Question 1

In order to get a handle on accounting fraud, the U. S. Congress in 2002 passed the __________.

Accepted Answer

The answer of In order to get a handle on...

Question 2

Recording assets that the company does not possess is an example of: __________.

Accepted Answer

The answer of Recording assets that the company does not...

Question 3

The Audit Committee's responsibilities are assigned by the:

Accepted Answer

A)  Chief Executive Officer. 
B)  Chief Financial Officer. 
C)  Board of Directors. 
D)  company Controller. 
E)  Finance Manager. 
A)  Chief Executive Officer. 
B)  Chief Financial Officer. 
C)  Board of Directors. 
D)  company Controller. 
E)  Finance Manager.

Question 4

One of the biggest factors in implementing SOX was:

Accepted Answer

A)  reviewing the financial reports. 
B)  establishing internal control procedures. 
C)  disclosing deficiencies in internal controls. 
D)  the cost of implementing the system. 
E)  government approval. 
A)  reviewing the financial reports. 
B)  establishing internal control procedures. 
C)  disclosing deficiencies in internal controls. 
D)  the cost of implementing the system. 
E)  government approval.

Question 5

The fraud triangle is used to show the connection of the factors necessary to commit fraud by or against an organization.

Accepted Answer

A) True 
 B)False

Question 6

The goal of overstating earnings by using fraud is:

Accepted Answer

A)  to deflate the amount of taxes the corporation pays. 
B)  to overstate the cost of goods sold. 
C)  that it may help to increase the stock price of the company. 
D)  to overstate receivables. 
E)  to deflate accounts payable. 
A)  to deflate the amount of taxes the corporation pays. 
B)  to overstate the cost of goods sold. 
C)  that it may help to increase the stock price of the company. 
D)  to overstate receivables. 
E)  to deflate accounts payable.

Question 7

Canada formed a new accounting supervisory body after 2002. Name the accounting body.

Accepted Answer

Canadian P

Question 8

One objective of an internal control system is to safeguard the assets of a company.

Accepted Answer

A) True 
 B)False

Question 9

Just like anything in accounting, internal control systems are not perfect, although they do reduce the risk of undetected errors and irregularities.

Accepted Answer

A) True 
 B)False

Question 10

Fraudulent financial reporting typically involves:

Accepted Answer

A)  management. 
B)  employees. 
C)  the board of directors. 
D)  the shareholders. 
E)  employees and their friends. 
A)  management. 
B)  employees. 
C)  the board of directors. 
D)  the shareholders. 
E)  employees and their friends.

Question 11

Review the activities below and determine if the activities are ethical or create an ethical dilemma.

Accepted Answer

The answer of Review the activities below and determine if...

Question 12

Which statement is False about ethics?

Accepted Answer

A)  Ethics are rules. 
B)  Ethics are guidelines for how we perceive right and wrong. 
C)  Ethics are a vital part of the accounting profession. 
D)  Things may be unethical but still be legal. 
E)  Ethics are only important in Canada. 
A)  Ethics are rules. 
B)  Ethics are guidelines for how we perceive right and wrong. 
C)  Ethics are a vital part of the accounting profession. 
D)  Things may be unethical but still be legal. 
E)  Ethics are only important in Canada.

Question 13

The responsibility of external and internal auditing is assigned by the __________.

Accepted Answer

The answer of The responsibility of external and internal auditing...

Question 14

The positions of Treasurer and Controller directly report to the:

Accepted Answer

A)  Audit Committee. 
B)  Vice-President of Accounting and Finance. 
C)  Chief Executive Officer. 
D)  Chief Financial Officer. 
E)  Accounting Manager. 
A)  Audit Committee. 
B)  Vice-President of Accounting and Finance. 
C)  Chief Executive Officer. 
D)  Chief Financial Officer. 
E)  Accounting Manager.

Question 15

Separation of duties is essential for internal control over cash receipts and cash payments.

Accepted Answer

A) True 
 B)False

Question 16

Cash is the first asset listed on the balance sheet. Explain why.

Accepted Answer

Cash is th

Question 17

The following information is for Pins & Needles Inc. for September.
   
Requirements
A. Prepare the bank reconciliation for September 30,2013
B. Determine the impact on the accounting equation on each entry.

Accepted Answer

Part A
Pins and Need

Question 18

The primary form of fraud is employee embezzlement. Employees engage in disbursement schemes. This includes cheque tampering schemes, cash register schemes, and expense schemes. Match the disbursement scheme with the event below.

Accepted Answer

The answer of The primary form of fraud is employee...

Question 19

Ethics is defined as principles of right and wrong.

Accepted Answer

A) True 
 B)False

Question 20

Fraud is always committed against an organization.

Accepted Answer

A) True 
 B)False

In order to get a handle on accounting fraud, the U. S. Congress in 2002 passed the __________.

Recording assets that the company does not possess is an example of: __________.

The Audit Committee's responsibilities are assigned by the:

One of the biggest factors in implementing SOX was:

The fraud triangle is used to show the connection of the factors necessary to commit fraud by or against an organization.

The goal of overstating earnings by using fraud is:

Canada formed a new accounting supervisory body after 2002. Name the accounting body.

One objective of an internal control system is to safeguard the assets of a company.

Just like anything in accounting, internal control systems are not perfect, although they do reduce the risk of undetected errors and irregularities.

Fraudulent financial reporting typically involves:

Review the activities below and determine if the activities are ethical or create an ethical dilemma.

Which statement is False about ethics?

The responsibility of external and internal auditing is assigned by the __________.

The positions of Treasurer and Controller directly report to the:

Separation of duties is essential for internal control over cash receipts and cash payments.

Cash is the first asset listed on the balance sheet. Explain why.

The following information is for Pins & Needles Inc. for September. Requirements A. Prepare the bank reconciliation for September 30,2013 B. Determine the impact on the accounting equation on each entry.

The primary form of fraud is employee embezzlement. Employees engage in disbursement schemes. This includes cheque tampering schemes, cash register schemes, and expense schemes. Match the disbursement scheme with the event below.

Ethics is defined as principles of right and wrong.

Fraud is always committed against an organization.

Business, Accounting, and You

Analyzing and Recording Business Transactions

Adjusting and Closing Entries

Accounting for a Merchandising Business

Inventory

Sales and Receivables

Long-Term Assets

Current Liabilities and Long-Term Debt

Corporations: Share Capital and Retained Earnings

The Cash Flow Statement

Financial Statement Analysis

Filters

Exam 4: Ethics, Internal Control, and Cash

In order to get a handle on accounting fraud, the U. S. Congress in 2002 passed the __________.

Recording assets that the company does not possess is an example of: __________.

The Audit Committee's responsibilities are assigned by the:

One of the biggest factors in implementing SOX was:

The fraud triangle is used to show the connection of the factors necessary to commit fraud by or against an organization.

The goal of overstating earnings by using fraud is:

Canada formed a new accounting supervisory body after 2002. Name the accounting body.

One objective of an internal control system is to safeguard the assets of a company.

Just like anything in accounting, internal control systems are not perfect, although they do reduce the risk of undetected errors and irregularities.

Fraudulent financial reporting typically involves:

Review the activities below and determine if the activities are ethical or create an ethical dilemma.

Which statement is False about ethics?

The responsibility of external and internal auditing is assigned by the __________.

The positions of Treasurer and Controller directly report to the:

Separation of duties is essential for internal control over cash receipts and cash payments.

Cash is the first asset listed on the balance sheet. Explain why.

The following information is for Pins & Needles Inc. for September. Requirements A. Prepare the bank reconciliation for September 30,2013 B. Determine the impact on the accounting equation on each entry.

The primary form of fraud is employee embezzlement. Employees engage in disbursement schemes. This includes cheque tampering schemes, cash register schemes, and expense schemes. Match the disbursement scheme with the event below.

Ethics is defined as principles of right and wrong.

Fraud is always committed against an organization.

Business, Accounting, and You

Analyzing and Recording Business Transactions

Adjusting and Closing Entries

Accounting for a Merchandising Business

Inventory

Sales and Receivables

Long-Term Assets

Current Liabilities and Long-Term Debt

Corporations: Share Capital and Retained Earnings

The Cash Flow Statement

Financial Statement Analysis

Filters