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ACC 556 WEEK 4 CHAPTER 7 HOMEWORK

ACC 556 WEEK 4 CHAPTER 7 HOMEWORK

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Author: Christine Farr
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·       QUESTION 1

1 out of 1 points
 
 
 
The most important element of the fraud triangle is rationalization.

 
 
 
 
 
 
 
·       QUESTION 2

1 out of 1 points
 
 
 
Requiring employees to take vacations is a weakness in the system of internal controls because it does not promote operational efficiency.

 
 
 
 
 
 
 
·       QUESTION 3

0 out of 1 points
 
 
 
Under an effective system of internal control, errors occur only as a result of fraud or dishonesty.

 
 
 
 

 
 
 
·       QUESTION 4

1 out of 1 points
 
 
 
Control over cash disbursements is improved if major expenditures are paid by check.

 
 
 
 
 
 
 
·       QUESTION 5

1 out of 1 points
 
 
 
Cash equivalents are highly liquid investments that can be converted into a specific amount of cash.

 
 
 
 

 
 
 
·       QUESTION 6

1 out of 1 points
 
 
 
Which of the following is not one of the main factors that contribute to fraudulent activity?

 
 
 
 
.

 
 
 
·       QUESTION 7

1 out of 1 points
 
 
 
Under the concept of establishment of responsibility, how many people should have the ultimate responsibility?

 
 
 
 
.

 
 
 
·       QUESTION 8

1 out of 1 points
 
 
 
A consequence of separation of duties is that

 
 
 
 
.

 
 
 
·       QUESTION 9

1 out of 1 points
 
 
 
In large companies, the independent internal verification procedure is often assigned to

 
 
 
 
.


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