Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

6. Internal Controls and Reporting Cash

Fraud and the Fraud Triangle

Financial Accounting

6. Internal Controls and Reporting Cash

Fraud and the Fraud Triangle

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Multiple Choice

Which of the following is an example of how ethics shapes business laws in the context of fraud prevention?

Encouraging businesses to ignore whistleblower complaints to maintain reputation

Allowing companies to set their own standards for financial reporting without oversight

Permitting employees to override controls if it benefits the company financially

Requiring companies to implement internal controls to deter fraudulent activities

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Verified step by step guidance

Understand the concept of ethics in business: Ethics refers to the principles and values that guide behavior in the business world. Ethical practices aim to ensure fairness, transparency, and accountability.

Recognize the role of ethics in shaping business laws: Business laws are often influenced by ethical considerations to protect stakeholders, prevent fraud, and promote trust in financial reporting.

Analyze the options provided: Evaluate each option to determine whether it aligns with ethical principles and fraud prevention. For example, ignoring whistleblower complaints or permitting employees to override controls contradicts ethical practices.

Focus on the correct answer: Requiring companies to implement internal controls is an ethical approach because it helps deter fraudulent activities, ensures compliance with laws, and protects stakeholders.

Conclude that ethics shape business laws by mandating practices like internal controls, which promote transparency and accountability in financial reporting.