a) discouraging collusion between employees and customers or vendors
b) effective investigations of fraud symptoms
c) having a good system of internal controls
d) creating an expectation of punishment in the company
a) fraud incident, assessing risk, investigation, reporting
b) fraud incident, investigation, action, resolution
c) assessing risk, fraud incident, investigation, resolution
d) assessing risk, investigation, implementing a fraud program, reporting
a) doing a good job of integrity risk assessment
b) having a positive organization where effective fraud teaching and training is conducted
c) setting a proper example or modeling appropriate management behavior
d) both b and c
Students also viewed
Recent flashcard sets
Sets found in the same folder
Other sets by this creator
Titanic Corporation’s net income for the year ended December 31, 2019, is $380,000. On June 30, 2019, a$0.75 per-share cash dividend was declared for all common stockholders. Common stock in the amount of 38,000 shares was outstanding at the time. The market price of Titanic’s stock at year end (12/31/19) is $18 per share. Titanic had a$1,100,000 credit balance in retained earnings at December 31, 2018.
Prepare Titanic’s retained earnings statement for the year ended December 31, 2019, assuming the 2018 tax rate was 30%.
On July 1, Lula Plume created a new self-storage business, Safe Storage Co. The following transactions occurred during the company's first month.
July 1 Plume invested $30,000 cash and buildings worth$150,000 in the company in exchange for common stock. 2 The company rented equipment by paying $2,000 cash for the first month's (July) rent. 5 The company purchased$2,400 of office supplies for cash. 10 The company paid $7,200 cash for the premium on a 12-month insurance policy. Coverage begins on July 11. 14 The company paid an employee$1,000 cash for two weeks salary earned. 24 The company collected $9,800 cash for storage fees from customers. 28 The company paid$1,000 cash for two weeks' salary earned by an employee. 29 The company paid $950 cash for minor repairs to a leaking roof. 30 The company paid$400 cash for this month's telephone bill. 31 The company paid $2,000 cash in dividends.
The company's chart of accounts follows.
101 Cash 307 Common Stock 640 Rent Expense 106 Accounts Receivable 318 Retained Earnings 650 Office Supplies Expense 124 Office Supplies 319 Dividends 684 Repairs Expense 128 Prepaid Insurance 401 Storage Fees Earned 688 Telephone Expense 173 Buildings 606 Depreciation Expense-Buildings 901 Income Summary 174 Accumulated Depreciation-Buildings 622 Salaries Expense 209 Salaries Payable 637 Insurance Expense
Use the balance column format to set up each ledger account listed in its chart of accounts.
Prepare journal entries to record the transactions for July and post them to the ledger accounts. Record prepaid and unearned items in balance sheet accounts.
Prepare an unadjusted trial balance as of July 31.
Use the following information to journalize and post adjusting entries for the month:
a. Prepaid insurance of$400 has expired this month,
b. At the end of the month, $1,525 of office supplies are still available.
c. This month's depreciation on the buildings is$1,500.
d. An employee earned $100 of unpaid and unrecorded salary as of month-end.
e. The company earned$1,150 of storage fees that are not yet billed at month-end,
Prepare the adjusted trial balance as of July 31. Prepare the income statement and the statement of retained earnings for the month of July and the balance sheet at July 31.
Prepare journal entries to close the ternporary accounts and post these entries to the ledger.
Prepare a post-closing trial balance.