ACC 225 ACC225 Module 3 Check Your Understanding Answers (AAU Online)

ACC 225 ACC225 Module 3 Check Your Understanding Answers (AAU Online)

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ACC 225 Module 3 Check Your Understanding (AAU Online)

Understanding taught

1.What is the effect of failing to record the used portion of prepaid rent during the month on the financial statements prepared at month end?

2.A purchase of $1,800 of supplies on account was journalized and posted as an $1,800 debit to Supplies on Hand and an $1,800 credit to Accounts Receivable.  The entry to correct this error is:

3.What are the reasons for problems in the financial statements?  Explain them.

4.List some examples of fraudulent transactions.

5.List the valid control procedures.

6.What are the reasons for managing earnings?

7.How many full-time members are on the Public Company Accounting Oversight Board (PCAOB)?

8.What is an external auditor’s responsibility in regard to finding fraud?

9.Is earnings management ethical?  Defend your answer.

10.Are external auditors truly independent? 

11.Complete Exercise 5-1 “Accounting Errors—Transaction Errors” (p. 203). 

12.Complete Exercise 5-2 “Errors in Financial Statements” (p. 203). 


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