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First 4 are short essaysnext 3 are essay questionsPage
1

1.(TCO 1) Suppose your company sold $25,000 in merchandise
to a customer for cash. How does this transaction impact the accounting
equation?(Points : 12)

2.(TCO 2) Suppose your company sold $50,000 in merchandise
to a customer for cash. How does this transaction impact the accounting
equation?(Points : 12)

3.(TCO 3) Rationalization is one of the components of the
fraud triangle. What types of rationalization could a person use to justify
misconduct? How can a company protect itself from rationalization as a part
of fraud?(Points : 12)

4.(TCO 4) What is horizontal analysis of financial
statements? How does horizontal analysis differ from vertical analysis?(Points : 12)

Page
2

1.(TCO 3) Separation of duties is a key feature in an
internal control system. Why is separation of duties such an important
internal control? Give an example of separation of duties as an internal
control.(Points : 24)

2.(TCO 1) Describe the balance sheet. Why is this
statement important to the company, creditors, and investors?(Points : 24)

3.(TCO 4) Name and describe one liquidity ratio. What does
this ratio measure? What is the formula for this ratio?(Points : 24)

Page
1

1.(TCO 1) Suppose your company sold $25,000 in merchandise
to a customer for cash. How does this transaction impact the accounting
equation?(Points : 12)
2.(TCO 2) Suppose your company sold $50,000 in merchandise
to a customer for cash. How does this transaction impact the accounting
equation?(Points : 12)
3.(TCO 3) Rationalization is one of the components of the
fraud triangle. What types of rationalization could a person use to justify
misconduct? How can a company protect itself from rationalization as a part
of fraud?(Points : 12)
4.(TCO 4) What is horizontal analysis of financial
statements? How does horizontal analysis differ from vertical analysis?(Points : 12)
Page
2

1.(TCO 3) Separation of duties is a key feature in an
internal control system. Why is separation of duties such an important
internal control? Give an example of separation of duties as an internal
control.(Points : 24)
2.(TCO 1) Describe the balance sheet. Why is this
statement important to the company, creditors, and investors?(Points : 24)
3.(TCO 4) Name and describe one liquidity ratio. What does
this ratio measure? What is the formula for this ratio?(Points : 24)

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