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Fraud, Internal Control and Cash - Principles of Accounting - Lecture Notes

Lecture Notes, Principles Of Accounting

Post: December 18th, 2012
Description
Fraud, Internal Control and Cash, Fraud and Internal Control, Internal Control, Control Environment, Risk Assessment, Control Activities, Information and Communication, Principles of Internal Control, Establishment of Responsibility, Segregation of Duties are some points from lectures of Principles of Accounting.
Fraud, Internal Control and Cash, Fraud and Internal Control, Internal Control, Control Environment, Risk Assessment, Control Activities, Information and Communication, Principles of Internal Control, Establishment of Responsibility, Segregation of Duties are some points from lectures of Principles of Accounting.
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Contents
Fraud, Internal Control and Cash Study Objectives 1. Define fraud and internal control. 2. Identify the principles of internal control activities. 3. Explain the applications of internal control principles to cash receipts. 4. Explain the applications of internal control principles to cash disbursements. 5. Prepare a bank reconciliation. 6. Explain the reporting of cash. 7. Discuss the basic principles of cash management. 8. Identify the primary elements of a cash budget. 9. (Appendix) Explain the operation of a petty cash fund. 7-1 Docsity.com Outline Study Objective 1 – Define Fraud and Internal Control ♦ Fraud is a dishonest act by employee that results in personal benefit to the employee at a cost to the employer ♦ Three main factors contribute to fraudulent activity. They are: (1) opportunity, which are usually due to a lack of sufficient controls; (2) financial pressure, which usually is related to too much personal debt or a desire for a better lifestyle; and (3) ratio..

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