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Chapter 4

Lecture Notes CH4.pdf

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Aadil Merali Juma

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Instructors Resource Manual for Harrison et al Financial Accounting 5ce CHAPTER 4Internal Control and Cash LEARNING OBJECTIVES After studying Chapter 4 you should be able to1 Describe fraud and its impact 2 Explain the objectives and components of internal control 3 Prepare and use bank reconciliation 4 Apply internal controls to cash receipts and cash payments 5 Construct and use a budget to manage cash Copyright2015 Pearson Canada Inc 444 Instructors Resource Manual for Harrison et al Financial Accounting 5ce CHAPTER OUTLINEOBJECTIVE 1 Describe fraud and its impact A Fraud is an intentional misrepresentation of facts made for the purpose of persuading another party to act in a way that causes injury or damage to that partyBFraud is prevalent in business with the majority of businesses having experienced some form of Fraud The two most common types of fraud that impact financial statements are Misappropriation of assets Fraudulent financial reportingCFraud carries with it significant costs for businesses Exhibit 41 illustrates the Fraud triangle which includes the 3 primary elements of every fraudmotive opportunity and rationalizationDDecision Guidelines for making an ethical business judgement are presentedCopyright2015 Pearson Canada Inc 445
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