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NEW QUESTION 53
Asset misappropriations have an effect on the liabilities and do also have an indirect effect on the equity account.
- A. True
- B. False
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 54
According to fraud tree, cash has three following schemes:
- A. Cash larceny, cash distribution and fraudulent disbursements
- B. Skimming, cash larceny and fraudulent disbursements
- C. Cash distribution, skimming and fraud analysis
- D. Fraud analysis, skimming and cash misappropriations
Answer: B
NEW QUESTION 55
____________ corrupt employees can cause inventory to be fraudulently delivered to themselves or accomplices.
- A. False credit slip
- B. False shipping slip
- C. False packing slip
- D. Fraudulent inventory slip
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 56
Which of the following is NOT the type of billing scheme?
- A. Invoicing via shell companies
- B. Personal purchases with company funds
- C. Invoicing via non-accomplice companies
- D. Invoicing via accomplice companies
Answer: D
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION 57
Financial statement fraud is committed by:
- A. Organized criminals
- B. Mid and lower level employees
- C. Senior Management
- D. All of the above
Answer: D
NEW QUESTION 58
________ increase assets and expenses and/or decrease liabilities and/or equity
- A. Credit
- B. Debit
- C. Journal Entries
- D. None of all
Answer: B
NEW QUESTION 59
A ___________ occurs when an employee, manager or executive has an undisclosed economic or personal interest in a transaction that adversely affects the organization.
- A. Unauthorized purchase
- B. Conflict of interest
- C. Illegal sale
- D. Financial disclosure
Answer: B
NEW QUESTION 60
One reason employees might be hesitant to use PO boxes in shell company schemes is that some businesses are specially vary of sending checks to vendors that have street addresses only.
- A. True
- B. False
Answer: B
NEW QUESTION 61
Persuasive evidence of an arrangement does not exist when:
- A. No written or verbal agreement exists.
- B. Timings not meet properly
- C. Revenue and corresponding expenses doesn't match each other.
- D. Capitalized expenses and Liabilities will not be up to satisfied level
Answer: A
NEW QUESTION 62
Larceny by Fraud or deception means that:
- A. Creates or reinforce a false impression
- B. All of the above
- C. Fails to disclose a known lien, adverse claim or other legal impediment
- D. Fails to correct a false impression
Answer: B
NEW QUESTION 63
In which approach, fraudsters produce whatever financial statements they wish, perhaps using just a typewriter or a personal computer.
- A. Beating accounting
- B. Organized accounting
- C. Playing the accounting
- D. Outside accounting system
Answer: D
NEW QUESTION 64
Which of the following must be present for a fraud to exist?
- A. Reliance on the fast statement by the victim
- B. Knowledge that the statement was false when it was uttered
- C. All of the above
- D. A material false statement
Answer: C
NEW QUESTION 65
Which of the following search is used for unusually high incidence of returns and allowances scheme?
- A. Disposals of allowances than reorders
- B. Returns and allowances
- C. None of the above
- D. Allowances by vendors
Answer: B
Explanation:
Section: Investigation
NEW QUESTION 66
In which phase of competitive bidding process, fraudsters attempt to influence the selection of a contractor by restricting the pool of competitors from whom bids are sought?
- A. Solicitation
- B. False specification
- C. Submission
- D. Need recognition
Answer: A
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION 67
__________ are the amounts which are owned to other entities:
- A. Assets
- B. Liabilities
- C. Expenses
- D. Supplies
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 68
Verify supporting documentation on outstanding checks written for a material amount is a test used to conduct for:
- A. Bank confirmation
- B. Cut-off statements
- C. Bank confirmation
- D. Check disbursement
Answer: A
Explanation:
Section: Investigation
NEW QUESTION 69
Which of the following are the classifications for the Corruption?
- A. Bribery, economic extortion, illegal gratuities and conflicts of interest
- B. Overbilling, bribery, bid-ridding and illegal gratuities
- C. Corruption, bribery, economic extortion, conflicts of interest
- D. economic extortion, bribery, illegal gratuities and corruption
Answer: A
NEW QUESTION 70
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