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NEW QUESTION # 38
People commit financial statement fraud to:
- A. Preserve personal status/control
- B. Conceal false business performances
- C. Maintain personal income
- D. Stand outside the accounting system
Answer: A
NEW QUESTION # 39
A fabricated name and the post office box that an employee uses to collect disbursements from false billings is called:
- A. Shell company
- B. Perpetrator check
- C. Accomplice residence
- D. Cash generator
Answer: A
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 40
Persuasive evidence of an arrangement does not exist when:
- A. No written or verbal agreement exists.
- B. Capitalized expenses and Liabilities will not be up to satisfied level
- C. Timings not meet properly
- D. Revenue and corresponding expenses doesn't match each other.
Answer: A
Explanation:
Section: Law
Explanation/Reference:
NEW QUESTION # 41
When expenses used to produce income- all of them- should be matched in a consistent manner against that income, this is referred to:
- A. Equity
- B. Accrual basis accounting
- C. Expense
- D. Financial record
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 42
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 # 43
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 extend the bid opening date
- D. To falsify the bid log
Answer: B
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 44
A __________ is a day-by-day, or chronological, record of transactions
- A. Asset
- B. Ledger
- C. Checkbook
- D. Journal
Answer: D
NEW QUESTION # 45
Another way to eliminate competition in the solicitation phase of the selection process is to:
- A. Solicit bid-splitting from fictitious vendors
- B. None of the above
- C. Solicit transaction from fictitious vendors
- D. Solicit bid from fictitious suppliers
Answer: D
NEW QUESTION # 46
Which of the following can constitute a bribe, even if the illicit payment is never actually made?
- A. Offering a payment
- B. kickback payment
- C. Overbilling in payment
- D. Corruption in payment
Answer: A
NEW QUESTION # 47
The heart of book keeping system is the ___________.
- A. Journal
- B. Liability
- C. Checkbook
- D. Asset
Answer: C
NEW QUESTION # 48
In which of the following process, all bidders are legally supposed to be placed on the same plane of equality, bidding on the same terms and conditions?
- A. Competitive bidding
- B. Bid solicitation
- C. Kickbacks
- D. Bid-rigging
Answer: A
NEW QUESTION # 49
Which of the following is not the skimming scheme?
- A. Understand sales and receivables
- B. Unrecorded sales
- C. Fraud & Cost
- D. Theft of checks through the mail
Answer: C
NEW QUESTION # 50
SIMULATION
A ____________ can be very costly for an organization to undertake, both in terms of money and time spent.
Answer:
Explanation:
Civil lawsuit
NEW QUESTION # 51
Another way to eliminate competition in the solicitation phase of the selection process is to:
- A. Solicit bid-splitting from fictitious vendors
- B. None of the above
- C. Solicit transaction from fictitious vendors
- D. Solicit bid from fictitious suppliers
Answer: D
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 52
__________ inventory and other assets is relatively common way for fraudsters to remove assets from the books before or after they are stolen.
- A. Write-offs
- B. Altered
- C. False shipping slip
- D. Perpetual
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
Explanation/Reference:
NEW QUESTION # 53
The heart of book keeping system is the ___________.
- A. Journal
- B. Liability
- C. Checkbook
- D. Asset
Answer: C
NEW QUESTION # 54
________, one of the Fraud synonyms implies that deceiving so thoroughly as to obscure the truth:
- A. Delude
- B. Mislead
- C. Beguile
- D. Deceive
Answer: A
NEW QUESTION # 55
Persuasive evidence of an arrangement does not exist when:
- A. No written or verbal agreement exists.
- B. Capitalized expenses and Liabilities will not be up to satisfied level
- C. Timings not meet properly
- D. Revenue and corresponding expenses doesn't match each other.
Answer: A
NEW QUESTION # 56
Which of the following method is NOT used to detect conflicts of interest?
- A. Tips & Complaints
- B. Underbillings of assets
- C. Review of vendor ownership files
- D. Interviews with purchasing personnel
Answer: B
NEW QUESTION # 57
A tangible asset is one which is:
- A. capable of being perceived
- B. Neither A nor B
- C. capable of being appraised
- D. Both A & B
Answer: D
NEW QUESTION # 58
_________ normally are carried on an organization's books as expenses because they tend to be consumed by the organization within a year of purchase.
- A. Equity
- B. Expenses
- C. Assets
- D. Supplies
Answer: D
NEW QUESTION # 59
What is sometimes used to overcome well-designed internal controls of a victim company?
- A. Collusion
- B. Shell company
- C. Rubber stamp supervisors
- D. Fraudulent invoices
Answer: A
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 60
CORRECT TEXT
_________ is defined as a person who works for the victim organization and who is primary culprit
Answer:
Explanation:
Pending
NEW QUESTION # 61
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. Recorded sales
- D. Internal audits
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 62
_____________ involves purposeful misreporting of financial information about the organization that is intended to mislead those who read it.
- A. Corruption
- B. Asset misappropriations
- C. None of above
- D. Fraudulent statement
Answer: D
NEW QUESTION # 63
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