Show:
AIS
Sarbanes Oxley
Adjustment
Fraud
Cases
100
An example of Peachtree Internal Control Weakness or Strength
What is - automatically numbers invoices - does not allow credit exceeding - allows quantity change (W) - does not order purchase numbers (W)
100
Section that appointed PCAOB over AICPA and what does PCAOB stand for
What is 103 ; Public Company Accounting Oversight Board
100
Why adjustments are needed
What is to reflect the truest, most up to date balance of the accounts on the financial statement and calculate the most accurate income
100
Illegally trying to deceive audiors
What is Fraud
100
Broke the matching principle by deducing depreciation cost by changing salvage value and useful life years AND by carrying landfills at cost
What is Waste Management
200
The 5 objectives of AIS
What is safe guard assets, comply with legal policies, promote efficiency, encourage employees to follow policy, and ensure accurate statements
200
Independence Clause
What is 201
200
Adjustment for Uncollectable Accounts Expense
What is Uncollectable Accounts Expense.... Debit Allowance for Uncollected Accounts.... Credit
200
Choosing various methods of operation in order to make earnings comply with desired paterns
What is Earnings Management
200
Used Bill And Holds incorrectly to record revenue when they shouldn't have breaking the Revenue Recognition principle and sold without passing risk of return
What is Sunbeam
300
What does AIS stand for and what IS it
What is Accounting Information System - collects and processes economics events and then reports information relevant to financial statements
300
CEO and CFO must sign financial statements
What is Section 302
300
The 2 methods for uncollectibles and how they're formed
What is the balance sheet approach and the income statement approach. Income statement approach you multiple the number of credit revenue times the percentage given. Balance sheet take the number found by doing the % of all the revenues added up and subtract the allowance for uncollectibles that is given from it
300
3 sides of the fraud triangle
What is Pressure, Opportunity, and Rationalization
300
Broke the matching principle by waiting to release expenses until revenue wasn't high in a different fiscal period to up net income
What is WorldCom
400
The difference between Data and Information
What is Data is pieces of information while Information is a taking it "one step further" - stats and ranking
400
Audit partners must rotate clients every..
What is 5 years
400
Depreciation
What is Depreciation Expense - Name .. Debit Accumulated Depreciation - Name.. Credit
400
Ways Earning Management can affect their statements
What is LIFO/FIFO, Deprecation method choice, and Allowance for Uncollectable choice
400
Lied on financial statement saying that there was an increase demand for their product when they published phone books earlier to record revenue in the earlier fiscal year
What is Qwest
500
The 5 Components of AIS
What are control environment, risk assessment, control procedures, monitoring of controls, and information security
500
404b revision
What is small businesses are exempt from having management access and report on Internal Controls like 404 states
500
Supplies used up
What is Supplies Expense... Debit Supplies... Credit
500
What company in the case studies used "pressure" from the fraud triangle
Who is Enron
500
Used basketing and bundling to capitalize costs instead of expense them
What is Waste Management