Summary of chapter 7 - Chapter 7 1 Define fraud and...

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Chapter 7 1 Define fraud and internal control. A fraud is a dishonest act by an employee that employee at a cost to the employer. The fraud triangle refers to the three factors tha employees: opportunity, financial pressure, and rationalization. Internal control con measures adopted within an organization to safeguard its assets, enhance the reliab efficiency of operations, and ensure compliance with laws and regulations. 2 Identify the principles of internal control activities. The principles of internal co responsibility; segregation of duties; documentation procedures; physical controls; human resource controls. 3 Explain the applications of internal control principles to cash receipts. designating only personnel such as cashiers to handle cash; (b) assigning the duties having custody of cash to different individuals; (c) obtaining remittance advices fo over-the-counter receipts, and deposit slips for bank deposits; (d) using company s access limited to authorized personnel, and using cash registers in executing over-t
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This note was uploaded on 11/06/2011 for the course ACCOUNTING ac 201 taught by Professor - during the Spring '11 term at Montgomery.

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Summary of chapter 7 - Chapter 7 1 Define fraud and...

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