The theory behind _____ is that if people know their work or activities will be monitored...
The theory behind _____ is that if people know their work or activities will be monitored by others, the opportunity to commit and conceal a fraud will be reduced.
a. documentation
b. segregation of duties
c. system of authorizations
d. independent checks
Homework Answers
d) INDEPENDENT CHECKS
Independent checks is the theory under control activities of a control structure , which states that if people know their work or activities will be monitored by others, the oppurtunity to commit and conceal a fraud will be reduced
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The theory behind _____ is that if
people know their work or activities will be monitored...
A smart fraudster usually manipulates which financial record in order to better avoid an audit trail?...
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2. Which of the following is an important reason to know the economic theory behind patterns...
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Match each of the following principles of internal control with the appropriate description below. A. Establishment...
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According to standard economic theory which is true? a. Choices people make, including the choice to...
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Novak Corporation sells coffee beans, which are sensitive to
price fluctuations. The following inventory information is
available for this product at December 31, 2018:
Coffee
Bean
Units
Unit Cost
Net Realizable
Value
Coffea arabica
11,700 bags
$5.60
$5.55
Coffea robusta
5,700 bags
3.40
3.50
Inventory at the lower of cost and net realizable value
$
84315
Prepare any journal entry required to record the LCNRV,
assuming that Novak uses a perpetual inventory system. (Round
answer to the nearest whole dollar,...
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2. Which of the following is an important reason to know the economic theory behind patterns in returns you trade on or recommend to clients? MARK ALL THAT APPLY (e.g., if you think A and B are right, mark AB on the answer key) (a) Impressing your friends with your knowledge (b) Understanding whether your trading strategy will persist into the future (c) Determining whether a strategy fits with the other risks in your client's portfolio, including human capital risks...
ON 4. (7 points) Below are descriptions of internal control problems. In the space to the left of each item, enter the code letter of the one best internal control principle that is related to the problem described. Internal Control Principles A. Segregation of duties B. Establishment of responsibility C. Human resource controls D. Physical controls E Documentation procedures F. Independent internal verification 1. The same person opens incoming mail and posts the accounts receivable subsidiary ledger. 2. Three people...
Novak Corporation sells coffee beans, which are sensitive to
price fluctuations. The following inventory information is
available for this product at December 31, 2018:
Coffee
Bean
Units
Unit Cost
Net Realizable
Value
Coffea arabica
11,700 bags
$5.60
$5.55
Coffea robusta
5,700 bags
3.40
3.50
Inventory at the lower of cost and net realizable value
$
84315
Prepare any journal entry required to record the LCNRV,
assuming that Novak uses a perpetual inventory system. (Round
answer to the nearest whole dollar,...
PROF. K. JEFFERS ASA COLLEGE ACC 160 11. Unconcealed larceny includes: a stealing with no attempt to cover up the theft b. falsified receiving reports that cover up a theft by recording a shortage or "defective goods" C altering inventory records to match the balance in the inventory account d all of the above 12. The greatest danger a company faces in the theft of inventory is: a lack of written procedures on exactly how inventory is to be recorded...
can contain vi XPIRED Most of the features of Word have been disabled. Reactivate exceeding benefits is premised on the concept of absolute assurance. d. 29). A voucher system is a series of prescribed control procedures a. to check the credit worthiness of customers. b. designed to assure that disbursements by check are proper. c. which eliminates the need for a sales journal d. specifically designed for small firms who may not have checking accounts. 30). Under a voucher system,...
20) In a revenue cycle with proper controls, the involved in any cash handling activities. A) accounts receivable clerk, treasurer B) accounts receivable clerk; controller C) cashier, controller D) cashier; treasurer who reports to the is not 21) A serious exposure in the revenue eyele is loss of assets. What is the related applicable control procedure that address this exposure? A) shipping errors: reconciliation of sales order with picking ticket and packing B) theft of cash; segregation of duties and...
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