Internal Controls Are Often Implemented to Guard Against Theft of Cash.To

question 91

Multiple Choice

Internal controls are often implemented to guard against theft of cash.To conceal the theft of $1,500 cash,which journal entry might an accountant perform to best conceal the theft?

• A)\(\begin{array} { l l l }
• \text { Cash } & \$ 1,500 & \\
• \text { lnventory } & & \$ 1,500 \\
• \end{array}\)
• B)\(\begin{array}{lccc}
• \text { Petty Cash } & \$ 1,500 & \\
• \text { Cash }& & \$ 1,500 & \\
• \end{array}\)
• C)\(\begin{array}{lccc}
• \text { Wage and 5alary Expense } & \$ 1,500 \\
• \text { Cash } && \$ 1,500 & \\
• \end{array}\)
• D)\(\begin{array}{lccc}
• \text { Cash } & \$ 1,500 \\
• \text { Wage and 5alary Expense } && \$ 1,500 & \\
• \end{array}\)
• E)\(\begin{array}{lccc}
• \text { Accounts Receivable } & \$ 1,500 \\
• \text { Cash } & &\$1,500
• \end{array}\)

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Definitions:

Warranty

A promise or guarantee given to the buyer by the seller regarding the condition of the product, offering repair or replacement for defects within a certain period.

Information

Data that is processed, organized, or structured in a given context to make it meaningful and useful.

Learning Cost

The expenses associated with acquiring new skills or knowledge, including both formal education and informal learning methods.

Educational Level

The highest degree of formal education or training attained by an individual, often influencing job prospects and earnings.