A company's plans to minimize theft and enhance the accuracy of accounting information are referred to as:
A) Corporate controls.
B) Security controls.
C) Internal controls.
D) General controls.
Answer: Internal controls.
Saturday, October 10, 2020
Fraudulent reporting by management could include:
Fraudulent reporting by management could include:
A) Fictitious revenues from a fake customer.
B) Improper asset valuation.
C) Mismatching revenues and expenses.
D) All of the other answers could involve fraudulent reporting.
Answer: All of the other answers could involve fraudulent reporting.
Which element of the fraud triangle do companies have the greatest ability to eliminate?
Which element of the fraud triangle do companies have the greatest ability to eliminate?
A) Motivation.
B) Rationalization.
C) Opportunity.
D) Intelligence.
Answer: Opportunity.
The three elements present in every fraud are commonly referred to as the ________.
The three elements present in every fraud are commonly referred to as the ________.
A) Triple threat
B) Three-way manipulation
C) Fraud triangle
D) Three-alarm fire
Answer: Fraud triangle
The three elements of the fraud triangle are:
The three elements of the fraud triangle are:
A) Motivation.
B) Rationalization.
C) Opportunity.
D) All of the other answers are elements of the fraud triangle.
Answer: All of the other answers are elements of the fraud triangle.
The phrase "cooking the books" is commonly used to refer to:
The phrase "cooking the books" is commonly used to refer to:
A) The company's accounting records being thoroughly audited at the end of the year.
B) The company's financial statements being presented in a deceptive form.
C) The company's ability to provide timely financial information under operating pressure.
D) The inclusion of a variety of information in the financial statements.
Answer: The company's financial statements being presented in a deceptive form.
Occupational fraud:
Occupational fraud:
A) Is the use of one's occupation for personal enrichment through the deliberate misuse or misapplication of the employer's resources.
B) Occurs in only a few organizations and generally involves minor amounts.
C) Will be prevented when companies employ an auditor.
D) Is committed only by lower-level employees.
Answer: Is the use of one's occupation for personal enrichment through the deliberate misuse or misapplication of the employer's resources.
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