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 )