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10 Cards in this Set
- Front
- Back
A conflict of interest arises when our interest conflicts with another’s to whom we ___________________. |
owe a duty. |
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Who was committing fraud at Wells Fargo in the case study? |
Low-level customer-facing employees |
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__________________ becomes fraud when companies intentionally provide materially misstated information. |
Earnings management |
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In earnings management earnings are managed to maintain a _______________ in income each year. |
steady improvement |
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Independent auditors focus on __________________. |
internal control |
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Double-entry bookkeeping was originally documented by ____________. |
Luca Pacioli |
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In the past, until the last 25 years or so, accounting principles have required valuation based primarily on ____________. |
historical cost |
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One major advantage provided by the double-entry method of bookkeeping is that it facilitates accrual accounting. |
True |
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_____________________ is the recognition of revenues and expenses with different timing than their cash flows. |
Accrual Accounting |
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_______________ measures assets at what you could get if you were to sell them. |
Net Realizable Value |