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ACG 2021 Exam 3 Questions and 100% Correct Answers
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  • Course
  • ACG 2021
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  • ACG 2021

What are three factors that contribute to fraudulent activity? 1. opportunity 2. financial pressure 3. rationalization Sarbanes-Oxley Act -applies to policy trade U.S. corporations -required to maintain a system of internal control with the help of internal auditors who also monitor its effectiven...

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Document information

  • August 11, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • acg 2021 exam 3 questions and 100 correct answers
  • what are three factors that contribute to fraudule
  • sarbanes oxley act applies to policy trade us

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  • ACG 2021
  • ACG 2021

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ACG 2021 Exam 3 Questions and 100%
Correct Answers
What are three factors that contribute to fraudulent activity? ✅1. opportunity
2. financial pressure
3. rationalization

Sarbanes-Oxley Act ✅-applies to policy trade U.S. corporations
-required to maintain a system of internal control with the help of internal auditors who
also monitor its effectiveness continuously

Accounts receivable are reported in the current assets section of the balance sheet at:
✅net realizable value

Which statement is true about reporting receivables on the balance sheet?
✅allowance for doubtful accounts is shown as a DEDUCTION from accounts
receivable on the balance sheet

Which of these statements about national credit card is incorrect? ✅the retailer
receives more cash when customers use national credit cards than when customers
pay with cash instead of credit cards

What type of receivable is evidenced by a formal instrument and normally requires the
payment of interest? ✅a note receivable

Which one of the following is not one of the principles of managing accounts
receivable? ✅determining from which vendor credit should be requested

When is a receivable recorded by a service organization? ✅when service is provided
on account

On the date a 90-day note is honored, how much cash will the payee receive? ✅face
value plus 90-days of interest

Which one of following is not one of the five basic issues in accounting for notes
receivable? ✅filling notes receivable

When a note receivable is paid on time and no interest has been previously accrued,
what will the journal entry to record the transaction contain? ✅two credits and one
debit

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