Business
AccountingAccounting Information SystemsWhich of the following benefits is least likely to result from a system of internal controls? a. Reduction of cost of an external audit b. Prevention of employee collusion to commit fraud c. Availability of reliable data for decision-making purposes d. Some assurance of compliance with the Foreign Corrupt Practices Act of 1977 e. Some assurance that important documents and records are protected

Which of the following benefits is least likely to result from a system of internal controls? a. Reduction of cost of an external audit b. Prevention of employee collusion to commit fraud c. Availability of reliable data for decision-making purposes d. Some assurance of compliance with the Foreign Corrupt Practices Act of 1977 e. Some assurance that important documents and records are protected

BuyFind

Accounting Information Systems

10th Edition
Hall + 1 other
Publisher: Cengage Learning,
ISBN: 9781337619202
BuyFind

Accounting Information Systems

10th Edition
Hall + 1 other
Publisher: Cengage Learning,
ISBN: 9781337619202

Solutions

Chapter
Section
Problem 1RQ
Problem 2RQ
Problem 3RQ
Problem 4RQ
Problem 5RQ
Problem 6RQ
Problem 7RQ
Problem 8RQ
Problem 9RQ
Problem 10RQ
Problem 11RQ
Problem 12RQ
Problem 13RQ
Problem 14RQ
Problem 15RQ
Problem 16RQ
Problem 17RQ
Problem 18RQ
Problem 19RQ
Problem 20RQ
Problem 21RQ
Problem 22RQ
Problem 23RQ
Problem 24RQ
Problem 25RQ
Problem 26RQ
Problem 27RQ
Problem 28RQ
Problem 29RQ
Problem 30RQ
Problem 31RQ
Problem 32RQ
Problem 33RQ
Problem 34RQ
Problem 35RQ
Problem 36RQ
Problem 37RQ
Problem 38RQ
Problem 39RQ
Problem 40RQ
Problem 41RQ
Problem 42RQ
Problem 43RQ
Problem 44RQ
Problem 45RQ
Problem 46RQ
Problem 47RQ
Problem 48RQ
Problem 49RQ
Problem 50RQ
Problem 1DQ
Problem 2DQ
Problem 3DQ
Problem 4DQ
Problem 5DQ
Problem 6DQ
Problem 7DQ
Problem 8DQ
Problem 9DQ
Problem 10DQ
Problem 11DQ
Problem 12DQ
Problem 13DQ
Problem 14DQ
Problem 15DQ
Problem 16DQ
Problem 17DQ
Problem 18DQ
Problem 19DQ
Problem 20DQ
Problem 21DQ
Problem 22DQ
Problem 23DQ
Problem 24DQ
Problem 25DQ
Problem 26DQ
Problem 27DQ
Problem 28DQ
Problem 29DQ
Problem 30DQ
Problem 31DQ
Problem 32DQ
Problem 33DQ
Problem 34DQ
Problem 35DQ
Problem 36DQ
Problem 37DQ
Problem 1MCQ
Problem 2MCQ
Problem 3MCQ
Problem 4MCQ
Problem 5MCQ
Problem 6MCQ
Problem 7MCQ
Problem 8MCQ
Problem 10MCQ
Problem 12MCQ
Problem 13MCQ
Problem 14MCQ
Problem 15MCQ
Problem 16MCQ
Problem 17MCQ
Problem 18MCQ
Problem 19MCQ
Problem 1P
Problem 2P
Problem 3P
Problem 4P
Problem 5P
Problem 6P
Problem 7P
Problem 8P
Problem 9P
Problem 10P
Problem 11P
Problem 12P
Problem 13P
Problem 14P
Problem 15P
Problem 16P
Problem 17P
Problem 18P
Problem 19P
Problem 20P
Chapter 3, Problem 19MCQ
Textbook Problem

Which of the following benefits is least likely to result from a system of internal controls?

  1. a. Reduction of cost of an external audit
  2. b. Prevention of employee collusion to commit fraud
  3. c. Availability of reliable data for decision-making purposes
  4. d. Some assurance of compliance with the Foreign Corrupt Practices Act of 1977
  5. e. Some assurance that important documents and records are protected

Expert Solution

Want to see the full answer?

Check out a sample textbook solution.
Chapter 3,
Problem 18MCQ
Chapter 3,
Problem 1P

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times vary by subject and question complexity. Median response time is 34 minutes and may be longer for new subjects.

Chapter 3 Solutions

Accounting Information Systems
Ch. 3 - What is ethics?Ch. 3 - What is business ethics?Ch. 3 - What are the four areas of ethical business...Ch. 3 - What are the main issues to be addressed in a...Ch. 3 - What are the three ethical principles that may...Ch. 3 - What is computer ethics?Ch. 3 - How do the three levels of computer ethicspop,...Ch. 3 - Are computer ethical issues new problems or just a...Ch. 3 - What are the computer ethical issues regarding...Ch. 3 - What are the computer ethical issues regarding...
Ch. 3 - What are the computer ethical issues regarding...Ch. 3 - What are the computer ethical issues regarding...Ch. 3 - What are the computer ethical issues regarding the...Ch. 3 - What are the computer ethical issues regarding...Ch. 3 - What are the computer ethical issues regarding...Ch. 3 - What are the computer ethical issues regarding...Ch. 3 - What is the objective of Statement on Auditing...Ch. 3 - What are the five conditions that constitute fraud...Ch. 3 - Name the three fraud-motivating forces.Ch. 3 - What is employee fraud?Ch. 3 - What is management fraud?Ch. 3 - What three forces constitute the triangle of...Ch. 3 - How can external auditors attempt to uncover...Ch. 3 - What is lapping?Ch. 3 - What is collusion?Ch. 3 - What is bribery?Ch. 3 - What is economic extortion?Ch. 3 - What is conflict of interest?Ch. 3 - Define check tampering.Ch. 3 - What is billing (or vendor) fraud?Ch. 3 - Define cash larceny.Ch. 3 - What is skimming?Ch. 3 - What are the four broad objectives of internal...Ch. 3 - What are the four modifying assumptions that guide...Ch. 3 - Give an example of a preventive control.Ch. 3 - Give an example of a detective control.Ch. 3 - Give an example of a corrective control.Ch. 3 - What are managements responsibilities under...Ch. 3 - What are the five internal control components...Ch. 3 - What are the six broad classes of physical control...Ch. 3 - What is the purpose of a valid vendor file?Ch. 3 - Give one example of an error that a check digit...Ch. 3 - What are the primary objectives of a batch...Ch. 3 - If all of the inputs have been validated before...Ch. 3 - What is the objective of a transaction log?Ch. 3 - How can spooling present an added exposure?Ch. 3 - What is the purpose of a limit check?Ch. 3 - What is the purpose of a range check?Ch. 3 - What is a validity check?Ch. 3 - What information would a batch control record...Ch. 3 - Distinguish between ethical issues and legal...Ch. 3 - Some argue against corporate involvement in...Ch. 3 - Although top managements attitude toward ethics...Ch. 3 - When a company has a strong internal control...Ch. 3 - Distinguish between employee fraud and management...Ch. 3 - The estimates of losses annually resulting from...Ch. 3 - How has the Sarbanes-Oxley Act had a significant...Ch. 3 - Discuss the concept of exposure and explain why...Ch. 3 - If detective controls signal error flags, why...Ch. 3 - Discuss the nonaccounting services that external...Ch. 3 - Discuss whether a firm with fewer employees than...Ch. 3 - An organizations internal audit department is...Ch. 3 - According to COSO, the proper segregation of...Ch. 3 - Explain the five conditions necessary for an act...Ch. 3 - Distinguish between exposure and risk.Ch. 3 - Explain the characteristics of management fraud.Ch. 3 - The text identifies a number of personal traits of...Ch. 3 - Give two examples of employee fraud, and explain...Ch. 3 - Discuss the fraud schemes of bribery, illegal...Ch. 3 - Distinguish between skimming and cash larceny.Ch. 3 - Distinguish between a shell company fraud and...Ch. 3 - Why are the computer ethics issues of privacy,...Ch. 3 - A profile of fraud perpetrators prepared by the...Ch. 3 - Explain why collusion between employees and...Ch. 3 - Because all fraud involves some form of financial...Ch. 3 - Explain the problems associated with lack of...Ch. 3 - Explain the problems associated with lack of...Ch. 3 - Explain the problems associated with questionable...Ch. 3 - Explain the problems associated with inappropriate...Ch. 3 - Explain the purpose of the Public Company...Ch. 3 - Why is an independent audit committee important to...Ch. 3 - What are the key points of the Issuer and...Ch. 3 - In this age of high technology and computer-based...Ch. 3 - What are the classes of transcription errors?Ch. 3 - What is the purpose of a check digit?Ch. 3 - Does a hash total need to be based on a financial...Ch. 3 - Explain the GFS backup technique. Is it used for...Ch. 3 - An example of a control designed to validate a...Ch. 3 - Application controls are classified as a. input,...Ch. 3 - Which of the following is NOT an element of the...Ch. 3 - How are transactions in real-time processing...Ch. 3 - In an automated payroll processing environment, a...Ch. 3 - Which of the following is often called a...Ch. 3 - The underlying assumption of reasonable assurance...Ch. 3 - Which of the following journal entries would a...Ch. 3 - Which of the following situations is NOT a...Ch. 3 - An employee in the receiving department keyed in...Ch. 3 - Which of the following controls would best prevent...Ch. 3 - Ensuring that all material transactions processed...Ch. 3 - Which of the following is an example of an input...Ch. 3 - Providing timely information about transactions in...Ch. 3 - The fraud scheme that is similar to the concept of...Ch. 3 - What is the process for posting to accounting...Ch. 3 - Which of the following benefits is least likely to...Ch. 3 - FRAUD SCHEME - HEALTH INSPECTOR A city health...Ch. 3 - FRAUD SCHEME PURCHASING AGENT A purchasing agent...Ch. 3 - MAIL ROOM FRAUD AND INTERNAL CONTROL Sarat Sethi,...Ch. 3 - SEGREGATION OF DUTIES Explain why each of the...Ch. 3 - EXPENSE ACCOUNT FRAUD While auditing the financial...Ch. 3 - SEGREGATION OF FUNCTIONS Comment on the specific...Ch. 3 - FRAUD-MOTIVATING FACTORS Research has shown that...Ch. 3 - FINANCIAL AID FRAUD Harold Jones, the financial...Ch. 3 - KICKBACK FRAUD The kickback is a form of fraud...Ch. 3 - ASSESSING INTERNAL CONTROL The following describes...Ch. 3 - ASSESSING INTERNAL CONTROL The following describes...Ch. 3 - EVALUATION OF INTERNAL CONTROLS The Never Sink...Ch. 3 - Tlio following section describes the warehouse and...Ch. 3 - ANALYSIS OF FLOWCHART, INTERNAL CONTROLS The...Ch. 3 - Gaurav Mirchandaniis is the warehouse manager for...Ch. 3 - EVALUATION OF PAYROLL CONTROLS A foreman of a...Ch. 3 - EVALUATION OF CONTROLS Mary Jane Smith has been a...Ch. 3 - INPUT VALIDATION Describe the types of input edits...Ch. 3 - APPLICATION CONTROLS Application controls are...Ch. 3 - INPUT CONTROLS SALES ORDER SYSTEM A vintage car...

Additional Business Textbook Solutions

Find more solutions based on key concepts
Vertical analysis of balance sheet Balance shed data for Alvarez Company on December 31. the end of two recent ...

Financial & Managerial Accounting

Net Income: 51,150 Ledger accounts, adjusting entries, financial statements, and closing entries; optional spre...

Corporate Financial Accounting

Comparing three depreciation methods Dexter Industries purchased packaging equipment on January 8 for 72,000. T...

Accounting

Treasury stock transactions Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the curr...

Financial And Managerial Accounting

CALCULATING INTEREST Using 360 days as the denominator, calculate interest for the following notes using the fo...

College Accounting, Chapters 1-27

On November 1 of the current year, a business paid the November rent on the building that it occupies. (a) Do t...

Financial Accounting

BREAK-EVEN ANALYSIS A company's fixed operating costs are 430,000, its variable costs are 2 95 per unit, and th...

Fundamentals of Financial Management (MindTap Course List)

Note: If you were assigned DQ 12-4, consult your solution to it. Modify the DFDs in Figure 12.3 (pg. 464), Figu...

Accounting Information Systems

Identify consumer and marketer reactions to the state of the economy

MKTG 12:STUDENT ED.-TEXT

What are some of Seth Goldman's responsibilities as "TeaEO" Of Honest Tea? Provide at least three detailed exam...

Management, Loose-Leaf Version

Classify each of the following statements as positive or normative. Explain. a. Society faces a short-run trade...

Principles of Microeconomics (MindTap Course List)

Which country has the absolute advantage in beef production?

Economics:

Explain how relation-ship marketing can move customers up the loyalty ladder.

Contemporary Marketing

Describe an important trade-off you recently faced. Give an example of some action that has both a monetary an...

Essentials of Economics (MindTap Course List)

(Production Possibilities) Theres no reason why a production possibilities frontier could not be used to repres...

ECON: MICRO4 (New, Engaging Titles from 4LTR Press)

Some economists say that the government can continue running a budget deficit forever. How is that possible?

Brief Principles of Macroeconomics (MindTap Course List)

J.D. Power and Associates surveys new automobile owners to learn about the quality of recently purchased vehicl...

STATISTICS F/BUSINESS+ECONOMICS-TEXT

Make up an example of a monthly demand schedule for pizza, and graph the implied demand curve. Give an example ...

Principles of Macroeconomics (MindTap Course List)

Telephone Skills: Keeping It Professional. Acting out the roles of telephone caller and receiver is an effectiv...

Essentials of Business Communication (MindTap Course List)

Investors generally can make one vote for each share of stock they hold. TIAA-CREF is the largest institutional...

Fundamentals of Financial Management, Concise Edition (MindTap Course List)

To match human resources supply and demand, how is attrition used?

Foundations of Business (MindTap Course List)

Suppose that the reserve requirement for checking deposits is 10 percent and that banks do not hold any excess ...

Principles of Economics (MindTap Course List)

(Relationship Between Marginal Cost and Average Cost) Assume that labor and capital are the only inputs used by...

ECON MICRO

(Real Wages) In the accompanying exhibit, how does the real wage rate at point c compare with the real wage rat...

ECON MACRO

Why is the liquidity of liabilities important in the accounting for liabilities?

Intermediate Accounting: Reporting And Analysis

Financial statements and closing entries Finders Investigative Services is an investigative services firm that ...

Financial & Managerial Accounting

Label each of the following accounts as asset (A), liability (L), owners equity (OE), revenue (R), or expense (...

College Accounting (Book Only): A Career Approach

Prefix Supply Company received a 120-day, 8% note for 450,000, dated April 9, from a customer on account. a. De...

Financial Accounting

Cash payback period, net present value method, and analysis Elite Apparel Inc. is considering two investment pr...

Accounting (Text Only)

Explain why a manager has an incentive to build slack into the budget.

Managerial Accounting: The Cornerstone of Business Decision-Making

Unemployment benefits in many European countries tend to be both more generous and available for longer periods...

Exploring Economics

When is a stock said to be in equilibrium? Why might a stock at any point in time not be in equilibrium?

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

The Commerce Department reported receiving the following applications for the Malcolm Baldrige National Quality...

Statistics for Business & Economics, Revised (MindTap Course List)

Jack Smith is married, has a spouse who is not employed and has five dependent children. How many withholding a...

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

The information on earnings and deductions for the pay period ended December 14 from King Companys payroll reco...

College Accounting (Book Only): A Career Approach

Unionized workers are paid about _____ percent more than similar nonunion workers. a. 2 b. 5 c. 15 d. 40

Principles of Macroeconomics (MindTap Course List)

Figure 12.9 (the DFD depicting the receipt of goods and services) shows an update to the vendor master data fro...

Pkg Acc Infor Systems MS VISIO CD

COST OF COMMON EQUITY WITH AND WITHOUT FLOTATION The Evanec Companys next expected dividend, D1 is 3.18; its gr...

Fundamentals of Financial Management (MindTap Course List)

At Vision Club Company, office workers are employed for a 40-hour workweek on either an annual or a monthly sal...

PAYROLL ACCT.,2019 ED.(LL)-TEXT

Evaluating budgeting systems Children's Hospital of the King's Daughters Health System in Norfolk. Virginia, in...

Survey of Accounting (Accounting I)

Sears: Current ratio Sears Holdings Corporation is one of the largest mall-based retailers in the United States...

Corporate Financial Accounting

What happens to the supply curve if each of the following occurs? a. The number of sellers decreases. b. A per-...

Microeconomics

Assume that the inspection activity has an expected cost of 120,000. Expected direct labor hours are 3,000, and...

Cornerstones of Cost Management (Cornerstones Series)

Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract sub...

Purchasing and Supply Chain Management

Select the correct word in parentheses. Despite the dangers, employees change their computer passwords (infrequ...

Bcom

In what form does a bank hold its required reserves? Assume the Fed has a 20 percent required reserve ratio. Wh...

Economics For Today

In Exhibit 8, at what price is there a surplus of freeway space at 8 a.m.?

Macroeconomics

If the equilibrium price is 400 for an aisle seat and 350 for a middle seat but an airlines company charges 350...

Economics (MindTap Course List)

The payback of a project is the number of years it takes before the projects total cash flow is positive. Payba...

Practical Management Science

A company reports the following: Determine the asset turnover ratio. Round to one decimal place.

Managerial Accounting

Sales Discount Policies Consider three businesses, all of which offer price reductions to their customers. The ...

Cornerstones of Financial Accounting

Indicate how each of the following activities will affect this years GDP: a. the sale of a used economics textb...

Economics: Private and Public Choice (MindTap Course List)

When did mortgage default and housing foreclosure rates begin to rise rapidly? When did the economy go into rec...

Macroeconomics: Private and Public Choice (MindTap Course List)

Each person in the group think of a time that someone behaved UNETHICALLY toward you. Fill out the table that f...

Understanding Management (MindTap Course List)

Because government-operated firms do not have to make a pro.t, they can usually produce at a lower cost and cha...

Microeconomics: Private and Public Choice (MindTap Course List)

Congress and the president decide that the United States should reduce air pollution by reducing its use of gas...

Principles of Microeconomics

Analyze the positive versus normative arguments in the following case. What statements of positive economics ar...

MACROECONOMICS FOR TODAY

The law of demand is the principle that there is __________ relationship between the price of a good and the qu...

Micro Economics For Today

bartleby
  • Contact Research (Essays)
  • High School Textbooks
  • Literature Guides
  • Essay Help
  • Mobile App
    • © 2021 bartleby. All Rights Reserved.