ACCT 212 - Week 3 Checkpoint review updated solution docs 2020 DeVry University

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ACCT 212 - Week 3 Checkpoint review updated solution docs 2020 DeVry University 1. The two most common types of fraud impacting financial statements are 2. Which of the following is a true stateme... nt regarding fraud? 3. The primary way that fraud is prevented and detected is through a proper system of 4. The information system component of internal control 5. _____ rearranges messages by a mathematical formula making the message impossible to read by someone who does not know the code. 6. 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 7. Cash requires specific internal controls because 8. A business offers credit terms of 1/15, n/30. These terms indicate that 9. 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 10. Which of the following is a true statement regarding fraud? 11. The primary way that fraud is prevented and detected is through a proper system of 12. Requiring employees to take annual vacations is a part of which characteristic of internal control? 13. Hints of where fraud, mistakes, or financial harm can occur in a company is called 14. Creating bogus websites for the purpose of stealing unauthorized data is a(n) 15. Deposits that have been recorded on the book, but have not yet been recorded by the bank are 16. Which of the following is an accurate statement regarding cash receipts over the counter? 17. Which of the following is a true statement about sales? 18. The three main components of the fraud triangle are 19. Fraudulent financial reporting 20. Internal controls are designed to accomplish five objectives: comply with legal requirements, promote operational efficiency, safeguard assets, encourage employees to follow company policy, and 21. Requiring employees to take annual vacations is a part of which characteristic of internal control? 22. Proper separation of duties and physical safeguards to protect assets from theft are part of a company's 23. _____ rearranges messages by a mathematical formula making the message impossible to read by someone who does not know the code. 24. Deposits that have been recorded on the book, but have not yet been recorded by the bank are 25. Which of the following is an incorrect statement regarding short-term investments? 26. Which of the following is a true statement about sales? 27. The three main components of the fraud triangle are 28. Which of the following is a true statement regarding fraud? 29. Internal controls are designed to accomplish five objectives: comply with legal requirements, promote operational efficiency, safeguard assets, encourage employees to follow company policy, and 30. The "tone at the top" 31. The information system component of internal control 32. Creating bogus websites for the purpose of stealing unauthorized data is a(n) 33. Which of the following is an accurate statement regarding cash receipts over the counter? 34. Short-term investments 35. If a buyer takes advantage of a sales discount, the journal entry recorded by the seller will include a(n) 36. 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 37. Internal controls are designed to accomplish five objectives: comply with legal requirements, promote operational efficiency, safeguard assets, encourage employees to follow company policy, and 38. The information system component of internal control 39. 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 40. Cash requires specific internal controls because 41. Another name for short-term investments is 42. Which of the following is a true statement about sales? [Show More]

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