ACC Society

Front

What is the correct formula for the Balance Sheet?

Back

Assetts = Liiabilities+ Equiitty

Front

Intentional deception to gain money or property is called:

Back

Fraud

Front

Which of the following is an example of an internal control in a company?Options: Letting one person handle all cash without oversight, Requiring two signatures for checks, Ignoring inventory discrepancies, Skipping account reconciliations

Back

Requiring two signatures for checks

Front

Debits are always recorded on the left side of an account.

Back

True

Front

Stealing cash directly from a company’s register is an example of:

Back

Embezzlement

Front

Internal auditors work inside the company

Back

True

Front

Which certification is most common for accountants in the U.S.?

Back

CPA

Front

Which certification is for fraud examiners?

Back

CFE

Front

Which form do individuals in the U.S. usually file for federal income tax?

Back

1040

Front

Which of the following best describes the purpose of internal controls in accounting? Options: To reduce employee workload, To eliminate all expenses, To increase company profits, To prevent and detect fraud

Back

To prevent and detect fraud