ACC-4800 → Quizzes → Chapter 5 Chapter 5 Instructions: Score for this quiz: 40 out of 51 Submitted May 13 at 1:45pm This attempt took about 21 hours. Question 1: 1 pts Fighting fraud calls for prevention as the first step and the preferred tactic. 0% of points Often misappropriation is accomplished by false or misleading records or documents. 0% of points Accountants are perhaps the most valuable employee-fraud fighters. 0% of points None of the above. 100% of points Government entities are generally not targets for fraudsters. 0% of points 0 / 1 Question 2: 1 pts Tips. 100% of points Accident. 0% of points External auditors. 0% of points Some other method. 0% of points Internal auditors. 0% of points 1 / 1 Question 3: 1 pts $720,000. 0% of points $540,000. 0% of points $820,000. 0% of points $1,000,000. 100% of points Some other amount. 0% of points $1,000,000 ($220,000 / 0.22). 1 / 1 Question 4: 1 pts $1,400,000. 0% of points Some other amount. 0% of points $280,000. 0% of points $560,000. 0% of points $7,000,000. 100% of points Which statement is false? The most common method of detecting occupational fraud is: A company has a 22% profit margin and has employee fraud of $220,000. Calculate the additional revenue needed to offset this lost income. You are told that a company has a 20% profit margin and the discovered fraud has caused $1,400,000 more needed revenue to cover the fraud. How much was stolen? Page 1 of 12 Chapter 5: ACC-4800-001 5/17/2012 https://learn-uvu.uen.org/courses/67279/quizzes/133631
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ACC-4800 → Quizzes → Chapter 5
Chapter 5
Instructions:
Score for this quiz: 40 out of 51
Submitted May 13 at 1:45pm
This attempt took about 21 hours.
Question 1: 1 pts
Fighting fraud calls for prevention as the first step and the preferred tactic.
0% of points
Often misappropriation is accomplished by false or misleading records or documents.
0% of points
Accountants are perhaps the most valuable employee-fraud fighters.
0% of points
None of the above.
100% of points
Government entities are generally not targets for fraudsters.
0% of points
0 / 1
Question 2: 1 pts
Tips.
100% of points
Accident.
0% of points
External auditors.
0% of points
Some other method.
0% of points
Internal auditors.
0% of points
1 / 1
Question 3: 1 pts
$720,000.
0% of points
$540,000.
0% of points
$820,000.
0% of points
$1,000,000.
100% of points
Some other amount.
0% of points
$1,000,000 ($220,000 / 0.22).
1 / 1
Question 4: 1 pts
$1,400,000.
0% of points
Some other amount.
0% of points
$280,000.
0% of points
$560,000.
0% of points
$7,000,000.
100% of points
Which statement is false?
The most common method of detecting occupational fraud is:
A company has a 22% profit margin and has employee fraud of $220,000. Calculate the additional revenue needed to offset this lost income.
You are told that a company has a 20% profit margin and the discovered fraud has caused $1,400,000 more needed revenue to cover the fraud. How much was
The quick ratio omits receivables and amounts due from other funds and governments.
0% of points
The combined financial statement is the main focus of the Comprehensive Annual Financial Report (CAFR).
0% of points
None of the above.
0% of points
The greater the fund balance as a percentage of revenue, the more likely the government will be able to overcome problems caused by revenue shortfalls.
0% of points
A large state government considers a quick ratio of more than 50% as an indicator of potential fiscal stress.
100% of points
1 / 1
Question 25: 1 pts
All of the above.
0% of points
Lapping.
0% of points
Kiting schemes.
0% of points
Ghost employees.
100% of points
Layering schemes.
0% of points
1 / 1
Question 26: 1 pts
The cash receipts journal was held open for a few days after the end of the year.
0% of points
The cash balances were overstated because of kiting.
100% of points
The last checks recorded before the year-end were really mailed by year-end.
0% of points
None of the above.
0% of points
Any unusual payments to or receipts from related parties occurred.
0% of points
1 / 1
Question 27: 1 pts
Observe the actual distribution of payroll checks to employees.
100% of points
None of the above.
0% of points
Review monthly bank reconciliations.
0% of points
Ascertain appropriate segregation of duties.
0% of points
Verify accounts receivable balances.
0% of points
1 / 1
Question 28: 1 pts
Which statement is false?
Forensic accountants should compare travel and expense vouchers to employment records and tax records in order to find:
You should trace bank transfers for the latter part of an audit period and the early part of the subsequent period to determine whether:
What audit procedures would not be highly effective for detecting fraud in the sales and collection cycle?
What audit procedure would not be highly effective for detecting fraud in the payroll cycle?