Oxley Act is the act passed by the government to address the…

Q: When an audit team does not receive a response on a positive accounts receivable confirmation,…

A: Audit: Audit is the process of verification of the compliance of the financial statements. It…

Q: Provide incidents that E-commerce fail to secure personal information of their customers and…

A: Answer : When it involves on-line shopping, e-commerce sites store client information that features…

Q: The notes receivable is debited by the bookkeeper instead of accounts receivable. What is the effect…

A: The assets have the debit balance and liabilities have the credit balance. Every transaction in the…

Q: Identify each of the following statements as either true or false. Separation of duties eliminates…

A: Given statement is: Separation of duties eliminates the possibility of collusion to steal an asset…

Q: 3.Ledger or posting contributes to the recording process because it discloses the complete effect of…

A: Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: Internal control is enhanced by separating the control of a transaction from the record-keeping…

A: Internal control function is implemented in the organizations so that internal policies and…

Q: Which of the following checks can not be encashed but instead merely deposited? . Stale check…

A: Banks: Banks are the financial institutions that regulate the money supply in an economy. It accepts…

Q: Indicate which statements are true and which are false. Separation of recordkeeping for assets from…

A: One of internal control policy to safeguard assets is segregation of duties which is separation of…

Q: Describe the difference between errors and fraud in financial statements.

A: Definition: Auditor: The auditor is an accounting professional hired by a company to review the…

Q: which of the following regarding errors is correct Select one: a. intentional misstatement of the…

A: The financial statements are said to reflect the correct and accurate picture of the company when…

Q: A sales transaction was coded with an invalid customer account code (XXX-XX-XXX rather than…

A: Check digit is method used for the identification and detection of errors. For example, bank account…

Q: do deficiencies in internal control not always lead to material misstatement when recording…

A: internal controls rules and procedures that are implemented in order to ensure the integrity and…

Q: Which is not a forensic-type certificate?   A. FASNA.   B. CFE.   C. CRFAC.   D.    MAFF.

A: Forensic type certificates are the courses which allows someone to become forensic accountant. There…

Q: Which of the following statements is invalid relating to confirmation of accounts receivable?  a. A…

A: Auditing means the independent checking of company operation by outsider. Auditor is  qualified and…

Q: If a company reported fi ctitious revenue, it could try to cover up its fraud by: C . creating a fi…

A: Every company tries to do window dressing of its financial statements in a certain way which would…

Q: • Confirmation of accounts receivable that have been categorized initially by an auditor as…

A: Accounts receivable is the amount which is due from the customers for the goods sold on credit…

Q: What type of internal control is matching supporting documents before paying an invoice?

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Which of the following statements is associated with analytical procedure test? a. It helps to…

A: Analytical procedures involve comparisons of recorded amounts, or ratios developed from recorded…

Q: Describe what is difference between errors and fraud.

A: Difference between fraud and error: Fraud refers to an intended attempt to misrepresent financial…

Q: Which of the following evidence provides the least assurance of reliability? A. Accounts receivable…

A: Audit evidences can be collected from internal and external sources. Internal evidences are based on…

Q: A serious exposure in the revenue cycle is customer dissatisfaction. What is the related threat and…

A: In this question we tell about a serious exposure in the revenue cycle is customer…

Q: possible fraudulent act

A: Fraudulent act is an activity conducted by a person or group of persons to deceive other/s. In case…

Q: Vendor invoices are recorded for items that were never ordered by the company. Which of the…

A: If the invoices are recorded for items that were never ordered by the company then such an issue can…

Q: Why is it necessary to account for dubious accounts in receivables accounting? Is it really…

A: As per prudence Principle :- always anticipate future losses but never anticipate future profit.…

Q: Which of the following is NOT a potential expo- sure of the FRS? a. a defective audit trail b.…

A: Accounting Information System: AIS collects, records, stores and processes accounting and other data…

Q: What is billing (or vendor) fraud?

A:

Q: What control best prevents paying for items ordered, but not yet received? all PO's should be…

A: Solution : Concept Control to prevent paying for items ordered but not yet received…

Q: Credit Policy is not always important in order to manage accounts receivables. * True O False

A: The credit policy is a policy that is set by the organization to reduce the risk and amount of…