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QUESTION 1 1. Match the accounting term that best fits the definition or example in the box to the left of the definition. Each term
QUESTION 1 1. Match the accounting term that best fits the definition or example in the box to the left of the definition. Each term is only used once. - Provides control for retail cash receipts A company that does not have firewalls, anti-virus software or strong passwords for its network has poor - Requires that an outside auditor evaluates a public company's internal controls A fund used for paying for minor expenses Two or more people working together to get around internal controls A major control for bank accounts a. Sarbanes-Oxley Act (SOX) b. Nonsufficient Funds (NSF) checks c. Petty Cash d. Deposits in transit e. Separation of duties f. Cash register g. Electronic Fund Transfers (EFTs) from Customers - A clerk that receives cash and records collections in accounts receivable is an example of improper h. Bank Reconciliation i. Internal controls - Appears on the bank side of the reconciliation - Additions to the book side of a bank reconciliation j. Collusion - Subtractions to the book side of a bank reconciliation
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