Which of the following statement is not true? One of the elements of the fraud triangle is opportunity. People commit fraud for selfish personal gain. Misappropriation of assets affects financial statements from being reliable. An environment with strong internal controls can be circumvented with collusion. All are true statements. The type of fraud committed by company managers who make false and misleading entries in the books in order to improve a company's financial statements is called: misappropriation of assets. fraudulent financial reporting. embezzlement. collusion. Phishing Which is NOT an objective of an internal control system? Safeguarding of assets Compliance with company policies Compliance with legal requirements Financial risk assessment Promote operational efficiency The Sarbanes-Oxley Act of 2002: requires public companies to issue an internal control report. requires an outside auditor to evaluate the soundness of a public company's internal controls. requires public companies to issue a special report on the amount of collusion within a company requires CEO and CFO to certify the truthfulness of the financial statements. A, B and D With regard to customer checks received by mail, which of the following is a correct step? The Debit to Cash by the Accounting Department should equal the amount deposited in the bank by the mailroom employee. The customers' Accounts Receivable accounts should be adjusted by the Treasury Department for the payments received. I have no idea because I don't know what to do. The controller compares the customers' checks to the remittance advices sent from the mailroom. The Accounting Department handles the bookkeeping part and the cashier in the Treasurer': Department deposits the checks in the bank. A company has a beginning cash balance of $3,000. For the year, the company estimates ca disbursements of $85,900. It has a desired ending cash balance of $5,500 and anticipates no need financing. The estimated cash receipts are: $577,400. $79,900. $82,900