AC574 - Weekly online Quizzes TashyAnn

AC574 - Weekly online Quizzes TashyAnn - Week 1 Online Quiz...

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Week 1 Online Quiz Numeric grade:18/20 Letter grade: Grade Details 1. Question: An AICPA committee in 1986 broke forensic accounting into two broad areas: Your Answer: Damages and valuation. Investigative accounting and litigation support. CORRECT Accounting and valuation. Accounting and general consulting. None of the above. Points Received: 2 of 2 2. Question: Which certificate is provided by the American College of Forensic Examiners? Your Answer: CFE. CFA. CFFA. Cr.FA. CORREC T None of the above. Points Received: 2 of 2 3. Question: Which task probably would not be required of a Certified Fraud Examiner? Your Answer: Gather evidence. Write reports. Assist in investigating fraud. Testify in the courtroom. All of the above may be required. CORREC T Points Received: 2 of 2 4. Question: An example of ''channel stuffing'' would be: Your Keeping books open beyond the INCORRECT
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Answer: appropriate time. Combining restricted fund account with the general fund account. Booking income before receiving payments. CORRECT ANSWER Inflating revenues with phony software sales. None of the above. Points Received: 0 of 2 5. Question: Which is not one of the three M's of financial statement fraud? Your Answer: Missing general ledger. CORRECT Manipulation. Misrepresentation. Intentional misapplication. None of the above. Points Received: 2 of 2 6. Question: COSA defines ''internal controls'' as a process, effected by an entity's board of directors, manageand other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories except: Your Answer: A reasonable degree of transparency. CORRECT Effectiveness and efficiency of operations. Reliability of financial reporting. Compliance with applicable laws and regulations. All of the above. Points Received: 2 of 2 7. Question: Control risk is: Your Answer: A risk that a material error in the balance or transaction class will not be prevented or detected. CORRECT The risk that an account or transactions contain material misstatements before the effects or the controls. The measure of whether something is significant enough to change an investor's investment decision
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is a prime consideration in how the audit is conducted. The risk that audit procedures will not turn up material error when it exists. None of the above. Points Received: 2 of 2 8. Question: Which would not be considered an analytical procedure? Your Answer: Comparison with other operating information. Vertical Analysis Variance Analysis Ratio Analysis All of the above are analytical procedures. CORRECT Points Received: 2 of 2 9. Question: Based upon the KPMG studies, what factor is most likely to cause fraud?? Your Answer: Management Override. Employee Collusion High Risk Industry Poor Internal Controls CORRECT Some other factors is most likely Points Received: 2 of 2 10 .
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