When certain customers made cash payments to reduce their accounts receivable, the bookkeeper embezzled the cash and wrote off the accounts as uncollectible. Which control procedure would most likely prevent this irregularity?
a. segregation of duties
b. accounting records
c. accounting system
d. access controls
A
You might also like to view...
Which of the following will aid in the effective communication process across cultures?
A) Learn how to communicate respect in various cultures B) Understand that all members of each culture have certain practices that are true across all cultural members C) Control the communication to ensure the message is shaped to your needs D) Teach others how to communicate well in your cultural context E) Identify differences in others and aid in their need to minimize those differences
Exhibit 7-2 Edwards Co purchased raw materials with a cost of $95,000 on March 2, 2015. Credit terms of 3/20, n/60 applied. Refer to Exhibit 7-2. If Edwards uses the net method and pays for the purchase on March 31, 2015, what amount is recorded in the Purchase Discounts Lost account?
A) $0 B) $2,850 C) $4,000 D) $8,000
If the auditor identifies a risk of material misstatement due to fraud related to debt obligations or stockholders' equity accounts, the auditor needs to determine the appropriate responses, potentially including changing the nature, timing, and extent of audit procedures
a. True b. False Indicate whether the statement is true or false
Merry Music Inc and Nayda enter into a contract for Nayda to write six songs for which Merry Music agrees to pay her. Nayda transfers her right to payment under the contract to Omni Artists Agency. In the transfer of rights, Nayda is
a. a delegator. b. an assignor. c. an obligor. d. an alien.