DEVRY ACCT212 WEEEK 3 CHECKPOINTS LATEST

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.

Order your essay today and save 30% with the discount code: KIWI20