Possible Exam 1 Questions - Forensics nn 27

Possible Exam 1 Questions - Forensics nn 27 - b. False 13....

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Unformatted text preview: b. False 13. Most cases go to trial, and pre‐trial activities can be a significant opportunity for a forensic accountant. a. True b. False 14. Lapping is building up balances in bank accounts based upon floating checks drawn against similar accounts in other banks. a. True b. False 15. A Kessler study found that 42% of employees were fundamentally dishonest. a. True b. False 16. Catch skimming by comparing receipts with deposits and surprise cash counts. a. True b. False 17. Vouching the reconciling items on a cut‐off bank statement can help find lapping and kiting. a. True b. False 18. A cut‐off bank statement is a normal bank statement except that it covers a shorter time period. a. True b. False 19. Kiting involves recording of payment on a customer's account some time after the receipt of the payment. a. True b. False 20. Lapping is sometimes called "robbing Peter to pay Paul." a. True b. False 21. Fictitious receivables involve covering a fictitious sale with a fictitious receivable, which may be eventually written off. a. True Page 27 of 44 ...
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This note was uploaded on 07/16/2010 for the course ACCOUNTING 2301 taught by Professor Norton during the Summer '10 term at Academy of Design Tampa.

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