Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Chapter 8, Problem 1QS
To determine
To indicate which statement is true or false.
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__________are the systems used by an organization to manage risk and diminish the occurrence of fraud.
Internal Controls
assessments
Operational activities
informational programs
Explains these controls and tell why they are important in any fraud situation:
a. Preventive controls
b. Detective controls
c. Leveraging technologd. Identifying the red flags
NB: Answer questions a-d
Ma1.
Control activities are the policies and procedures that help ensure that management directives are carried out and which are designed to prevent and detect fraud and error occurring. An example of a control activity is the maintenance of a control account.
Explain any five internal control activities and describe measures of internal control you would recommend to ensure that cash receipts and resources are properly accounted for and managed.
Chapter 8 Solutions
Principles of Financial Accounting.
Ch. 8 - Prob. 1MCQCh. 8 - Prob. 2MCQCh. 8 - Prob. 3MCQCh. 8 - Prob. 4MCQCh. 8 - Prob. 1DQCh. 8 - Prob. 2DQCh. 8 - Prob. 3DQCh. 8 - Prob. 4DQCh. 8 - Prob. 5DQCh. 8 - Prob. 6DQ
Ch. 8 - Which of the following assetsinventory, building,...Ch. 8 - What is a petty cash receipt? Who should sign it?Ch. 8 - Prob. 9DQCh. 8 - Prob. 10DQCh. 8 - Prob. 11DQCh. 8 - Prob. 12DQCh. 8 - Prob. 13DQCh. 8 - Prob. 1QSCh. 8 - COSO internal control components C1 COSO lists...Ch. 8 - Prob. 3QSCh. 8 - Prob. 4QSCh. 8 - Prob. 5QSCh. 8 - Prob. 6QSCh. 8 - Prob. 7QSCh. 8 - Prob. 8QSCh. 8 - Prob. 9QSCh. 8 - Prob. 10QSCh. 8 - Prob. 11QSCh. 8 - Prob. 1ECh. 8 - Prob. 2ECh. 8 - Prob. 3ECh. 8 - Prob. 4ECh. 8 - Prob. 5ECh. 8 - Prob. 6ECh. 8 - Prob. 7ECh. 8 - Prob. 8ECh. 8 - Prob. 9ECh. 8 - Prob. 10ECh. 8 - Prob. 11ECh. 8 - Prob. 12ECh. 8 - Prob. 13ECh. 8 - Prob. 14ECh. 8 - Prob. 15ECh. 8 - Prob. 16ECh. 8 - Prob. 1APCh. 8 - Prob. 2APCh. 8 - Prob. 3APCh. 8 - Prob. 4APCh. 8 - Prob. 5APCh. 8 - Prob. 1BPCh. 8 - Prob. 2BPCh. 8 - Prob. 3BPCh. 8 - Prob. 4BPCh. 8 - Prob. 8SPCh. 8 - Prob. 1AACh. 8 - Prob. 2AACh. 8 - Prob. 3AACh. 8 - Prob. 1BTNCh. 8 - Prob. 2BTNCh. 8 - Prob. 3BTNCh. 8 - Prob. 4BTNCh. 8 - Review the opening feature of this chapter that...Ch. 8 - Prob. 6BTN
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Similar questions
- Which of the following assets require the strongest of internal controls? A. inventory B. credit cards C. computer equipment D. casharrow_forwardcontrols prevent, detect and correct transaction errors and fraud. A General B Detective (C) Preventive Applicationarrow_forwardIndicate which statements are true and which are false. The primary objective of internal control procedures is to safeguard the business against theft from government agencies.arrow_forward
- Which of the following is designed specifically to detect fraud? 1. A surprise visit to the client's warehouse. 2. Looking at little-used or miscellaneous accounts. 3. Testing internal controls for operating deficiencies. 4.1 and 2 only. 5.1 and 3 only. O 1 O 2 0 3 0 4 0 5arrow_forwardShow how the role of governance structures, internal controls and compliance policies help in the prevention of financial fraud. NB: Site refrencesarrow_forwardWhich of the following assets require the strongest of internal controls? Group of answer choices 1.credit cards 2.computer equipment 3.inventory 4.casharrow_forward
- A business wishes to establish sound internal controls. What rules and processes can you recommend to help limit human fraud and error?arrow_forwardIndicate which statements are true and which are false. 1. Internal control procedures should be designed to protect assets from waste and theft. 2. Separation of recordkeeping for assets from the custody over assets helps reduce fraud. 3. The primary objective of internal control procedures is to safeguard the business against theft fr agencies. 4. One objective of internal control procedures is to safeguard the assets of the business.arrow_forwardWhich of the following is NOT one of the purposes of internal control? a. to guarantee the success of the business b. to safeguard the entity’s assets and resources c. to deter errors, fraud, and theft d. to ensure the accuracy and completeness of the accounting dataarrow_forward
- 1. The primary objective of internal controls in the expenditure cycle is to: A. Ensure the accuracy and completeness of financial transactions B. Streamline the procurement process C. Minimize the cost of purchases D. Increase the speed of payment processing 2. A threat in the expenditure cycle that involves unauthorized individuals making purchases is known as: Unauthorized access Fraudulent disbursements Data breaches Inventory theft 3.arrow_forwardTo guard against fraud and waste, businesses use internal controls. correct or incorrectarrow_forwardWhich one of the following is not an advantage of internal controls? Select one: a. It safeguards the assets b. It increases the chance of fraud c. It ensures compliance with laws d. It enhances the reliability of accounting recordsarrow_forward
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