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Possible Exam 1 Questions - Forensics nn 8

Possible Exam 1 Questions - Forensics nn 8 - 54 One...

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Unformatted text preview: 54. One research study found that the number one reason for fraud was pressure to do whatever it takes to meet goals. a. True b. False 55. A second surprise cash count would be a preventive type control. a. True b. False 56. Counting the inventory by an auditor would be a corrective control. a. True b. False 57. Restatements of earnings fell in 2008. a. True b. False 59. Which is not one of the three M's of financial statement fraud? a. Missing general ledger. b. Manipulation. c. Misrepresentation. d. Intentional misapplication. e. None of the above. 60. Which group is not one of the members of corporate governance in the six‐legged stool as outlined by Professor Zab Razaee? a. Board of Directors. b. Audit Committee. c. Internal auditors. d. Employees of the company. e. All of the above are one of the six groups. 62. Which would be an example of the bill‐and‐hold strategy? a. Books are kept open beyond the appropriate time. *b. Sell products and hold them, with an agreement to bill customers later. c. Combine restricted fund account with the general fund account. d. Inflate revenues with phony software sales. e. None of the above. 63. An example of "channel stuffing" would be: a. Keeping books open beyond the appropriate time. b. Combining restricted fund account with the general fund account. c. Booking income before receiving payments. d. Inflating revenues with phony software sales. Page 8 of 44 ...
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