Account Exam Questions Chapter 2.0
Save Groups
The Sarbanes-Oxley Act ● Maintain an adequate system of internal control.
requires that all major U.S.
corporations:
● Maintain an adequate
system of internal control.
● Must file reports with
the National Commission
on fraudulent Financial
Reporting.
● Prepare bank
reconciliations monthly.
● Maintain a petty cash
fund.
The fraud triangle consists Opportunity, rationalization and financial pressure
of three factors:
, Which of the following is Companies must file financial statements with the
not required by the Internal Revenue Service.
Sarbanes-Oxley Act?
● The Public Company
Accounting Oversight
Board was created to
establish auditing
standards and regulate
auditor activity.
● All publicly traded
companies must maintain
adequate internal
controls.
● Corporate executives
and board of directors
must ensure that controls
are reliable and effective
and they can be fined or
imprisoned for failure to
do so.
● Companies must file
financial statements with
the Internal Revenue
Service.
The use of cash register Documentation procedures.
tapes is an example of:
● Documentation
procedures.
● Independent internal
verification.
● Other controls.
● Physical controls.
Save Groups
The Sarbanes-Oxley Act ● Maintain an adequate system of internal control.
requires that all major U.S.
corporations:
● Maintain an adequate
system of internal control.
● Must file reports with
the National Commission
on fraudulent Financial
Reporting.
● Prepare bank
reconciliations monthly.
● Maintain a petty cash
fund.
The fraud triangle consists Opportunity, rationalization and financial pressure
of three factors:
, Which of the following is Companies must file financial statements with the
not required by the Internal Revenue Service.
Sarbanes-Oxley Act?
● The Public Company
Accounting Oversight
Board was created to
establish auditing
standards and regulate
auditor activity.
● All publicly traded
companies must maintain
adequate internal
controls.
● Corporate executives
and board of directors
must ensure that controls
are reliable and effective
and they can be fined or
imprisoned for failure to
do so.
● Companies must file
financial statements with
the Internal Revenue
Service.
The use of cash register Documentation procedures.
tapes is an example of:
● Documentation
procedures.
● Independent internal
verification.
● Other controls.
● Physical controls.
