A) The act of stealing a business’ assets
B) The preparation of fraudulent financial statements
C) The process that helps a business achieve its objectives such as operating efficiently and effectively
D) The reconciliation of the bank’s cash balance to the book’s cash balance
A) Authorizing transactions
B) Keeping accounting records
C) Hiring personnel
D) Maintaining custody of assets
A) Mandatory vacations
B) Risk assessment
C) Security measures
D) Proper authorization
A) Perceived Pressure
B) Rationalization
C) Perceived Risk
D) Perceived opportunity
A) debits to various expense accounts and a credit to Petty Cash Fund
B) debits to various expense accounts and a credit to Cash
C) a debit to Petty Cash Fund and a credit to Cash
D) a debit to Cash and a credit to Petty Cash
A) outweighs the benefits of the system.
B) has nothing to do with the effectiveness of the internal control system.
C) can prevent collusion.
D) can limit employee distractions.
A) Monitoring
B) Control environment
C) Control activities
D) Risk assessment
A) Monitoring
B) Control environment
C) Information and communication
D) Risk assessment
A) Added to the bank statement balance
B) Added to the book balance
C) Deducted from the bank statement balance
D) Deducted from the book balance
A) A deduction of $9 from the bank statement balance
B) An addition of $9 to the bank statement balance
C) A deduction of $9 from the book balance
D) An addition of $9 to the book balance
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