*NURSING > EXAM > Park University - AC 201AC201 CH7 ASSIGNMENT (All)

Park University - AC 201AC201 CH7 ASSIGNMENT

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Your answer is correct. Match each situation with the fraud triangle factor (opportunity, financial pressure, or rationalization) that best describes it. (a) An employee’s monthly credit card pay ... ments are nearly 75% of their monthly earnings. Financial Pressure (b) An employee earns minimum wage at a firm that has reported record earnings for each of the last five years. Rationalizatio n (c) An employee has an expensive gambling habit. Financial Pressure (d) An employee has check writing and signing responsibilities for a small company, and is also responsible for reconciling the bank account. Opportunity Your answer is correct. The internal control procedures in Edmiston Company make the following provisions. Identify the principles of internal control that are being followed in each case. (a) Employees who have physical custody of assets do not have access to the accounting records. Segregation of Duties (b) Each month, the assets on hand are compared to the accounting records by an internal auditor. Independent Internal Verification (c) A prenumbered shipping document is prepared for each shipment of goods to customers. Documentation Procedures Your answer is correct. Halleran Company has the following internal control procedures over cash receipts. Identify the internal control principle that is applicable to each procedure. (a) All over-the-counter receipts are entered in cash registers. Physical controls (b) All cashiers are bonded. Human resource controls (c) Daily cash counts are made by cashier department supervisors [Show More]

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