Wk 4 – PracticeTopic 10 - Identifying Problems and Safeguards
Quick Check
Points
20
:
Graded on Mar 12 at 19:09
Your Submission:
Submission
(90.00%)
Score:
Grade Time: Mar 12 at 19:09
Submitted On: Mar 12 at 19:09
1. Which of the following is NOT a reason for problems occurring in the financial statements?
o Errors
o Safeguards
o Fraud
o Disagreement
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(100.0%)
2. Which of the following statements is true about disagreements in the financial statements of a company?
o Disagreements result when different people arrive at different conclusions based on the same set of facts.
o Disagreements are usually an intentional attempt at fraud.
o Disagreements are not intentional and when detected are immediately corrected.
o Disagreements are a result of intentional mistakes made while recording or posting transactions.
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(100.0%)
3. If two different accountants were to estimate the percentage of customers who will NOT pay their accounts
(bad debts), they could arrive at different estimates. These differing estimates would affect the financial
statements. Such differences in assessing estimates are due to:
o Fraudulent financial reporting
o Errors in accounts and ledgers
o Disagreements in judgment
o Lack of internal controls
Quick Check
Points
20
:
Graded on Mar 12 at 19:09
Your Submission:
Submission
(90.00%)
Score:
Grade Time: Mar 12 at 19:09
Submitted On: Mar 12 at 19:09
1. Which of the following is NOT a reason for problems occurring in the financial statements?
o Errors
o Safeguards
o Fraud
o Disagreement
FEEDBACK
(100.0%)
2. Which of the following statements is true about disagreements in the financial statements of a company?
o Disagreements result when different people arrive at different conclusions based on the same set of facts.
o Disagreements are usually an intentional attempt at fraud.
o Disagreements are not intentional and when detected are immediately corrected.
o Disagreements are a result of intentional mistakes made while recording or posting transactions.
FEEDBACK
(100.0%)
3. If two different accountants were to estimate the percentage of customers who will NOT pay their accounts
(bad debts), they could arrive at different estimates. These differing estimates would affect the financial
statements. Such differences in assessing estimates are due to:
o Fraudulent financial reporting
o Errors in accounts and ledgers
o Disagreements in judgment
o Lack of internal controls
