5 Questions
True or false: The three basic business transaction cycles include: Sales and Collection Cycle, Acquisition and Payment Cycle, and Payroll and Personnel Cycle
True
True or false: Management does not need to establish controls to ensure that transactions are appropriately handled and recorded
False
True or false: Errors and fraudulent activities can occur if internal controls are not properly implemented or are overridden
True
True or false: The chapter primarily focuses on errors and irregularities in the Transaction Cycles of the Business Entity
True
True or false: Fraud and errors can only occur in business processes if internal controls are properly implemented
False
Study Notes
Business Transaction Cycles
- The three basic business transaction cycles include: Sales and Collection Cycle, Acquisition and Payment Cycle, and Payroll and Personnel Cycle
Importance of Internal Controls
- Management needs to establish controls to ensure that transactions are appropriately handled and recorded
- Errors and fraudulent activities can occur if internal controls are not properly implemented or are overridden
Errors, Irregularities, and Fraud
- Errors and fraudulent activities can occur in business processes if internal controls are not properly implemented or are overridden
- The chapter primarily focuses on errors and irregularities in the Transaction Cycles of the Business Entity
Test your understanding of errors and irregularities in business entity transaction cycles with this quiz based on Chapter 15 of Philippine Politics and Governance.
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