Question 1. Question:<\/p>\n
(TCO 5) The two most common types of fraud impacting financial statements are<\/p>\n
fraudulent financial reporting and e-commerce fraud.<\/p>\n
misappropriation of assets and embezzlement.<\/p>\n
fraudulent financial reporting and misappropriation of assets.<\/p>\n
cooking the books and fraudulent financial reporting.<\/p>\n
Question 2. Question :<\/p>\n
(TCO 5) Which of the following is a true statement regarding fraud?<\/p>\n
Fraud is committed when an error is made.<\/p>\n
Fraud does not occur in not-for-profit organizations.<\/p>\n
The expansion of e-commerce has caused fraud to decrease.<\/p>\n
Most businesses surveyed had experienced fraud.<\/p>\n
Question 3. Question :<\/p>\n
(TCO 5) Internal control is a plan of organization and system of procedures implemented by company _____ and the _____ designed to accomplish five objectives.<\/p>\n
internal auditors, employees<\/p>\n
external auditors, management<\/p>\n
management, board of directors<\/p>\n
employees, board of directors<\/p>\n
Question 4. Question :<\/p>\n
(TCO 5) A fidelity bond is a(n)<\/p>\n
employment contract for a specified period of time.<\/p>\n
insurance policy that reimburses a company for employee theft.<\/p>\n
contract prohibiting former employees from working for a competitor.<\/p>\n
promise by a company to safeguard customers’ personal information.<\/p>\n
Question 5. Question :<\/p>\n
(TCO 5) Proper separation of duties and physical safeguards to protect assets from theft are part of a company’s<\/p>\n
information system.<\/p>\n
control procedures.<\/p>\n
control monitoring.<\/p>\n
personnel maintenance.<\/p>\n
Question 6. Question :<\/p>\n
(TCO 5) E-commerce pitfalls include all of the following except<\/p>\n
stolen credit card numbers.<\/p>\n
phishing expedition.<\/p>\n
encryption reporting.<\/p>\n
Trojan horses.<\/p>\n
Question 7. Question :<\/p>\n
(TCO 5) When preparing a bank reconciliation, which of the following items should be added to the book balance?<\/p>\n
EFT receipts<\/p>\n
Deposits in transit<\/p>\n
Collection items<\/p>\n
Both EFT receipts and collection items<\/p>\n
Question 8. Question :<\/p>\n
(TCO 5) Which of the following is an accurate statement regarding cash receipts over the counter?<\/p>\n
The point-of-sale terminal electronically transmits a record of the sale to the store’s main computer.<\/p>\n
Employees should take the deposit to the bank.<\/p>\n
The cashier should reconcile the electronic record of the sales per the terminal to the record of cash received.<\/p>\n
Point-of-sale terminals cannot assist in inventory control.<\/p>\n
Question 9. Question :<\/p>\n
(TCO 5) Another name for short-term investments is<\/p>\n
equity investments.<\/p>\n
marketable securities.<\/p>\n
market investments.<\/p>\n
available-for-sale securities.<\/p>\n
Question 10. Question :<\/p>\n
(TCO 5) A business offers credit terms of 1\/15, n\/30. These terms indicate that<\/p>\n
the total amount of the invoice must be paid within 15 days.<\/p>\n
a discount of 1% can be taken if the invoice is paid within 15 days.<\/p>\n
the buyer can take a 1% discount if the bill is paid within 15 or 30 days.<\/p>\n
no discount is offered for early payment.<\/p>\n","protected":false},"excerpt":{"rendered":"
Question 1. Question: (TCO 5) The two most common types of fraud impacting financial statements are fraudulent financial reporting and e-commerce fraud. misappropriation of assets and embezzlement. fraudulent financial reporting and misappropriation of assets. cooking the books and fraudulent financial Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-49874","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/49874","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=49874"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/49874\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=49874"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=49874"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=49874"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}