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

What is likely the single most effective step that a company can take to set ethical standards?

Outsourcing the internal audit function

Establishing a strong tone at the top by management

Increasing employee compensation

Implementing complex accounting software

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Verified step by step guidance

Understand the concept of 'tone at the top': This refers to the ethical climate and culture established by the leadership of a company. It is the foundation for setting ethical standards and influences the behavior of employees throughout the organization.

Evaluate the options provided: Analyze each option to determine its effectiveness in setting ethical standards. For example, outsourcing the internal audit function may improve oversight but does not directly establish ethical standards.

Consider the role of management: Management plays a critical role in setting ethical standards by demonstrating integrity, accountability, and ethical behavior. Their actions and decisions set the tone for the entire organization.

Recognize the importance of communication: A strong tone at the top involves clear communication of ethical expectations, policies, and consequences for unethical behavior. This ensures employees understand the company's commitment to ethics.

Conclude that establishing a strong tone at the top by management is the most effective step: This option directly addresses the need for leadership to model and enforce ethical behavior, which is essential for creating a culture of integrity within the company.