Scribd Logo
Upload

Welcome to Scribd!

  • Devry Acct212 Weeek 3 Checkpoints Latest 2015

    Uploaded by

    teacher.theacestud
    283 views2 pages
    Devry acct212 weeek 3 checkpoints latest 2015 Devry acct212 weeek 3 checkpoints latest 2015 Question 1. Question: (TCO 5) The two most common types of fraud impacting financial statements are fraudulent financial reporting and e-commerce fraud. misappropriation of assets and embezzlement. fraudulent financial reporting and misappropriation of assets. cooking the books and fraudulent financial reporting. Question 2. Question : (TCO 5) Which of the following is a true statement regarding fraud? 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. Question : (TCO 5) Internal control is a plan of organization and system of procedures implemented by company _____ and the _____ designed to accomplish five objectives. internal auditors, employees external auditors, management management, board of directors employees, board of directors Question 4. Question : (TCO 5) A fidelity bond is a(n) employment contract for a specified period of time. insurance policy that reimburses a company for employee theft. contract prohibiting former employees from working for a competitor. promise by a company to safeguard customers’ personal information. Question 5. Question : (TCO 5) Proper separation of duties and physical safeguards to protect assets from theft are part of a company’s information system. control procedures. control monitoring. personnel maintenance. Question 6. Question : (TCO 5) E-commerce pitfalls include all of the following except stolen credit card numbers. phishing expedition. encryption reporting. Trojan horses. Question 7. Question : (TCO 5) When preparing a bank reconciliation, which of the following items should be added to the book balance? EFT receipts Deposits in transit Collection items Both EFT receipts and collection items Question 8. Question : (TCO 5) Which of the following is an accurate statement regarding cash receipts over the counter? The point-of-sale terminal electronically transmits a record of the sale to the store’s main computer. Employees should take the deposit to the bank. The cashier should reconcile the electronic record of the sales per the terminal to the record of cash received. Point-of-sale terminals cannot assist in inventory control. Question 9. Question : (TCO 5) Another name for short-term investments is equity investments. marketable securities. market investments. available-for-sale securities. Question 10. Question : (TCO 5) A business offers credit terms of 1/15, n/30. These terms indicate that the total amount of the invoice must be paid within 15 days. a discount of 1% can be taken if the invoice is paid within 15 days. the buyer can take a 1% discount if the bill is paid within 15 or 30 days. no discount is offered for early payment. Devry acct212 weeek 3 checkpoints latest 2015

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    Devry acct212 weeek 3 checkpoints latest 2015 Devry acct212 weeek 3 checkpoints latest 2015 Question 1. Question: (TCO 5) The two most common types of fraud impacting financial statements are fraudulent financial reporting and e-commerce fraud. misappropriation of assets and embezzlement. fraudulent financial reporting and misappropriation of assets. cooking the books and fraudulent financial reporting. Question 2. Question : (TCO 5) Which of the following is a true statement regarding fraud? 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. Question : (TCO 5) Internal control is a plan of organization and system of procedures implemented by company _____ and the _____ designed to accomplish five objectives. internal auditors, employees external auditors, management management, board of directors employees, board of directors Question 4. Question : (TCO 5) A fidelity bond is a(n) employment contract for a specified period of time. insurance policy that reimburses a company for employee theft. contract prohibiting former employees from working for a competitor. promise by a company to safeguard customers’ personal information. Question 5. Question : (TCO 5) Proper separation of duties and physical safeguards to protect assets from theft are part of a company’s information system. control procedures. control monitoring. personnel maintenance. Question 6. Question : (TCO 5) E-commerce pitfalls include all of the following except stolen credit card numbers. phishing expedition. encryption reporting. Trojan horses. Question 7. Question : (TCO 5) When preparing a bank reconciliation, which of the following items should be added to the book balance? EFT receipts Deposits in transit Collection items Both EFT receipts and collection items Question 8. Question : (TCO 5) Which of the following is an accurate statement regarding cash receipts over the counter? The point-of-sale terminal electronically transmits a record of the sale to the store’s main computer. Employees should take the deposit to the bank. The cashier should reconcile the electronic record of the sales per the terminal to the record of cash received. Point-of-sale terminals cannot assist in inventory control. Question 9. Question : (TCO 5) Another name for short-term investments is equity investments. marketable securities. market investments. available-for-sale securities. Question 10. Question : (TCO 5) A business offers credit terms of 1/15, n/30. These terms indicate that the total amount of the invoice must be paid within 15 days. a discount of 1% can be taken if the invoice is paid within 15 days. the buyer can take a 1% discount if the bill is paid within 15 or 30 days. no discount is offered for early payment. Devry acct212 weeek 3 checkpoints latest 2015

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    283 views2 pages

    Devry Acct212 Weeek 3 Checkpoints Latest 2015

    Uploaded by

    teacher.theacestud
    Devry acct212 weeek 3 checkpoints latest 2015 Devry acct212 weeek 3 checkpoints latest 2015 Question 1. Question: (TCO 5) The two most common types of fraud impacting financial statements are fraudulent financial reporting and e-commerce fraud. misappropriation of assets and embezzlement. fraudulent financial reporting and misappropriation of assets. cooking the books and fraudulent financial reporting. Question 2. Question : (TCO 5) Which of the following is a true statement regarding fraud? 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. Question : (TCO 5) Internal control is a plan of organization and system of procedures implemented by company _____ and the _____ designed to accomplish five objectives. internal auditors, employees external auditors, management management, board of directors employees, board of directors Question 4. Question : (TCO 5) A fidelity bond is a(n) employment contract for a specified period of time. insurance policy that reimburses a company for employee theft. contract prohibiting former employees from working for a competitor. promise by a company to safeguard customers’ personal information. Question 5. Question : (TCO 5) Proper separation of duties and physical safeguards to protect assets from theft are part of a company’s information system. control procedures. control monitoring. personnel maintenance. Question 6. Question : (TCO 5) E-commerce pitfalls include all of the following except stolen credit card numbers. phishing expedition. encryption reporting. Trojan horses. Question 7. Question : (TCO 5) When preparing a bank reconciliation, which of the following items should be added to the book balance? EFT receipts Deposits in transit Collection items Both EFT receipts and collection items Question 8. Question : (TCO 5) Which of the following is an accurate statement regarding cash receipts over the counter? The point-of-sale terminal electronically transmits a record of the sale to the store’s main computer. Employees should take the deposit to the bank. The cashier should reconcile the electronic record of the sales per the terminal to the record of cash received. Point-of-sale terminals cannot assist in inventory control. Question 9. Question : (TCO 5) Another name for short-term investments is equity investments. marketable securities. market investments. available-for-sale securities. Question 10. Question : (TCO 5) A business offers credit terms of 1/15, n/30. These terms indicate that the total amount of the invoice must be paid within 15 days. a discount of 1% can be taken if the invoice is paid within 15 days. the buyer can take a 1% discount if the bill is paid within 15 or 30 days. no discount is offered for early payment. Devry acct212 weeek 3 checkpoints latest 2015

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    10/12/2015

    TheAceStudent:Devryacct212weeek3checkpointslatest2015

    Devryacct212weeek3checkpointslatest2015
    Devryacct212weeek3checkpointslatest2015
    Question1.Question:
    (TCO5)Thetwomostcommontypesoffraudimpactingfinancialstatementsare
    fraudulentfinancialreportingandecommercefraud.
    misappropriationofassetsandembezzlement.
    fraudulentfinancialreportingandmisappropriationofassets.
    cookingthebooksandfraudulentfinancialreporting.
    Question2.Question:
    (TCO5)Whichofthefollowingisatruestatementregardingfraud?
    Fraudiscommittedwhenanerrorismade.
    Frauddoesnotoccurinnotforprofitorganizations.
    Theexpansionofecommercehascausedfraudtodecrease.
    Mostbusinessessurveyedhadexperiencedfraud.
    Question3.Question:
    (TCO5)Internalcontrolisaplanoforganizationandsystemofproceduresimplementedby
    company_____andthe_____designedtoaccomplishfiveobjectives.
    internalauditors,employees
    externalauditors,management
    management,boardofdirectors
    employees,boardofdirectors
    Question4.Question:
    (TCO5)Afidelitybondisa(n)
    employmentcontractforaspecifiedperiodoftime.
    insurancepolicythatreimbursesacompanyforemployeetheft.
    contractprohibitingformeremployeesfromworkingforacompetitor.
    promisebyacompanytosafeguardcustomerspersonalinformation.
    Question5.Question:
    (TCO5)Properseparationofdutiesandphysicalsafeguardstoprotectassetsfromtheftarepartof
    acompanys
    informationsystem.
    controlprocedures.
    controlmonitoring.
    personnelmaintenance.
    Question6.Question:
    (TCO5)Ecommercepitfallsincludeallofthefollowingexcept
    stolencreditcardnumbers.
    phishingexpedition.
    encryptionreporting.
    Trojanhorses.
    Question7.Question:
    (TCO5)Whenpreparingabankreconciliation,whichofthefollowingitemsshouldbeaddedtothe
    bookbalance?
    EFTreceipts
    Depositsintransit
    Collectionitems
    BothEFTreceiptsandcollectionitems
    data:text/htmlcharset=utf8,%3Ch3%20class%3D%22posttitle%20entrytitle%22%20itemprop%3D%22name%22%20style%3D%22margin%3A%200px%3B

    1/2

    10/12/2015

    TheAceStudent:Devryacct212weeek3checkpointslatest2015

    Question8.Question:
    (TCO5)Whichofthefollowingisanaccuratestatementregardingcashreceiptsoverthecounter?
    Thepointofsaleterminalelectronicallytransmitsarecordofthesaletothestoresmaincomputer.
    Employeesshouldtakethedeposittothebank.
    Thecashiershouldreconciletheelectronicrecordofthesalespertheterminaltotherecordofcash
    received.
    Pointofsaleterminalscannotassistininventorycontrol.
    Question9.Question:
    (TCO5)Anothernameforshortterminvestmentsis
    equityinvestments.
    marketablesecurities.
    marketinvestments.
    availableforsalesecurities.
    Question10.Question:
    (TCO5)Abusinessofferscredittermsof1/15,n/30.Thesetermsindicatethat
    thetotalamountoftheinvoicemustbepaidwithin15days.
    adiscountof1%canbetakeniftheinvoiceispaidwithin15days.
    thebuyercantakea1%discountifthebillispaidwithin15or30days.
    nodiscountisofferedforearlypayment.
    Devryacct212weeek3checkpointslatest2015

    data:text/htmlcharset=utf8,%3Ch3%20class%3D%22posttitle%20entrytitle%22%20itemprop%3D%22name%22%20style%3D%22margin%3A%200px%3B

    2/2

    You might also like