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NEW QUESTION 27
Organizations that had external audits actually had higher median losses and longer lasting fraud schemes than those organizations that were not audited.
- A. True
- B. False
Answer: A
NEW QUESTION 28
__________ are the amounts which are owned to other entities:
- A. Liabilities
- B. Supplies
- C. Assets
- D. Expenses
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 29
The excess credits (or debits) on the income statement are used to decrease (or increase) the equity account.
- A. False
- B. True
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
Explanation/Reference:
NEW QUESTION 30
Which of the following is NOT the type of billing scheme?
- A. Invoicing via accomplice companies
- B. Personal purchases with company funds
- C. Invoicing via non-accomplice companies
- D. Invoicing via shell companies
Answer: A
NEW QUESTION 31
Entering a sales total lower than the amount actually paid by the customer is called:
- A. Recording a sale procedure
- B. Underrings a sale
- C. All of the above
- D. Internal sales audits
Answer: B
NEW QUESTION 32
A fabricated name and the post office box that an employee uses to collect disbursements from false billings is called:
- A. Perpetrator check
- B. Shell company
- C. Accomplice residence
- D. Cash generator
Answer: B
NEW QUESTION 33
"Anticipate possible losses and omit potential profits", this results in:
- A. Bearing accounting
- B. Playing accounting
- C. Asymmetrical accounting
- D. Symmetrical accounting
Answer: C
NEW QUESTION 34
Which sale occurs when the accomplice of the employee-fraudster "buys" merchandise, but the employee does not ring up the sale, and the accomplice takes the merchandise without making any payment?
- A. Fraudster sale
- B. Whole sale
- C. Preliminary sale
- D. Fake sale
Answer: D
NEW QUESTION 35
A journal in which all sales made on credit or cash are listed is:
- A. Accounts payable journal
- B. General journal
- C. Accounts receivable journal
- D. Disbursement journal
Answer: C
NEW QUESTION 36
Multiple cashiers operate from a single cash drawer without separate access codes is a red flag for:
- A. Register scheme
- B. Force inventory scheme
- C. Fraudulent scheme
- D. Disbursement scheme
Answer: A
NEW QUESTION 37
Which of the following are not of Basic types of non-sharable problems?
- A. Larceny by Fraud
- B. Physical Isolation
- C. Business reversals
- D. Violation of ascribed obligations
Answer: A
NEW QUESTION 38
The person or persons who have access to __________ are often the targets of unethical vendors seeking an advantage in the process.
- A. Bid-splitting
- B. Tailor specifications
- C. General purchasing
- D. Sealed bids
Answer: D
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION 39
One final means of concealing a register scheme, as with many kinds of fraud, is to destroy all records of the transaction.
- A. True
- B. False
Answer: A
NEW QUESTION 40
False billing scheme states that:
- A. employees cause their company to purchase merchandise that the company does not need
- B. employees do not cause their company to sale merchandise that the company does not need.
- C. employees cause their company to sale merchandise that the company does not need.
- D. employees do not cause their company to purchase merchandise that the company does not need.
Answer: A
NEW QUESTION 41
A tangible asset is one which is:
- A. Both A & B
- B. capable of being perceived
- C. capable of being appraised
- D. Neither A nor B
Answer: A
NEW QUESTION 42
A typical issue involving material and fraud would be:
- A. Misappropriations
- B. Fraudulent statement
- C. Quality control
- D. Civil lawsuit
Answer: A
NEW QUESTION 43
Employees steal an incoming payment and then place the incoming funds in an interest bearing account for:
- A. Short-term skimming
- B. Concealing the fraud
- C. All of the above
- D. Converting stolen checks
Answer: A
NEW QUESTION 44
The heart of book keeping system is the ___________.
- A. Asset
- B. Journal
- C. Liability
- D. Checkbook
Answer: D
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 45
Which of the following can constitute a bribe, even if the illicit payment is never actually made?
- A. Overbilling in payment
- B. Corruption in payment
- C. kickback payment
- D. Offering a payment
Answer: D
NEW QUESTION 46
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