- examine the greatest threats to a computerized accounting system. Suggest two (2) preventative measures or remedies to protect the system and/or mitigate negative impact to the system. Provide a rationale for your response.
- Pretend that you are a criminal and want to commit fraud by altering your company’s accruals. Create a plan for committing the fraud. Predict the major potential resulting damage to the company’s financial statements from the fraud.
- Describe the basic elements of a financial accounting information system.
- Describe basic accrual accounting concepts, including the matching concept.
- How do you use accrual concepts to analyze, record, and summarize transactions?
- Describe how the accrual basis of accounting enhances the interpretation of financial statements.
- Why are adjusting journal entries necessary? What would be the effect if a company failed to journalize and post adjusting entries?
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