Questions from College Accounting

Q: Define fraud.

Define fraud.

Q: What is the goal of internal control?

What is the goal of internal control?

Q: Name two common internal control and fraud prevention procedures.

Name two common internal control and fraud prevention procedures. Answer: Two common internal control and fraud prevention procedures are policies and procedures that require written proof that tran...

Q: Employees sometimes make mistakes and errors in recording accounting transactions. Is

Employees sometimes make mistakes and errors in recording accounting transactions. Is this considered fraud?

Q: What is the fundamental accounting equation?

What is the fundamental accounting equation?

Q: How is net income or net loss determined?

How is net income or net loss determined?

Q: How does net income affect owner’s equity?

How does net income affect owner’s equity?

Q: Describe the effects of each of the following business transactions on assets

Describe the effects of each of the following business transactions on assets, liabilities, and owner’s equity. a. Bought equipment on credit. b. Paid salaries to employees. c. Sold services for cash....

Q: What are assets, liabilities, and owner’s equity?

What are assets, liabilities, and owner’s equity?

Q: What information does the balance sheet contain?

What information does the balance sheet contain?