Financial Accounting, Student Value Edition (5th Edition)
5th Edition
ISBN: 9780134728520
Author: Robert Kemp, Jeffrey Waybright
Publisher: PEARSON
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Chapter 6, Problem 6SE
To determine
Identify the three primary factors of fraud and explain the meaning of each of them.
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Your small business client, Phillip’s Computer Repair Shop, is experiencing financial difficulties and has to lay off one of its four employees in the accounting area. Phillip has asked you to determine what duties should be assigned to the three remaining employees—Abigail, Bryan, and Chris—to maintain the best separation of duties.Required:Assign the following 10 duties to each of the three employees.a. Reconcile bank statement.b. Open mail and list checks.c. Prepare checks for Phillip’s signature.d. Prepare payroll checks.e. Maintain personnel records.f. Prepare deposit and take to bank.g. Maintain petty cash.h. Maintain accounts receivable records.i. Maintain general ledger.j. Reconcile accounts receivable records to general ledger account.
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4.
How to Prevent Cheating
(1) Teachers should take steps to prevent students from cheating on exams. (2) To begin
with, teachers should stop reusing old tests. (3) Even a test that has been used once is soon
known on the student grapevine. (4) Students will check with their friends to find out, for
example, what was on Dr. Thompson's biology final last term. (5) They may even manage to
turn up a copy of the test itself, "accidentally" not turned in by a former student of Dr.
Thompson's. (6) Teachers should also take some common sense precautions at test time. (7)
They should make students separate themselves--by at least one seat-during an exam, and
they should watch the class closely. (8) The best place for the teacher to sit is in the rear of
the room, so that a student is never sure if the teacher is looking at him or her. (9) Last
of all, teachers must make it clear to students that there will be stiff penalties for cheating.
(10) One of the problems with our…
Please watch the following video, which introduces you to the concepts of horizontal and vertical analysis. The first 6 minutes defines these concepts, after which the professor in the video discusses an example of their usefulness for assessing theft and locating unrecorded revenues.
Accounting: Horizontal & Vertical Analysis (13:13 min)
Once you have watched the video, write a paragraph that includes the following components:
Define horizontal and vertical analysis in your own words.
Explain why horizontal and vertical analysis can be valuable to a company.
Describe how it might apply to either your own employer or another business you know of.
Chapter 6 Solutions
Financial Accounting, Student Value Edition (5th Edition)
Ch. 6 - Prob. 1DQCh. 6 - Prob. 2DQCh. 6 - Prob. 3DQCh. 6 - Prob. 4DQCh. 6 - Prob. 5DQCh. 6 - Prob. 6DQCh. 6 - Prob. 7DQCh. 6 - Prob. 8DQCh. 6 - Prob. 9DQCh. 6 - Prob. 10DQ
Ch. 6 - Prob. 1SCCh. 6 - Prob. 2SCCh. 6 - Prob. 3SCCh. 6 - Prob. 4SCCh. 6 - Separation of duties refers to separating all of...Ch. 6 - Which of the following is not a control activity?...Ch. 6 - Prob. 7SCCh. 6 - Prob. 8SCCh. 6 - Internal auditors focus on _________ ; external...Ch. 6 - Prob. 10SCCh. 6 - Prob. 11SCCh. 6 - Prob. 12SCCh. 6 - Prob. 1SECh. 6 - Fraud triangle (Learning Objective 3) 5-10 min....Ch. 6 - Prob. 3SECh. 6 - Internal controls (Learning Objective 2) 5-10 min....Ch. 6 - Prob. 5SECh. 6 - Prob. 6SECh. 6 - Prob. 7SECh. 6 - Prob. 8SECh. 6 - Prob. 9SECh. 6 - Prob. 10SECh. 6 - Prob. 11SECh. 6 - Accounting terminology (Learning Objectives 1 4)...Ch. 6 - Prob. 13SECh. 6 - Prob. 14SECh. 6 - Prob. 1CFSAPCh. 6 - Prob. 1EIACh. 6 - Prob. 2EIACh. 6 - Prob. 3EIACh. 6 - Prob. 4EIACh. 6 - Prob. 5EIACh. 6 - Prob. 6EIACh. 6 - Case 7. Kelly Straton, a trusted employee of...Ch. 6 - Prob. 8EIACh. 6 - Prob. 1FACh. 6 - Industry Analysis Purpose: To help you understand...Ch. 6 - Prob. 1SBACh. 6 - Prob. 1WC
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