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NEW QUESTION 81
Which of the following is NOT standard of generally accepted accounting principles?
- A. Full disclosure
- B. Cost
- C. Quality control
- D. Conservatism
Answer: C
NEW QUESTION 82
Which of the following is NOT the reason to bribe employees of the purchaser?
- A. To ensure receipt of a late bid
- B. To ensure bid-splitting
- C. To falsify the bid log
- D. To extend the bid opening date
Answer: B
NEW QUESTION 83
___________ and __________ are used to increase (or decrease) the equity account.
- A. Journal Entries & Credit
- B. None of all
- C. Journal Entries & Debit
- D. Journal Entries & transactions
Answer: D
NEW QUESTION 84
Which check tampering red flag may indicate employees have embezzled cash and charged the embezzlement to expense accounts?
- A. Duplicate checks
- B. Voided checks
- C. Missing checks
- D. Payable checks
Answer: C
NEW QUESTION 85
Statistical sampling enables the examiner to predict the occurrence rate for the population and therefore determine with some accuracy the error rate, or the potential for fraud.
- A. True
- B. False
Answer: A
NEW QUESTION 86
Which of the following is NOT the phase of the bidding process?
- A. Presolicitation
- B. Postsolicitation
- C. Solicitation
- D. Submission
Answer: B
NEW QUESTION 87
In which approach, fraudsters produce whatever financial statements they wish, perhaps using just a typewriter or a personal computer.
- A. Outside accounting system
- B. Organized accounting
- C. Playing the accounting
- D. Beating accounting
Answer: A
NEW QUESTION 88
The _______________ cost method of pricing would carry an asset's value on the financial statements as what it would currently cost, considering inflation.
Answer:
Explanation:
Price-level adjusted historical cost
NEW QUESTION 89
People commit financial statement fraud to:
- A. Conceal false business performances
- B. Maintain personal income
- C. Stand outside the accounting system
- D. Preserve personal status/control
Answer: D
NEW QUESTION 90
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
NEW QUESTION 91
Placing any restriction in the solicitation documents that tend to restrict competition is called prebid solicitation.
- A. True
- B. False
Answer: A
NEW QUESTION 92
The excess credits (or debits) on the income statement are used to decrease (or increase) the equity account.
- A. False
- B. True
Answer: A
NEW QUESTION 93
When a victim company purchases unnecessary goods or services from a supplier at the direction of the corrupt employee, this results in:
- A. False sole-source scheme
- B. Presolicitation scheme
- C. Need recognition scheme
- D. Submission scheme
Answer: C
NEW QUESTION 94
Most of the shell company schemes involve the purchase of goods rather than services.
- A. False
- B. True
Answer: A
NEW QUESTION 95
Maintain the presence of a manager or supervisor near the area of the cash register as a deterrent to theft is a prevention for:
- A. Register disbursement scheme
- B. Larceny scheme
- C. Fraudulent statement scheme
- D. Asset misappropriation scheme
Answer: A
NEW QUESTION 96
Bid-rigging scheme occurs when:
- A. an employee once assists a vendor in winning a contract through a single competitive bidding process.
- B. an employee fraudulently assists a vendor in winning a contract through the competitive bidding process.
- C. an employee once assists a vendor in winning a contract through a single competitive bidding process.
- D. an employee does not assist a vendor in winning a contract through the competitive bidding process.
Answer: B
NEW QUESTION 97
Which of the following is NOT the method for stealing inventory and other assets?
- A. Purchasing and receiving schemes
- B. Larceny schemes
- C. Asset requisition and transfer
- D. Sales & Equipment handling
Answer: D
NEW QUESTION 98
Which of the following is the criterion for bid solicitation?
- A. To withdraw low bids
- B. Allowing the purchaser to discuss possible employment with the contractor
- C. Containing false statements
- D. To falsify the bid log
Answer: B
NEW QUESTION 99
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