ACC 231 Exam 2 Questions and 100% Correct Answers 2026/2027
Latest – Arizona State University
Instructions
Exam 2 - Chapter 4, 5,6 & 7.
25 questions worth 3 points each = 75 points
5 questions worth 5 points each = 25 points
Total = 100 points
Cheat Sheet: Please note you can use a ‘cheat sheet’ for all exams. All cheat sheets must adhere to certain rules. Honorlock will
mark you as “cheating” if you fail to adhere to the following rules:
1. Notes must be written or typed on one,Attempt
8 ½ X 11 in sheets of paper.Time Score
2. Both sides of each sheet can be used.
LATEST
3. Any size font Attempt 1 57 minutes 89 out of 100
4. Double or single-spaced.
Score for this quiz: 89 out of 100
This attempt took 57 minutes.
Question 1
pts
Internal control is a plan of organization and system of procedures, implemented by
company and the , designed to accomplish five objectives.
internal auditors, employees
external auditors, board of directors
management, board of directors
external auditors, management
Question 2
pts
One of the elements of the fraud triangle is opportunity.
True
False
, Question 3
pts
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:
collusion.
misappropriation of assets.
fraudulent financial reporting.
embezzlement.
Question 4
pts
For good internal control:
the purchasing agent should also approve the invoice for payment.
the purchasing agent should not receive the goods or approve the invoice for payment.
the purchasing agent should prepare an EFT for payment.
the purchasing agent should also receive the goods.
Question 5
pts
Latest – Arizona State University
Instructions
Exam 2 - Chapter 4, 5,6 & 7.
25 questions worth 3 points each = 75 points
5 questions worth 5 points each = 25 points
Total = 100 points
Cheat Sheet: Please note you can use a ‘cheat sheet’ for all exams. All cheat sheets must adhere to certain rules. Honorlock will
mark you as “cheating” if you fail to adhere to the following rules:
1. Notes must be written or typed on one,Attempt
8 ½ X 11 in sheets of paper.Time Score
2. Both sides of each sheet can be used.
LATEST
3. Any size font Attempt 1 57 minutes 89 out of 100
4. Double or single-spaced.
Score for this quiz: 89 out of 100
This attempt took 57 minutes.
Question 1
pts
Internal control is a plan of organization and system of procedures, implemented by
company and the , designed to accomplish five objectives.
internal auditors, employees
external auditors, board of directors
management, board of directors
external auditors, management
Question 2
pts
One of the elements of the fraud triangle is opportunity.
True
False
, Question 3
pts
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:
collusion.
misappropriation of assets.
fraudulent financial reporting.
embezzlement.
Question 4
pts
For good internal control:
the purchasing agent should also approve the invoice for payment.
the purchasing agent should not receive the goods or approve the invoice for payment.
the purchasing agent should prepare an EFT for payment.
the purchasing agent should also receive the goods.
Question 5
pts
