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ACCT 212 Week 3 Quiz

Published on January 2018 | Categories: Graphic Art | Downloads: 83 | Comments: 0
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ACCT 212 Week 3 Quiz . (TCO 5) The type of fraud committed by employees of an entity who steal money from the company and cover it up through erroneous entries in the books is called (Points : 3) misappropriation of assets. fraudulent financial reporting. embezzlement. collusion. Question 2. 2. (TCO 5) Which of the following is a true statement regarding fraud? (Points : 3) Fraud is committed when an error is made. Fraud does not occur in not-for-profit organizations. The expansion of e-commerce has caused fraud to decrease. Most businesses surveyed had experienced fraud. Question 3. 3. (TCO 5) Internal controls are designed to accomplish five objectives: comply with legal requirements, promote operational efficiency, safeguard assets, encourage employees to follow company policy, and (Points : 3) prevent embezzlement. prevent collusion. ensure accurate, reliable external audits. ensure accurate, reliable accounting records. Question 4. 4. (TCO 5) Requiring employees to take annual vacations is a part of which characteristic of internal control? (Points : 3) Assignment of responsibilities Separation of duties Proper authorization Competent and reliable personnel Question 5. 5. (TCO 5) The information system component of internal control (Points : 3) ensures that every system that processes accounting data should have the ability to capture transactions as they occur. monitors controls. offers hints of where fraud or errors could occur. ensures that the IT department has adequate control procedures in place to ensure that no one can hack into the company's database. Question 6. 6. (TCO 5) _____ rearranges messages by a mathematical formula making the message impossible to read by someone who does not know the code. (Points : 3) Encryption Firewall Security wall Access device Question 7. 7. (TCO 5) Differences between the amount of cash reported on a company's bank statement and the balance in the company's cash account before the bank reconciliation are primarily due to (Points : 3) errors in the accounting process by the company. errors made by the bank. differences between the cash basis and accrual basis of accounting. the timing difference in recording transactions. Question 8. 8. (TCO 5) Cash requires specific internal controls because (Points : 3) cash is one of the most difficult assets to steal. cash is difficult to convert to other forms of wealth. all transactions ultimately affect cash. cash is difficult to conceal.

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ACCT 212 Week 3 Quiz . (TCO 5) The type of fraud committed by employees of an entity who steal money from the company and cover it up through erroneous entries in the books is called (Points : 3) misappropriation of assets. fraudulent financial reporting. embezzlement. collusion. Question 2. 2. (TCO 5) Which of the following is a true statement regarding fraud? (Points : 3) Fraud is committed when an error is made. Fraud does not occur in not-for-profit organizations. The expansion of e-commerce has caused fraud to decrease. Most businesses surveyed had experienced fraud. Question 3. 3. (TCO 5) Internal controls are designed to accomplish five objectives: comply with legal requirements, promote operational efficiency, safeguard assets, encourage employees to follow company policy, and (Points : 3) prevent embezzlement. prevent collusion. ensure accurate, reliable external audits. ensure accurate, reliable accounting records. Question 4. 4. (TCO 5) Requiring employees to take annual vacations is a part of which characteristic of internal control? (Points : 3) Assignment of responsibilities Separation of duties Proper authorization Competent and reliable personnel Question 5. 5. (TCO 5) The information system component of internal control (Points : 3) ensures that every system that processes accounting data should have the ability to capture transactions as they occur. monitors controls. offers hints of where fraud or errors could occur. ensures that the IT department has adequate control procedures in place to ensure that no one can hack into the company's database. Question 6. 6. (TCO 5) _____ rearranges messages by a mathematical formula making the message impossible to read by someone who does not know the code. (Points : 3) Encryption Firewall Security wall Access device Question 7. 7. (TCO 5) Differences between the amount of cash reported on a company's bank statement and the balance in the company's cash account before the bank reconciliation are primarily due to (Points : 3) errors in the accounting process by the company. errors made by the bank. differences between the cash basis and accrual basis of accounting. the timing difference in recording transactions. Question 8. 8. (TCO 5) Cash requires specific internal controls because (Points : 3) cash is one of the most difficult assets to steal. cash is difficult to convert to other forms of wealth. all transactions ultimately affect cash. cash is difficult to conceal.

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