DEVRY ACCT 301 Week 4 Midterm- 3 Sets
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ACCT 301 Week 4 Midterm- 3 Sets
1.( TCO 1) Suppose your company sold $ 25,000 in merchandise to a customer for cash. How does this transaction impact the accounting equation?( Points: 12)
2.( TCO 2) Suppose your company sold $ 50,000 in merchandise to a customer for cash. How does this transaction impact the accounting equation?( Points: 12)
3.( TCO 3) Rationalization is one of the components of the fraud triangle. What types of rationalization could a person use to justify misconduct? How can a company protect itself from rationalization as a part of fraud?( Points: 12)
4.( TCO 4) What is horizontal analysis of financial statements? How does horizontal analysis differ from vertical analysis?( Points: 12)
1.( TCO 3) Separation of duties is a key feature in an internal control system. Why is separation of duties such an important internal control? Give an example of separation of duties as an internal control.( Points: 24)