Quiz Ch 04 – The Fraud Triangle and Weak Internal Controls
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
Which element of the fraud triangle is the result of weak internal controls?
Which element of the fraud triangle is the result of weak internal controls?
What are the three key duties that should always be separated in a good system of internal controls?
What is the main mechanism for preventing, detecting, or correcting fraud?
Which type of fraud is the most common, and which type is the most expensive?
What is the additional objective of internal controls besides compliance, efficiency, asset safeguarding, and employee policy adherence?
Who is responsible for implementing internal control in a company?
What is the usage of debit cards in business transactions?
What are the key provisions of the Sarbanes-Oxley Act of 2002?
Which transactions require a journal entry?
What are the characteristics of a company’s petty cash fund?