Select one of the journal entry testing analytics from the following list and explain why it is useful in detecting journal entry fraud risk. Use the internet to find examples to support your answer. Round dollar entries Revenue reversals Unusual dates Management override General ledger close Dormant accounts

Select one of the journal entry testing analytics from the following list and explain why it is useful in detecting journal entry fraud risk. Use the internet to find examples to support your answer. Round dollar entries Revenue reversals Unusual dates Management override General ledger close Dormant accounts

Accounting Information Systems

10th Edition

ISBN:9781337619202

Author:Hall, James A.

Publisher:Hall, James A.

Chapter8: Financial Reporting And Management Reporting Systems

Section: Chapter Questions

Problem 2MCQ

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Choose only one answer as well as state their reasons/rationale for the answer chosen. A customer entered the wrong account number on the memo line of the check mailed to the company. Consequently, another customer’s account was credited for that payment. The most effective way to prevent such problems would be to use:a. Turnaround documentsb. A validity check of customer account numbersc. Closed loop verificationd. Check digit verification of customer account numbers
Which common workflow error can cause duplicate expenses in QuickBooks Online? -Create a purchase order to record vendor expense and copy to bill to pay vendor later for the same expense -Create a bill to record a vendor expense, and use Pay Bills to pay the vendor for the same expense -Create a bill to record a vendor expense, and create a check to the vendor for the same expense -Create a bank rule to automatically categorize a common vendor expense
Credit Card Fraud and Identity Theft Loss of a credit card, the information on it, or your personal information can cause serious problems. For example, you could be required to pay for purchases you didn't make, or you could spend years repairing the damage to your credit rating. Consider the following two alternative behaviors. Behavior A If I receive an e-mail with a sales offer I like, rather than provide my account number through the e-mail link, I open a separate browser window and directly access the company's website to make my purchase. B I save all my charge receipts and reconcile them to my monthly statement, most often by accessing my account online. Which behavior is likely to reduce your chance of experiencing credit card fraud or identity theft? O Alternative A O Alternative B Both Alternatives A and B ONeither Alternative A nor B
Client portals will allow a client to see basically all of the information regarding his/her account as of the day before. True False
Question 1 From the For review tab in the Banking center, how can you exclude a bank transaction that is a duplicate? Find transaction > Select Update in banner > Exclude Find transaction > Edit > Save and exclude Find transaction > Select Exclude under Action column Find transaction > Check box next to transaction > Select Exclude in banner
Which of the following is false? Select one: a. Recording transactions in separate special journals provides users with a more efficient system and access to specific information. b. Source documents provide evidence for journal entries, which are then posted to the general ledger accounts. c. The opening balances from the general ledger accounts are used to create a trial balance, the financial statements and other reports. d. All of the choices are true
What is the relationship between an account and item? What is the Chart of Accounts? What happens if you click on the Home icon? Which transactions in QuickBooks are considered Non-posting? How do you record a payment from a client that is paying multiple invoices? How does the “Enter Bills & Pay Bills” feature differ from the “write check” feature? How do you determine if a check has been reconciled in QuickBooks? How do you export QuickBooks Reports into excel? How do you switch to Multi-User Mode? What is the purpose of having a Single-User Mode? How does Accrual Basis of Accounting differ from Cash Basis? If you want to modify the account or name filters within a specific report you have open, where do you click? What is the keyboard shortcut for the date to jump to “Today’s” Date? What account(s) does an Inventory item post to when it’s purchased? What about when it’s sold? What account(s) does an Inventory item post to when it’s sold? What are some of the different types of…
When matching bank or credit card downloaded transactions to a transaction already recorded in QuickBooks Online, what are the possible actions that appear in the Action column?
Provide an example of each of the following; Conspicuous consumption Information you will need to fill out an application to rent an apartment A government agency you can contact to file a fraud complaint A way to prevent fraud on your credit card A way to protect yourself from identity theft
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(QuickBooks Online) A client messaged you saying that there might be something wrong with the bank feed of their checking account. What would be the first thing to do to see if the bank feed will refresh? A. Select the update button in the banking center. B. Select the troubleshoot button from the advanced tab in accounts and settings. C. Select the pencil icon on the checking account tile and select contact bank. D. Select the pencil icon on the checking account tile and select trouble shoot.