Csu act 205 exam 2 - Study guides, Class notes & Summaries

CSU ACT 205 Exam 2 Questions and Correct Answers Reasons for incorrect financial statements - ANSWER errors fraud Occupational fraud - ANSWER the use of one's occupation for personal enrichment through the deliberate misuse or misapplication of the employer's resources. -2 parts: misuse of resources and financial statement manipulation Fraud triangle - ANSWER three elements present in fraudulent activity= opportunity, financial pressure, rationalizatio...

CSU ACT 205 EXAM 2 Questions and Answers Occupational fraud: - ANSWER Is the use of one's occupation for personal enrichment through the deliberate misuse or misapplication of the employing organization's resources. Which element of the fraud triangle do companies have the greatest ability to eliminate? - ANSWER Opportunity. Under the Sarbanes-Oxley Act, management is responsible for: - ANSWER The reliability of financial statements The component of internal c...

CSU ACT 205 Exam Questions and Answers All Correct What are the 2 primary functions of financial accounting? - ANSWER to measure activities of a company and communicate those measurements to investors What 3 fundamental business activities does financial accounting measure? - ANSWER cing activities 2. investing activities 3. operating activities financing activities - ANSWER includes transactions the business has with creditors and investors such as is...

CSU ACT 205 Exam 1 Questions and Correct Answers What are the 2 primary functions of financial accounting? - ANSWER to measure activities of a company and communicate those measurements to investors What 3 fundamental business activities does financial accounting measure? - ANSWER cing activities 2. investing activities 3. operating activities financing activities - ANSWER includes transactions the business has with creditors and investors such as issuing...