AC574 - Midterm Quiz TashyAnn

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 Date Taken: 2/3/2008 9:59:13 AM Time Spent: 3:10:58 (3:00 allowed) Points Received: 140 / 150 (93.3%) 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. CORRECT 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?
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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 management about possible fraud. INCORRECT 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. CORRECT 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. CORRECT 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.
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Theft of incoming checks. All of the above. CORRECT Points Received: 2 of 2 7. Question: Which scheme does not inflate sales? Your Answer: Recognizing sales on disputed claims against customers. Recognizing sales without shipping the goods. Understating allowances for sales discounts. Recognizing full sales amount for partial shipments. All inflate sales. CORRECT 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 CORRECT Money Laundering. Lapping
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AC574 - Midterm Quiz TashyAnn - Week 3 Midterm Exam Numeric...

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