ACCT 212 CheckPoints Week 3 Quiz-DeVry University( 100% CORRECT)

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.ACCT 212 CheckPoints Week 3 Quiz-DeVry University( 100% CORRECT) Question : (TCO 5) The three main components of the fraud triangle are Student Answer: rationalization, opportunity, and gr... eed. opportunity, motive, and lack of ethics. motive, opportunity, and rationalization. None of the above Instructor Explanation: See Chapter 4. Points Received: 3 of 3 Comments: Question 2. Question : (TCO 5) Fraudulent financial reporting Student Answer: is committed by lower level employees of a company. makes the company appear in poor financial condition. deceives investors and creditors. involves stealing cash or inventory from the company Instructor Explanation: See Chapter 4. Points Received: 3 of 3 Comments: Question 3. Question : (TCO 5) Internal controls are designed to accomplish five objectives: comply with legal requirements, promote operational efficiency, safeguard assets, encourage employees to follow company policy, and Student Answer: prevent embezzlement. prevent collusion. ensure accurate, reliable external audits. ensure accurate, reliable accounting records. Instructor Explanation: See Chapter 4. Points Received: 3 of 3 Comments: Question 4. Question : (TCO 5) Requiring employees to take annual vacations is a part of which characteristic of internal control? Student Answer: Assignment of responsibilities Separation of duties Proper authorization Competent and reliable personnel Instructor Explanation: See Chapter 4. Points Received: 0 of 3 Comments: Question 5. Question : (TCO 5) Hints of where fraud, mistakes, or financial harm can occur in a company is called Student Answer: the control environment. risk assessment. control procedures. the tone at the top. Instructor Explanation: See Chapter 4. Points Received: 3 of 3 Comments: Question 6. Question : (TCO 5) E-commerce pitfalls include all of the following except Student Answer: stolen credit card numbers. phishing expedition. encryption reporting. Trojan horses. Instructor Explanation: See Chapter 4. Points Received: 3 of 3 Comments: Question 7. Question : (TCO 5) When preparing a bank reconciliation, which of the following items should be added to the book balance? Student Answer: EFT receipts Deposits in transit Collection items Both EFT receipts and collection items Instructor Explanation: See Chapter 4. Points Received: 3 of 3 Comments: Question 8. Question : (TCO 5) When a company receives cash by mail Student Answer: all incoming mail containing cash receipts should be opened by the accounting department. the mailroom sends all customer checks to the internal audit department. the remittance advice goes to the accounting department for preparation of the journal entries. the bank deposit is prepared by the mail room. Instructor Explanation: See Chapter 4. Points Received: 3 of 3 Comments: Question 9. Question : (TCO 5) Another name for short-term investments is Student Answer: equity investments. marketable securities. market investments. available-for-sale securities. Instructor Explanation: See Chapter 5. Points Received: 3 of 3 Comments: Question 10. Question : (TCO 5) If a buyer takes advantage of a sales discount, the journal entry recorded by the seller will include a(n) Student Answer: debit to cash and a credit to sales discount. debit to cash and a debit to sales discount. debit to cash and debit to accounts receivable. debit to cash and debit to sales returns and allowances. Instructor Explanation: See Chapter 5. Points Received: 3 of 3 Comments: [Show More]

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