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

A company's ability to recover after a disaster is directly related to which of the following?

The amount of cash on hand at the time of the disaster

The company's annual revenue

The number of employees present during the disaster

The effectiveness of its internal controls and disaster recovery plan

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Verified step by step guidance

Understand the concept of internal controls: Internal controls are processes and procedures implemented by a company to safeguard its assets, ensure the accuracy of financial records, and promote operational efficiency. They play a critical role in disaster recovery by ensuring the company can respond effectively to unexpected events.

Learn about disaster recovery plans: A disaster recovery plan is a documented strategy that outlines how a company will respond to and recover from a disaster, such as a natural calamity or cyberattack. It includes steps to restore operations, protect data, and minimize financial losses.

Recognize the relationship between internal controls and disaster recovery: Effective internal controls ensure that the company has systems in place to detect and respond to risks promptly. Combined with a well-designed disaster recovery plan, these controls help the company recover quickly and minimize disruptions.

Evaluate why other options are less relevant: While cash on hand, annual revenue, and the number of employees may influence recovery to some extent, they are not as critical as having robust internal controls and a disaster recovery plan. These factors ensure preparedness and systematic recovery.

Apply this understanding to similar scenarios: When analyzing a company's ability to recover from a disaster, focus on its preparedness, including the strength of its internal controls and the comprehensiveness of its disaster recovery plan, rather than external factors like revenue or employee count.