Question 1

Tangible frauds include

Accepted Answer

A)  asset misappropriation. 
B)  false pretenses. 
C)  counterfeiting. 
D)  all of the above.
IFRS 
A)  asset misappropriation. 
B)  false pretenses. 
C)  counterfeiting. 
D)  all of the above.
IFRS

Question 2

In the month of May, Kijak Company Inc. wrote checks in the amount of $84,000. In June, checks in the amount of $114,000 were written. In May, $75,000 of these checks were presented to the bank for payment, and $99,000 in June. What is the amount of outstanding checks at the end of May?

Accepted Answer

A)  $9,000 
B)  $15,000 
C)  $24,000 
D)  $30,000 
A)  $9,000 
B)  $15,000 
C)  $24,000 
D)  $30,000

Question 3

The ______________ of an asset should not have access to the accounting records of that asset.

Accepted Answer

The answer of The ______________ of an asset should not...

Question 4

In general, documents should be pre-numbered and all documents should be accounted for.

Accepted Answer

A) True 
 B)False

Question 5

If employees are bonded

Accepted Answer

A)  it means that they are not allowed to handle cash. 
B)  they have worked for the company for at least 10 years. 
C)  they have been insured against misappropriation of assets. 
D)  it is impossible for them to steal from the company. 
A)  it means that they are not allowed to handle cash. 
B)  they have worked for the company for at least 10 years. 
C)  they have been insured against misappropriation of assets. 
D)  it is impossible for them to steal from the company.

Question 6

Match between columns
                        Premises: Segregation of duties.
One to whom a check is payable.
Two or more employees circumventing prescribed procedures.
Prevent a transaction from being  recorded more than once.
Checks which have been returned by the maker's bank  for lack of funds.
Checks which have been paid by the depositor's bank.
Indicates those people authorized to sign checks.
Anything that a bank will accept for deposit.
Mechanical and electronic control devices.
One who issues a check.
Insurance protection against misappropriation of assets.
An extensive network of approvals by authorized individuals.
Document indicating the purpose of a petty cash expenditure.
Issued checks that have not been paid by the bank.
Highly liquid investments.

Accepted Answer

The Answer of Pre-numbered documents and Custody of an asset is...

Question 7

In order to prevent a transaction from being recorded more than once, a company should maintain only one book of original entry.

Accepted Answer

A) True 
 B)False

Question 8

Maximum benefit from independent internal verification is obtained when

Accepted Answer

A)  it is made on a pre-announced basis. 
B)  it is done by the employee possessing custody of the asset. 
C)  discrepancies are reported to management. 
D)  it is done at the time of the audit. 
A)  it is made on a pre-announced basis. 
B)  it is done by the employee possessing custody of the asset. 
C)  discrepancies are reported to management. 
D)  it is done at the time of the audit.

Question 9

Related buying activities include

Accepted Answer

A)  ordering, receiving, paying. 
B)  ordering, selling, paying. 
C)  ordering, shipping, billing. 
D)  selling, shipping, paying. 
A)  ordering, receiving, paying. 
B)  ordering, selling, paying. 
C)  ordering, shipping, billing. 
D)  selling, shipping, paying.

Tangible frauds include

In the month of May, Kijak Company Inc. wrote checks in the amount of $84,000. In June, checks in the amount of $114,000 were written. In May, $75,000 of these checks were presented to the bank for payment, and $99,000 in June. What is the amount of outstanding checks at the end of May?

The ______________ of an asset should not have access to the accounting records of that asset.

In general, documents should be pre-numbered and all documents should be accounted for.

If employees are bonded

In order to prevent a transaction from being recorded more than once, a company should maintain only one book of original entry.

Maximum benefit from independent internal verification is obtained when

Related buying activities include

Accounting in Action

The Recording Process

Adjusting the Accounts

Completing the Accounting Cycle

Accounting for Merchandising Operations Perpetual Approach

Inventories Periodic Approach

Accounting for Receivables

Plant Assets, Natural Resources, and Intangible Assets

Liabilities

Corporations: Organization, Stock Transactions, and Stockholders Equity

Statement of Cash Flows

Financial Statement Analysis

Managerial Accounting

Job Order Costing

Process Costing

Activity-Based Costing

Cost-Volume-Profit

Cost-Volume-Profit Analysis: Additional Issues

Incremental Analysis

Pricing

Budgetary Planning

Budgetary Control and Responsibility Accounting

Standard Costs and Balanced Scorecard

Planning for Capital Investments

Time Value of Money

Investments

Payroll Accounting

Subsidiary Ledgers and Special Journals

Other Significant Liabilities

Filters

Exam 7: Fraud, Internal Control, and Cash

Tangible frauds include

In the month of May, Kijak Company Inc. wrote checks in the amount of $84,000. In June, checks in the amount of $114,000 were written. In May, $75,000 of these checks were presented to the bank for payment, and $99,000 in June. What is the amount of outstanding checks at the end of May?

The ______________ of an asset should not have access to the accounting records of that asset.

In general, documents should be pre-numbered and all documents should be accounted for.

If employees are bonded

In order to prevent a transaction from being recorded more than once, a company should maintain only one book of original entry.

Maximum benefit from independent internal verification is obtained when

Related buying activities include

Accounting in Action

The Recording Process

Adjusting the Accounts

Completing the Accounting Cycle

Accounting for Merchandising Operations Perpetual Approach

Inventories Periodic Approach

Accounting for Receivables

Plant Assets, Natural Resources, and Intangible Assets

Liabilities

Corporations: Organization, Stock Transactions, and Stockholders Equity

Statement of Cash Flows

Financial Statement Analysis

Managerial Accounting

Job Order Costing

Process Costing

Activity-Based Costing

Cost-Volume-Profit

Cost-Volume-Profit Analysis: Additional Issues

Incremental Analysis

Pricing

Budgetary Planning

Budgetary Control and Responsibility Accounting

Standard Costs and Balanced Scorecard

Planning for Capital Investments

Time Value of Money

Investments

Payroll Accounting

Subsidiary Ledgers and Special Journals

Other Significant Liabilities

Filters