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Match the items below by entering the appropriate code letter in
the space provided.
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ACC 556 Chapter 7 Quiz (100% Score)
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Chapter 7 Quiz
Question 1
The most important element of the fraud triangle is
rationalization.
Question 2
Requiring employees to take vacations is a weakness in the system
of internal controls because it does not promote operational
efficiency.
Question 3
Under an effective system of internal control, errors occur only as
a result of fraud or dishonesty.
Question 4
Control over cash disbursements is improved if major
expenditures are paid by check.
Question 5
Cash equivalents are highly liquid investments that can be
converted into a specific amount of cash.
Question 6