28.Which symbol represents accounting records?
29. Which symbol represents a document?
30. Which symbol represents a magnetic tape (sequential storage device)?
31. Which symbol
To discuss the evolution of accounting
Accounting is an ancient human
activity. From the time when men and
women first engage in trade, whether
for barter or money.
It must have been necessary to keep
some record of incomings and
outgoings, to which the
WHAT IS THE LINKAGE
BETWEEN TAX EVASION
STATISTICS TO SUPPORT
2 out of 2 points
The expenditure, conversion and revenue cycles exist in all types of businesses to include both
for profit and not for profit.
2 out of 2 points
Which statement i
TOPIC: Discuss the concept of lean accounting
and its application to Jamaicas
Lean Manufacturing was developed by
Toyota along with other Japanese
American and European companies
embraced lean manufacturing
Accounting for Business Decisions A
ACCOUNTING FOR Managerial
F o r t h e We e k C o m m e n c i n g J u l 2 7 , 2 0 1 5
R e c o r d i n g Tr a n s a c t i o n s
LO1: Describe the recording and reporting of receivables.
LO2: Understand the methods used to ac
LO1: Describe noncurrent assets and how they are recorded,
expensed and reported.
LO2: Calculate and comp
LO1:Understand the nature of financial statement analysis.
LO2:Assess profitability through t
LO1: Describe the contemporary view of acc
LO1:Describe the nature and behaviour of fixed and variable
LO2:Define and analyse mixed costs usin
Using four Career Choices, other
than Accounting, explain how
some fundamental accounting
principles and guidelinesact
ashelpful support for a successful
What is accounting?
Identify different four (4) differen
20.What are the six broad classes of physical control activities defined by SAS 78?
Transaction authorization, segregation of duties, supervision, access controls, accounting
records, independent verification
21. Explain the shell company frau
Chapter 3Ethics, Fraud, and Internal Control
1. The ethical principle of justice asserts that the benefits of the decision should be distributed fairly
to those who share the risks.
2. The ethical principle of informed consent sug
1. Entities outside the organization with a direct or indirect interest in the firm, such as stockholders,
financial institutions, and government agencies, are called _.
2. Location-independent sharingof data centers
43.Which of the following is not an issue to be addressed in a business code of ethics required by the
a. Conflicts of interest
b. Full and Fair Disclosures
c. Legal Compliance
d. Internal Reporting of Code Violations
e. All of the above are issues t
7. Which account is least likely to have a subsidiary ledger?
b. accounts receivable
c. fixed assets
8. Subsidiary ledgers are used in manual acc
27.When duties cannot be segregated, the most important internal control procedure is
b. independent verification
c. access controls
d. accounting records
28. An accounting system that maintains an adequate audit trail is impl
26. The fraud triangle represents a geographic area in Southeast Asia where international fraud is
27. Situational pressure includes personal or job related stresses that could coerce an individual to
19. Which of the following is not an element of the internal control environment?
a. management philosophy and operating style
b. organizational structure of the firm
c. well-designed documents and records
d. the functioning of the board of directors and
1. What are the main issues to be addressed in a business code of ethics required by the SEC?
Conflicts of interest, Full and Fair Disclosures, Legal Compliance, Internal Reporting of Code
2. List the fo
35.The office manager forgot to record in the accounting records the daily bank deposit. Which control
procedure would most likely prevent or detect this error?
a. segregation of duties
b. independent verification
c. accounting records
1. numeric-alphabetic checks look for the correct type of character content in a field, numbers or letters;
2. limit checks verify that values are within preset limits;
3. range checks verify the values fall with in an acceptable range
a. stealing cash from an organization before it is recorded
b. Stealing cash from an organization after it has been recorded
c. manufacturing false purchase orders, receiving reports, and invoices
d. A clerk pays a vendor twice for the
1. Which ethical principle states that the benefit from a decision must outweigh the risks, and that
there is no alternative decision that provides the same or greater benefit with less risk?
a. minimize risk
c. informed consent
11. Since all fraud involves some form of financial misstatement, how is Fraudulent Statement fraud
Fraudulent statements are associated with management fraud. While all fraud involves some
form of financial misstatement, to meet the defin
The COSO framework was the basis for SAS 78, but was designed as a management tool rather
than an audit tool. SAS 78, on the other hand, was developed for auditors and describes the
complex relationship between the firms internal controls, the audito