CORRECT TEXT ______________ is required not only for theft, but for procedures to detect errors, avoid waste and insure a proper amount of inventory is maintained.
____________ is a process by which a bookkeeper records all transactions and can adjust the books.
A. Journal Entries
B. Accounting Cycle
C. Financial statement
D. None of all
Skimming is:
A. The removal of cash from a victim entity prior to its entry in an accounting system.
B. The addition of cash from a victim entity prior to its entry in an accounting system.
C. The removal of cash from a victim entity after its entry in an accounting system.
D. None of above
The principal way to detect omitted credits from books of account is through:
A. Forced Balance
B. Trend analysis
C. Expense account
D. None of all
_________ revenues involve the recording sales of goods or services hat did not occur.
A. Fictitious or fabricated revenues
B. Financial revenues
C. Red flag revenues
D. Concealed revenues
Which of the following are used in a short term skimming scheme?
A. Unrecorded sales, understated sales and theft of incoming checks
B. Unrecorded sales, understated sales and dual endorsements
C. False company accounts, understated sales and theft of incoming checks
D. Understated sales, theft of incoming checks and check-for-currency substitutions
A __________ is a day-by-day, or chronological, record of transactions
A. Asset
B. Journal
C. Checkbook
D. Ledger
Any expenses that are incurred but not paid by the end of the year are counted in our records of profit and loss, are called:
A. Accruals
B. Depreciations
C. Expenses
D. Financial record