Mini Test 1 Form B - Do NOT open your exam until you are...

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1 Do NOT open your exam until you are told to do so! While you are waiting please do the following: 1) Keep your exam closed but pull out your bubble-sheet 2) Using your pencil, fill in your last name & first initial your net id (this is the same as your Enterprise ID & is the first part of your University email address) Your section number TA Section Number Jeff Bubble Sheet Input AD1- 8 am 001 Jeff AD2- 9 am 002 Antoinette AD3- 10 am 003 Antoinette AD4-11 am 004 Jimmy AD5-12 pm 005 Jimmy AD6- 1 pm 006
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2 Mini Test I Student: ___________________________________________________________________________ Please place all answers in your scantron (i.e. bubble sheet). 1. As discussed in lecture: In a study performed by the Association of Certified Fraud Examiners: in 70% of the fraud cases studied, the fraud itself could have been prevented if . A. If only the company had updated its risk assessments on a more frequent basis and then re-designed control procedures to accommodate new findings B. If only the control environment had been such that existing internal control procedures were actually followed. C. If only “logical access controls” (i.e. passwords) had been used to restrict unauthorized access to critical accounting functions D. If only the employers studied had performed more thorough background checks & employee screenings as part of the hiring process E. None of the above 2. From the choices provided, please identify the name of each source document (from the purchase & disbursements cycle) described below: Document Name Originator Recipient 1 ? Operating Dept. Purchasing Dept 2 ? Vendor Accounting Department A. 1-Purchase Order 2- Payment B. 1- Purchase Requisition 2- Vendor Invoice C. 1- Purchase Order 2. Vendor Invoice D. 1- Purchase Requisition 2- Payment E. None of the above 3. Which of the following statements is most true? A. Accounting is the part of bookkeeping devoted to identifying, measuring & processing economic information B. Bookkeeping is the part of accounting devoted to identifying, measuring & processing economic information C. Bookkeeping is the part of accounting most often associated with making informed judgments D. Accounting is the part of bookkeeping most often associated with making informed judgments E. None of the above
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3 4. Jax Company has a standing monthly order for a fixed amount of merchandise with one of its vendors. Jax is unaware that the vendor is struggling financially and frequently sends a short shipment but then bills for the full amount of merchandise ordered. This fraud has continued to exist despite the fact that Jax’s receiving department performs “blind” counts of all merchandise delivered. Which of the below control procedures would be ineffective at detecting the fraud? A. Timely follow up on “open” purchase orders
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This note was uploaded on 02/14/2011 for the course ACCY 202 taught by Professor Staff during the Spring '08 term at University of Illinois, Urbana Champaign.

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Mini Test 1 Form B - Do NOT open your exam until you are...

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