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WorksheetsChapter 8 Fraud, Internal Control and Cash
Total questions: 10
Worksheet time: 3mins
True or False: Does SOX stand for Sarbanes-Oxley Act?
True
False
What is one of the six primary components of Internal Control?
Establishment of Responsibility
Safeguard Assets
Efficiency of Operations
Financial Pressure
What are the three factors that contribute to fraudulent activity?
Reliable, Effective, and Independent
Opportunity, Financial Pressure, and Rationalization
Safety, Responsibility, and Application
Identify, Recall, and Fortitude
What year did the Sarbanes-Oxley Act get passed?
2000
2022
2002
2021
What is one purpose of Internal Control?
Balance of Cash
Bank memorandum
Segregation of duties
Ensure compliance with laws and regulations
What is a reason for a time lag?
Deposits in transit
Employee Malfunction
Fraudulent Activity
Server Issues
What does GAAP stand for?
Generally Accounted Accessing Principles
Generally Accepted Accounting Principles
Generally Accepted Accounting Policies
Name a type of physical control
Phone
Notepad
Safety Deposit Boxes
House
What does CPA stand for?
Certified Paper Accounting
Certified Professional Accountant
Certified Private Accountant
Certified Public Accountant
What is the entry for a NSF Check?
Debit: Accounts Receivable
Credit: Cash
Debit: Cash
Credit: Accounts Payable
Debit: Bank Charge Expense
Credit: Cash
Debit: Cash
Credit: Accounts Receivable
