exam 2 pt 2

what is the most common business fraud?

• misappropriation of assets

• tax fraud

• bouncing checks

separation of duties

• authorization

• custody

• record keeping functions

account used to account for a cash overage or shortage when replenishing the petty cash fund

• separation of duties

• petty cash

• cash over and short

• accounts receivable

D.O.E

• Bank

• Book

B.I.N.S

• Bank

• Books

what is always in the bank reconciliation journal entries?

• cash

• A/R

• A/P

• outstanding checks

what is an accounts receivable recorded at

• BINS

• DOE

• GAAP

• net realizable value (NRV)