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Learning Objectives:
CHAPTER 4
Describe fraud and its
impact
Explain the...
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Accounting
Could make a answerfast you can please! Thank you!
Learning Objectives:CHAPTER 4
Describe fraud and itsimpact
Explain the objectives and components ofinternal control
Design and use a bankreconciliation
Evaluate internal controls over cashreceipts and cash payments
Construct and use acash budget
Report cash on the balancesheet
EXAMPLE OF WHAT I'M LOOKING FOR:
One thing I found challenging was the credits and debitsconcept from chapter two and matching them up, (common stock wouldbe a cash debit and stock credit). Once I got it down it was one ofthose "why didn't it make sense to me sooner" moments but at thetime I didn't understand and would switch things. How I approachedthe chapter was really to make sure I understood all the terms, ienotes payable, accounts receivable, etc. Being able to understandthem without going back to the textbook made the process a bitfaster and overall easier. Another thing was really takingadvantage of the internet and that if there was something in thetextbook I didn't understand, looking it up on Google and goingthrough different websites and tutorials. While going through theproblems I made sure to take as thorough notes as I could withinformation that I knew would help me moving forward, targeting theproblems that were difficult for me. Being able to go back and readthrough something that was written in a way that made the mostsense to me as an individual definitely proved helpful. I alsoSkyped a friend who is currently enrolled in a financial accountingclass and we would work through problems together.
Answer & Explanation
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Fraud and its impact Fraud is the crime of gaining money or financial benefits by a trick or by lying A fraud is something or someone that deceives people in a way that is illegal or dishonest Fraud is a deliberate misrepresentation that causes a person or business to suffer damages often in the form of monetary losses through deception or concealment Impact of fraud Fewer pay increases Increased layoffs Greater pressure to increase revenue Decreases in employee benefits Low employee morale Negative publicity for the organization Financial Loss External Confidence Company Morale Increased Audit Costs Objectives and components of internal control Objectives of Internal control Operations Refers to the effectiveness and efficiency of the organizations operations including operations and financial performance goals and safeguarding assets against loss Reporting Relates to internal and external financial and nonfinancial reporting and may incorporate reliability timeliness transparency and additional terms as set forth by regulators recognized standard setters or the entitys policies Compliance Relates to adherence to laws and procedures to which the entity is subject Internal Control consists of five interrelated components Control Environment Risk Assessment Control Activities Information and Communication Monitoring Design and use Bank Reconciliation Designing Bank Reconciliation The first step is to compare opening
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