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NEW QUESTION # 69
By removing a tangible asset from the business (a debit), the books will be ___________ by the exact amount of the tangible asset misappropriated.
- A. False debits
- B. None of all
- C. Journal Entries
- D. Out-of-balance
Answer: D
NEW QUESTION # 70
Every bribe is a two-sided transaction, in which where a vendor bribes a purchaser, there is someone on the vendor's side of the transaction who is not making an illicit payment.
- A. True
- B. False
Answer: B
NEW QUESTION # 71
The scheme in which the same vendor is receiving favorable treatment van be found in purchases by vendor searches.
- A. False
- B. True
Answer: B
NEW QUESTION # 72
Theft of incoming checks usually occurs when ________ is (are) in charge of opening the mail and recording the receipt of payments.
- A. Two employees
- B. None of the above
- C. More than two employees
- D. Single employee
Answer: D
Explanation:
Section: Financial Transactions and Fraud Schemes
Explanation/Reference:
NEW QUESTION # 73
People commit financial statement fraud to:
- A. Stand outside the accounting system
- B. Maintain personal income
- C. Conceal false business performances
- D. Preserve personal status/control
Answer: D
NEW QUESTION # 74
A ___________ occurs when an employee, manager or executive has an undisclosed economic or personal interest in a transaction that adversely affects the organization.
- A. Conflict of interest
- B. Unauthorized purchase
- C. Financial disclosure
- D. Illegal sale
Answer: A
NEW QUESTION # 75
____________ corrupt employees can cause inventory to be fraudulently delivered to themselves or accomplices.
- A. False shipping slip
- B. False credit slip
- C. False packing slip
- D. Fraudulent inventory slip
Answer: C
NEW QUESTION # 76
____________ is a summary of the account balances carried in a ledger.
- A. Balance sheet
- B. Income statement
- C. General journal
- D. Financial statement
Answer: D
NEW QUESTION # 77
Which of the following is true for Red flags associated with fictitious revenues?
- A. A usual surge in purchase by a majority of units within a company, or of purchase recorded by corporate headquarters.
- B. A significant volume of sales to entries whose substance and ownership is not known.
- C. Slow growth or usual profitability, when not compared to other companies in the same industry.
- D. Usual growth in the number of days purchase in receivables
Answer: B
NEW QUESTION # 78
A tangible asset is one which is:
- A. capable of being appraised
- B. Both A & B
- C. capable of being perceived
- D. Neither A nor B
Answer: B
NEW QUESTION # 79
The act of an official or fiduciary person who unlawfully and wrongfully uses his station or character to procure some benefit, contrary to duty and rights of others is called:
- A. Corruption
- B. Overbilling
- C. Conflict of interest
- D. Bribery
Answer: A
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 80
False billing scheme states that:
- A. employees cause their company to purchase merchandise that the company does not need
- B. employees do not cause their company to purchase merchandise that the company does not need.
- C. employees do not cause their company to sale merchandise that the company does not need.
- D. employees cause their company to sale merchandise that the company does not need.
Answer: A
NEW QUESTION # 81
__________ inventory and other assets is relatively common way for fraudsters to remove assets from the books before or after they are stolen.
- A. False shipping slip
- B. Perpetual
- C. Altered
- D. Write-offs
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
Explanation/Reference:
NEW QUESTION # 82
CORRECT TEXT
______________ is required not only for theft, but for procedures to detect errors, avoid waste and insure a proper amount of inventory is maintained.
Answer:
Explanation:
Pending
NEW QUESTION # 83
The seller's price to the buyer is not fixed or determinable when:
- A. When the price is not contingent on some future events
- B. The transaction includes an option to exchange the product for others.
- C. Payment terms are not extended for a substantial period.
- D. A service or membership fee is not subject predictable cancellation during the contract period.
Answer: B
NEW QUESTION # 84
Bank cut-off statements should be requested for 10-15 days after the closing date of the balance sheet.
- A. False
- B. True
Answer: B
NEW QUESTION # 85
Persuasive evidence of an arrangement does not exist when:
- A. No written or verbal agreement exists.
- B. Timings not meet properly
- C. Revenue and corresponding expenses doesn't match each other.
- D. Capitalized expenses and Liabilities will not be up to satisfied level
Answer: A
NEW QUESTION # 86
The person or persons who have access to __________ are often the targets of unethical vendors seeking an advantage in the process.
- A. General purchasing
- B. Bid-splitting
- C. Sealed bids
- D. Tailor specifications
Answer: C
NEW QUESTION # 87
According to a survey, in principal perpetrator, males in a majority of cases, accounting for ___ percent of frauds versus ___ percent in which a female was the primary culprit.
- A. None of the above
- B. 62 versus 36
- C. 61 versus 39
- D. 62 versus 37
Answer: C
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 88
Forced reconciliation of the account says:
- A. to conceal shrinkage is to change the perpetual inventory record so that it matches the physical inventory count.
- B. to conceal inventory is to alter shrinkage record so that it matches the physical inventory count.
- C. to conceal write-offs is to change the perpetual inventory record so that it matches the physical inventory count.
- D. to conceal shrinkage is to alter inventory record so that it matches the physical inventory count.
Answer: A
NEW QUESTION # 89
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