Podcast
Questions and Answers
True or false: The three basic business transaction cycles include: Sales and Collection Cycle, Acquisition and Payment Cycle, and Payroll and Personnel Cycle
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
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 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 or false: The chapter primarily focuses on errors and irregularities in the Transaction Cycles of the Business Entity
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True or false: Fraud and errors can only occur in business processes if internal controls are properly implemented
True or false: Fraud and errors can only occur in business processes if internal controls are properly implemented
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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
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Description
Test your understanding of errors and irregularities in business entity transaction cycles with this quiz based on Chapter 15 of Philippine Politics and Governance.
