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 6Q: What are the functions of the internal control?
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What are the key limitations of an internal control system ?
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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