Questions from Financial Accounting

Q: Why is an analysis of the company’s cash balance important?

Why is an analysis of the company’s cash balance important?

Q: “Managers are stewards of the company’s assets.” Discuss what this

“Managers are stewards of the company’s assets.” Discuss what this means.

Q: We compared Regal Entertainment and Cinemark at the end of this chapter

We compared Regal Entertainment and Cinemark at the end of this chapter. What reasons were given for the differences in their cash balances?

Q: Why are some managers motivated to manipulate amounts reported in the financial

Why are some managers motivated to manipulate amounts reported in the financial statements?

Q: What is meant by the fraud triangle, and what can companies

What is meant by the fraud triangle, and what can companies do to help prevent fraud?

Q: What are some of the major provisions of the Sarbanes-Oxley

What are some of the major provisions of the Sarbanes-Oxley Act?

Q: Briefly describe the five components of internal control outlined by the Committee

Briefly describe the five components of internal control outlined by the Committee of Sponsoring Organizations (COSO).

Q: Kelly’s Jewelry has the following transactions during the year: total jewelry

Kelly’s Jewelry has the following transactions during the year: total jewelry sales = $750,000; sales discounts = $20,000; sales returns = $50,000; sales allowances = $30,000. In addition, at the end...

Q: Describe the difference between preventive controls and detective controls. What are

Describe the difference between preventive controls and detective controls. What are examples of each?

Q: What is meant by separation of duties?

What is meant by separation of duties?