ACC 221 FINAL EXAM ACTUAL EXAM PAPER
2026 QUESTIONS WITH SOLUTIONS GRADED
A+
◉ Access Controls. Answer: Controlling access through passwords,
lockouts, and electronic logs prevents unauthorized use and allows
the company to track system activity.
◉ Physical Audits. Answer: Manually counting cash or physical
assets like inventory to verify that recorded balances are accurate.
Helps undercover discrepancies that electronic records might miss,
all makes sure that assets are accounted for.
◉ Standardized Documentation. Answer: Invoices and receipts that
ensure consistent record keeping and makes it easier to review past
transactions.
◉ Trial Balances. Answer: A double-entry accounting system that
increases reliability by keeping the books balanced.
◉ Reconciliations. Answer: Comparing your accounting records with
external records like bank statements or supplier accounts to ensure
to balances match
, ◉ Approval Authority. Answer: Requiring manager authorization for
certain transactions ensuring they are approved by the proper
authority
◉ Scanning a student ID to enter the Rec Center - Ensures only
authorized individuals can access the facility. Answer: Access
Controls
◉ Employee login required for cash register use at Kroger - Prevents
unauthorized access to financial statements. Answer: Access
Controls
◉ At Brick Street, the employee who collects cash from customers is
not the same person who deposits is at the bank - Prevents fraud by
ensuring no single person has control over an entire financial
process. Answer: Separation of Duties
◉ At Wal-Mart, one employees processes supplier invoices while
another approves payments - Reduces the risk of unauthorized
transactions. Answer: Separation of Duties
◉ At the Rec Center, the total money collected from guest passes at
the front desk is compared to the system records at the end of the
day. Answer: Reconciliations
2026 QUESTIONS WITH SOLUTIONS GRADED
A+
◉ Access Controls. Answer: Controlling access through passwords,
lockouts, and electronic logs prevents unauthorized use and allows
the company to track system activity.
◉ Physical Audits. Answer: Manually counting cash or physical
assets like inventory to verify that recorded balances are accurate.
Helps undercover discrepancies that electronic records might miss,
all makes sure that assets are accounted for.
◉ Standardized Documentation. Answer: Invoices and receipts that
ensure consistent record keeping and makes it easier to review past
transactions.
◉ Trial Balances. Answer: A double-entry accounting system that
increases reliability by keeping the books balanced.
◉ Reconciliations. Answer: Comparing your accounting records with
external records like bank statements or supplier accounts to ensure
to balances match
, ◉ Approval Authority. Answer: Requiring manager authorization for
certain transactions ensuring they are approved by the proper
authority
◉ Scanning a student ID to enter the Rec Center - Ensures only
authorized individuals can access the facility. Answer: Access
Controls
◉ Employee login required for cash register use at Kroger - Prevents
unauthorized access to financial statements. Answer: Access
Controls
◉ At Brick Street, the employee who collects cash from customers is
not the same person who deposits is at the bank - Prevents fraud by
ensuring no single person has control over an entire financial
process. Answer: Separation of Duties
◉ At Wal-Mart, one employees processes supplier invoices while
another approves payments - Reduces the risk of unauthorized
transactions. Answer: Separation of Duties
◉ At the Rec Center, the total money collected from guest passes at
the front desk is compared to the system records at the end of the
day. Answer: Reconciliations
