Exam_I_Fall_2006

Exam_I_Fall_2006 - ACCOUNTANCY 321 Fall, 2006 EXAM I circle...

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Unformatted text preview: ACCOUNTANCY 321 Fall, 2006 EXAM I circle one: 9:00 a.m. class 1:00 p.m. class 7:00 p.m. class Name ________________________________ Internal Group # ___________ Professors Bob Capettini and Will Snyder 1. There are 18 pages and 5 questions (each with several subparts) on the exam. Question I 20 points Question II 18 points Question III 16 points Question IV 28 points Question V 18 points 2. For the essay questions, make your answers clear and specific. BE SURE TO ANSWER THE QUESTION WHICH IS ASKED (not some other question on the same topic). 3. Questions will be graded for PARTIAL CREDIT. You may receive partial credit ONLY FOR WRITTEN WORK we can follow. 4. DO NOT remove any pages from your test. 5. DO all of your work on this exam. DO NOT use any other sheets for scrap paper (other than your notes, WHICH MUST BE TURNED IN WITH YOUR EXAM). 6. You are expected to do your own work. 7. You will have two hours to take the exam. 1 I. What Internal Control procedure would provide protection against the following threats? You MUST relate the controls to the specific scenario in each part (that is, answers such as separation of duties, are NOT correct). (2 points each) A. Theft of goods by the shipping dock workers who claim that the inventory shortages reflect errors in the inventory records. ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ B. Authorizing a credit memo for a sales return when the goods were never actually shipped. ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ 2 C. Billing customers for the quantity ordered when the quantity shipped was actually less, due to back ordering of some items. ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ D. Theft of checks by the mailroom clerk who then endorsed the checks for deposit into the clerks personal bank account. ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ E. Theft of cash by a waiter who destroyed the customer sales ticket for customers who paid cash....
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This note was uploaded on 04/15/2008 for the course ACCT 321 taught by Professor Snyderandcappetini during the Spring '07 term at San Diego State.

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Exam_I_Fall_2006 - ACCOUNTANCY 321 Fall, 2006 EXAM I circle...

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