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NEW QUESTION 24
The excess credits (or debits) on the income statement are used to decrease (or increase) the equity account.
- A. False
- B. True
Answer: A
NEW QUESTION 25
Which of the following must be present for a fraud to exist?
- A. All of the above
- B. A material false statement
- C. Knowledge that the statement was false when it was uttered
- D. Reliance on the fast statement by the victim
Answer: A
NEW QUESTION 26
Which of the following is NOT the reason to bribe employees of the purchaser?
- A. To ensure receipt of a late bid
- B. To ensure bid-splitting
- C. To falsify the bid log
- D. To extend the bid opening date
Answer: B
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION 27
Which of the following are used in a short-term skimming scheme?
- A. Understated sales, theft of incoming checks and check-for-currency substitutions
- B. Unrecorded sales, understated sales and theft of incoming checks
- C. Unrecorded sales, understated sales and dual endorsements
- D. False company accounts, understated sales and theft of incoming checks
Answer: B
NEW QUESTION 28
Physical assets including _________ and ________ are the most commonly misappropriated noncash asset in our study.
- A. Inventory & Purchase
- B. Interest & Collusion
- C. Inventory & Equipment
- D. Sales & Equipment
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 29
Which of the following is NOT the reason to bribe employees of the purchaser?
- A. To ensure receipt of a late bid
- B. To ensure bid-splitting
- C. To falsify the bid log
- D. To extend the bid opening date
Answer: B
NEW QUESTION 30
Which of the following is the amount of money that would be realized upon the sale of the asset at some point in the future, less the costs associated with owing, operating and selling it?
- A. Going concern
- B. Cost
- C. Net realizable value
- D. Fair value
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
Explanation
NEW QUESTION 31
__________ are the amounts which are owned to other entities:
- A. Liabilities
- B. Supplies
- C. Assets
- D. Expenses
Answer: A
NEW QUESTION 32
______________ can be detected by closely examining the documentation submitted with the cash receipts.
- A. None of the above
- B. Voided purchases
- C. Approved transaction
- D. Fictitious refunds
Answer: D
NEW QUESTION 33
Assets that are long-lived and that differ from property, plant and equipment hat has been purchased outright or acquired under a capital lease are:
- A. Forced Assets
- B. Tangible Assets
- C. None of above
- D. Intangible Assets
Answer: D
NEW QUESTION 34
__________ is required if and when officers, executives or other persons in trusted positions become subjects of a criminal indictment.
- A. Resource diversion
- B. Conflict of interest
- C. Disclosure
- D. Turnaround sale or flip
Answer: C
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION 35
"Anticipate possible losses and omit potential profits", this results in:
- A. Bearing accounting
- B. Playing accounting
- C. Asymmetrical accounting
- D. Symmetrical accounting
Answer: C
NEW QUESTION 36
__________ is required if and when officers, executives or other persons in trusted positions become subjects of a criminal indictment.
- A. Resource diversion
- B. Conflict of interest
- C. Disclosure
- D. Turnaround sale or flip
Answer: C
NEW QUESTION 37
What can make it easy for an employee to skim sales or receivables?
- A. Register manipulations and recording procedures
- B. Poor collection and recording procedures
- C. Revenue sources and recording procedures
- D. Internal audits and recording procedures
Answer: B
NEW QUESTION 38
The behavior profile of employees who are involved in bribery schemes may include:
- A. All of the above
- B. Extravagant lifestyle
- C. Drug and/or alcohol addiction
- D. Gambling habit
Answer: A
NEW QUESTION 39
The prime targets for skimming schemes which are hard to monitor and predict such as late fees and parking fees, are:
- A. Revenue sources
- B. Register manipulations
- C. Internal audits
- D. Recorded sales
Answer: A
NEW QUESTION 40
How many accounts are affected in fraudulent accounting entries and therefore same number of categories on the financial statement?
- A. At least two
- B. None of above
- C. More than two
- D. One
Answer: D
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 41
Which of the following is NOT the example of bribery prevention policies?
- A. Resource diversions
- B. Discounts
- C. Reporting gifts
- D. Business meetings
Answer: A
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION 42
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