Accounting Study Guide 78

Accounting Study Guide 78 - Chapters7&8 .

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Accounting Study Guide Chapters 7 & 8 Sarbanes-Oxley Act of 2002  is considered one of the most important and significant laws  affecting publicly held companies in recent history.  Emphasizes importance of internal controls, Internal Control  is broadly defined as the procedures and processes used by a company to  safeguard its assets, process information accurately and ensure compliance with laws and  regulations. Employee Fraud  is the intentional act of deceiving an employer for personal gain. Elements of internal control  1. Control environment 2. Risk assessment 3. Control procedures 4. Monitoring 5. Information and communication Cash  includes coins, currency, checks, money orders, and money on deposits. Cash short and over account  are accounts that record differences in cash sales. Electronic funds transfer  which is automatic electronic transfers of funds to other accounts.
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