Question 1: What is the role of the Sarbanes-Oxley Act and the Public Company Accounting Oversight Board?
Question 2: What is an example of incentive as one of the three elements causing a person to commit fraud? Need Assignment Help?
Question 3: Why is it important to have a very sound and well-developed internal control structure?
Question 4: What is the purpose of the bank reconciliation?
Question 5: What is the matching principle?
Question 6: On January 1, a flower shop contracts with customers to provide flowers for their wedding on June 2. The total contract price is $3,000, payable in equal installments for the next six months on the first of each month (with the first payment due January 1). How much will be recorded as revenue during the month of April?
Question 7: What are some possible negative signals when the product of the accounts receivable turnover ratio is lower (i.e., fewer times)?
Question 8: What is the installment method?
Question 9: What should be done if differences are found between the bank statement and the book account?
Question 10: Why is it important to have a petty cash fund available in a company?
Question 11: Discuss the importance of a company having proper insurance and bonding its employees.
Question 12: What are the two most common receivables ratios, and what do these ratios tell a stakeholder about the company?