1. Requires the SEC to pay whistleblowers. 2. Examines whether financial statements are prepared using GAAP; it does not ensure absolute accuracy of the statements. Chapter 1 Accounting in Business 3. Requires documentation and verification of internal controls and increases emphasis on inter- nal control effectiveness. 4. Procedures set up to protect company property and equipment, ensure reliable accounting, promote efficiency, and encourage adherence to policies. 5. A less expensive and more effective means to stop fraud. 6. Three factors push a person to commit fraud: opportunity, pressure, and rationalization. 7. Beliefs that distinguish right from wrong.
1. Requires the SEC to pay whistleblowers. 2. Examines whether financial statements are prepared using GAAP; it does not ensure absolute accuracy of the statements. Chapter 1 Accounting in Business 3. Requires documentation and verification of internal controls and increases emphasis on inter- nal control effectiveness. 4. Procedures set up to protect company property and equipment, ensure reliable accounting, promote efficiency, and encourage adherence to policies. 5. A less expensive and more effective means to stop fraud. 6. Three factors push a person to commit fraud: opportunity, pressure, and rationalization. 7. Beliefs that distinguish right from wrong.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Match each of the numbered descriptions 1 through 7 with the term or phrase it best reflects. Indicate your answer by writing the letter A through G for the term or phrase in the blank provided. A. Ethics. B. Fraud triangle
C. Prevention.
Transcribed Image Text:1. Requires the SEC to pay whistleblowers.
2. Examines whether financial statements are prepared using GAAP; it does not ensure absolute
accuracy of the statements.
Chapter 1 Accounting in Business
3. Requires documentation and verification of internal controls and increases emphasis on inter-
nal control effectiveness.
4. Procedures set up to protect company property and equipment, ensure reliable accounting,
promote efficiency, and encourage adherence to policies.
5. A less expensive and more effective means to stop fraud.
6. Three factors push a person to commit fraud: opportunity, pressure, and rationalization.
7. Beliefs that distinguish right from wrong.
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