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Chapter 4 notes

by: Evelin Notetaker

Chapter 4 notes ACCT 2331

Evelin Notetaker
GPA 2.5
Acct Principles I
Kiran M Parthasarathy

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About this Document

This is chapter 4 covers cash and fraud. As well as petty cash.
Acct Principles I
Kiran M Parthasarathy
Class Notes
petty cash cash fraud
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This 3 page Class Notes was uploaded by Evelin Notetaker on Monday October 12, 2015. The Class Notes belongs to ACCT 2331 at University of Houston taught by Kiran M Parthasarathy in Summer 2015. Since its upload, it has received 21 views. For similar materials see Acct Principles I in Accounting at University of Houston.

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Date Created: 10/12/15
Accounting 2331 Week September 21 2015 Chapter 4 Fraud intentionally deceives Accidental errors are not fraud Three elements to fraud Motive feel need to commit fraud Rationalization justification of actions Opportunity situation allows fraud lntemal controls prevent fraud Biggest accounting scandal 2001 when Enron found to cook the books Interacted with auditors bribing them overlook problems Abused revenue recognition SarbanesOXley Act passed in 2002 correct issues Managerscorporate held responsible for internal controls not just auditors Consultants cannot be internal auditors Need to document internal control and procedures Framework lntemal Control Safeguard company s assets Improve accuracy reliability accounting info Control environment ethical tone Risk assessment risk factor analyzed Control activities directives carried out Monitoring reporting de ciencies lntemal control susceptible Collusion 2 or more people circumvent internal controls Toplevel people who override control Cash highly susceptible Two forms of internal cash controls Bank reconciliation Petty cash fund Bank reconciliation recognizes that bank and company book are not the same and there might be some timing differences Bank side reconciliation Deposits outstanding money company has received need to be added Checks outstanding money company has used needs to subtracted Bank errors depending on error needs to be added or subtracted Company book side of reconciliation NSFnon sufficient funds check bounced needs to subtracted Interest revenue earned needs to be added Service charge needs to subtracted Bank collections needs to be added notes received EFTelectronic funds transfer receipts need to be added payments subtracted Book errors need to be added or subtracted Petty Cash Fund Simple cash the company uses for minor purchases First need to establish amount Any charges need to recorded Petty cash fund needs to constantly be replenished


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