ACG 2021 Exam 3 Questions and 100% Correct Answers
8 views 0 purchase
Module
ACG 2021
Institution
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...
what are three factors that contribute to fraudule
sarbanes oxley act applies to policy trade us
Written for
ACG 2021
ACG 2021
Seller
Follow
twishfrancis
Reviews received
Content preview
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller twishfrancis. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £7.17. You're not tied to anything after your purchase.
