ACCT 301 Week 4 Midterm Exam Set 1
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- (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)
Assets Liabilities Capital
2500025000
It will increase assets and capital by 25000.
- (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)
Assets Liabilities Capital
5000050000
It will increase assets and capital by 50000.
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)
When...
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