AC574 - Midterm Quiz TashyAnn - Week 3 Midterm Exam Numeric...

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Week 3 Midterm Exam Numeric grade: 140/150 Letter grade: Autograde Summary These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below. Question Type: # Questions: # Correct: Multiple choice 20 14 Essay 8 N/A Grade Details 1. Question: Which would be an example of the bill-and-hold strategy? Your Answer: Books are kept open beyond the appropriate time. Sell products and hold them, with an agreement to bill customers later. CORREC T Combine restricted fund account with the general fund account. Inflate revenues with phony software sales. None of the above. Points Received: 2 of 2 2. Question: What would be a task of a litigation services practitioner? Your Answer: Issue identifications. Expert testimony. Mediation. Arbitration. All of the above. CORREC T Points Received: 2 of 2 3. Question: Which statement is false? Your Answer: SAS No. 99 indicates that auditors must be skeptical. Skepticism is an attitude that includes a questioning mind and a critical assessment of audit evidence. SAS No. 99 instructs auditors to question INCORRECT Date Taken: 2/3/2008 9:59:13 AM Time Spent: 3:10:58 (3:00 allowed) Points Received: 140 / 150 (93.3%)
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management about possible fraud. Tests of controls by auditors are sufficient for auditors to catch fraud. CORRECT ANSWER None of the above. Points Received: 0 of 2 4. Question: An example of rationalization, an essential element of fraudulent activity (e.g., the fraud triangle), would be: Your Answer: Report better than actual performance in order to help your stock options. Needing to pay a large gambling debt. A weak internal control. ''Borrowing'' the petty cash fund on a temporary basis. CORREC T None of the above. Points Received: 2 of 2 5. Question: If an internal auditor finds fraud, what communication step should not be taken? Your Answer: Notify management or the Board of Directors. A written report should be prepared. Draft of written report should be submitted to legal counsel for review. Report the offense to the appropriate authority. CORREC T None of the above. Points Received: 2 of 2 6. Question: Which technique is considered to be an ''off-book'' fraud? Your Answer: Skimming. Unrecorded sales. Understated sales. Theft of incoming checks. All of the above. CORREC T Points Received: 2 of 2 7. Question: Which scheme does not inflate sales? Your Recognizing sales on disputed claims against
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Answer: customers. Recognizing sales without shipping the goods. Understating allowances for sales discounts. Recognizing full sales amount for partial shipments. All inflate sales. CORREC T Points Received: 2 of 2 8. Question: Building up balances in bank accounts based upon floating checks drawn against similar accounts in other banks is best called: Your Answer: Skimming Kiting CORREC T Money Laundering.
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