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1. (TCO 1) What type of accounting information is provided to external users? What type ofaccounting information is provided to internal users? (Points : 12)2. (TCO 2) Suppose your company sold $50,000 in merchandise to a customer for cash. How doesthis transaction impact the accounting equation? (Points : 12)3.(TCO 3) Rationalization is one of the components of the fraud triangle. What types ofrationalization could a person use to justify misconduct? How can a company protect itself fromrationalization as a part of fraud? (Points : 12)4.(TCO 4) What is horizontal analysis of financial statements? How does horizontal analysis differfrom vertical analysis? (Points : 12)5. (TCO 3) Physical control is a key feature in an internal control system. Why is physical controlsuch an important internal control? Give an example of physical control as an internalcontrol. (Points : 24)6.(TCO 1) Describe the balance sheet. Why is this statement important to the company, creditors,and investors? (Points : 24)7. (TCO 4) Name and describe one liquidity ratio. What does this ratio measure? What is theformula for this ratio? (Points : 24)
