Questions from College Accounting

Q: What is a limited liability company (LLC)?

What is a limited liability company (LLC)?

Q: Define internal control.

Define internal control.

Q: Define fraud.

Define fraud.

Q: What is the goal of internal control?

What is the goal of internal control?

Q: Name two common internal control and fraud prevention procedures.

Name two common internal control and fraud prevention procedures.

Q: Internal control and fraud prevention is an area tested on the Certified

Internal control and fraud prevention is an area tested on the Certified Bookkeeper’s exam. Certification in your field indicates you have a certain level of education and training. Go to the American...

Q: Employees sometimes make mistakes and errors in recording accounting transactions. Is

Employees sometimes make mistakes and errors in recording accounting transactions. Is this considered fraud?

Q: What is the fundamental accounting equation?

What is the fundamental accounting equation?

Q: How is net income or net loss determined?

How is net income or net loss determined?

Q: How does net income affect owner’s equity?

How does net income affect owner’s equity?