Quiz II Review Questions
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Quiz II Review Questions

Course Number: AC 574, Spring 2009

College/University: Keller Graduate School...

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AC574 Quiz 2 Review Questions: IMPORTANT: Please review the following questions before taking the weekly quiz. 19. (TCO B) A company has a 22% profit margin and has employee fraud of $220,000. Calculate the additional revenue needed to offset this lost income. A. $540,000. B. $720,000. C. $820,000. D. $1,000,000. E. Some other amount. 20. (TCO B) You are told that a company has a 20% profit margin and the...

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Quiz AC574 2 Review Questions: IMPORTANT: Please review the following questions before taking the weekly quiz. 19. (TCO B) A company has a 22% profit margin and has employee fraud of $220,000. Calculate the additional revenue needed to offset this lost income. A. $540,000. B. $720,000. C. $820,000. D. $1,000,000. E. Some other amount. 20. (TCO B) 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? A. $280,000. B. $560,000. C. $1,400,000. D. $7,000,000. E. Some other amount. 21. (TCO B) You are told that a company has a 30% profit margin and the discovered fraud has caused $2,400,000 more needed revenue to cover the fraud. How much was stolen? A. $340,000. B. $720,000. C. $2,400,000. D. $8,000,000. E. Some other amount. 24. (TCO B) Which would not be a direct IRS method for reconstructing taxable income? A. Newspaper articles. B. Checking deed records of real estate transactions. C. Discussions with third parties. D. Checking public records. E. All of the above are direct methods. 25. (TCO B) Which of the following is an example of a reactive approach to fraud detection? A. Effective internal controls. B. Intelligence gathering. C. Logging of exceptions. D. Suspicion. (p 5-29) E. None of the above. 26. (TCO B) Which is not an indirect method of reconstructing income of a taxpayer? A. Net worth. B. Bank deposit. C. Cash T D. Unreported mark-up. E. None of the above. 27. (TCO B) Which statement is false? A. Fraud auditing is like an iceberg because many of the structural aspects are below water. B. The lifestyle of a person may give clues as to fraud possibilities. C. For taxpayers who are self-employed, IRS agents may use indirect methods to find unreported income. D. The IRS does not have unlimited discretion to use an indirect method. E. None of the above. 28. (TCO B) Which statement is false? A. The source and application of funds technique is a variation of the net worth method that shows increases and decreases in a taxpayer's accounts at the end of the year. B. Often the IRS agent will use the expenditure approach when a taxpayer is spending income lavishly rather than purchasing assets or investments. C. The expenditure approach is similar to the Cash T, except that the data used is the increases and decreases in the taxpayer's accounts. D. The source and application of funds method is a variation of the bank deposit method. E. None of the 29. above. (TCO B) Which statement is false? A. The net worth method may be used when there is a year-to-year increase in net worth and the taxpayer does not have adequate records to determine taxable income or when fraud is strongly suspected. B. The net worth technique may be appropriate for any taxpayer when two or more years are being audited and the agent determines that there have been substantial changes in assets and liabilities from year to year. C. Under the net worth method, nondeductible expenditures are deducted to arrive at adjusted gross income. D. If a person's net worth increase (as adjusted) exceeds the reported taxable income, there may be unreported income (or a previous cash hoard or large gift). E. None of the above. 38. (TCO B) Based upon the following facts, determine a person's preliminary understatement of income: Schedule C receipts $280,000 Schedule C expenses 135,000 Personal living expenses 65,000 A. An overstatement. B. $80,000. C. $135,000. D. $280,000. E. None of the above. 39. (TCO B) Based upon the following facts, determine a person's preliminary understatement of income: Schedule C receipts $140,000 Schedule C expenses 150,000 Personal living expenses 70,000 A. An overstatement. B. $80,000. C. $10,000. D. $140,000. E. None of the above. 40. (TCO B) Based upon the following facts, determine a person's preliminary understatement of income: Schedule C receipts $100,000 Schedule C expenses 85,000 Personal living expenses 95,000 A. An overstatement. B. $80,000. C. $15,000. D. $90,000. E. None of the above. 43. (TCO B) In computing income under the net worth method, the following facts are found: Total Assets $1,600,000 Total Liabilities 825,000 Nondeductable Expenses 120,000 Nontaxable Income 45,000 Net Worth at Beginning of Year 560,000 A. $170,000. B. $215,000. C. $290,000. D. $335,000. E. None of the above 44.(TCO B) In computing income under the net worth method, the following facts are found: Total Assets $1,000,000 Total Liabilities 225,000 Nondeductable Expenses 120,000 Nontaxable Income 65,000 Net Worth at Beginning of Year 560,000 A. $170,000. B. $215,000. C. $270,000. D. $335,000. E. None of the above. 45.(TCO B) In computing income under the net worth method, the following facts are found: Total Assets $2,000,000 Total Liabilities 1,225,000 Nondeductable Expenses 120,000 Nontaxable Income 15,000 Net Worth at Beginning of Year 560,000 A. $170,000. B. $215,000. C. $320,000. D. $335,000. E. None of the above

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