ACCT 212 DeVry Week 3 Complete Work Latest



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ACCT 212 DeVry Week 3 Complete Work Latest

ACCT 212 DeVry Week 3 Discussion 1

Unfortunately, a quick scan of the business news will normally result in reports of unethical business behavior. To prove this point, let’s start with a review of the news for stories about fraud and other unethical behavior in business. You can use the University Library to start your search. Once you have located an article share it with the class by developing a summary of the important information. Make sure that you give credit to your source.

ACCT 212 DeVry Week 3 Discussion 2

Discussion 2 Go to Course Home and review the Course Project tab. Then download the Course Project template from Doc Sharing. In this graded discussion, we will be examining the operation of the Accounting Information System (AIS) with the use of problems and exercises from your textbook. The goal is to cover all of the requirements to ensure an opportunity for your successful completion of the Course Project.

Let’s start with a review of the first three requirements of the Course Project. Explain why it is important to analyze each financial transaction of a business and to report it in the Accounting Information System. Suggestion: Revisit and review the Lecture tab in Weeks 1 and 2.

ACCT 212  DeVry Week 3 Course Project 1 Part A Rawls Repair Corporation

ACCT 212 DeVry Week 3 Check Point

(TCO 5) The two most common types of fraud impacting financial statements are

fraudulent financial reporting and e-commerce fraud.

misappropriation of assets and embezzlement.

fraudulent financial reporting and misappropriation of assets.

cooking the books and fraudulent financial reporting.

Question 2. Question :

(TCO 5) Which of the following is a true statement regarding fraud?

Fraud is committed when an error is made.

Fraud does not occur in not-for-profit organizations.

The expansion of e-commerce has caused fraud to decrease.

Most businesses surveyed had experienced fraud.

Question 3. Question :

(TCO 5) The primary way that fraud is prevented and detected is through a proper system of

checks and balances.

management directives.

internal control.

internal and external audits.

Question 4. Question :

(TCO 5) A fidelity bond is a(n)

employment contract for a specified period of time.

insurance policy that reimburses a company for employee theft.

contract prohibiting former employees from working for a competitor.

promise by a company to safeguard customers’ personal information.

Question 5. Question :

(TCO 5) Hints of where fraud, mistakes, or financial harm can occur in a company is called

the control environment.

risk assessment.

control procedures.

the tone at the top.

Question 6. Question :

(TCO 5) E-commerce pitfalls include all of the following except

stolen credit card numbers.

phishing expedition.

encryption reporting.

Trojan horses.

Question 7. Question :

(TCO 5) When preparing a bank reconciliation, which of the following items should be added to the book balance?

EFT receipts

Deposits in transit

Collection items

Both EFT receipts and collection items

Question 8. Question :

(TCO 5) Which of the following is an accurate statement regarding cash receipts over the counter?

The point-of-sale terminal electronically transmits a record of the sale to the store’s main computer.

Employees should take the deposit to the bank.

The cashier should reconcile the electronic record of the sales per the terminal to the record of cash received.

Point-of-sale terminals cannot assist in inventory control.

Question 9. Question :

(TCO 5) Which of the following is an incorrect statement regarding short-term investments?

Short-term investments are also called marketable securities.

Short-term investments are easily convertible to cash.

Short-term investments must be held for less than three months.

Short-term investments allow a company to invest cash and earn a return.

Question 10. Question :

(TCO 5) If a buyer takes advantage of a sales discount, the journal entry recorded by the seller will include a(n)

debit to cash and a credit to sales discount.

debit to cash and a debit to sales discount.

debit to cash and debit to accounts receivable.

debit to cash and debit to sales returns and allowances.