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Saint Louis ACC 505 Week 2 Quiz Latest

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Saint Louis ACC 505 Week 2 Quiz Latest

Saint Louis ACC 505 Week 2 Quiz Latest

ACC505

Saint Louis ACC 505 Week 2 Quiz Latest

Saint Louis ACC 505 Week 2 Quiz Latest

Question 1 Skimming involves the theft of money that has already appeared on a victim’s books, while cash larceny involves stealing money before it has been recorded.

True

False

Question 2 Which of the following methods can be used to conceal a larceny scheme that occurred at the point of sale?

Stealing from another employee’s register

Destroying the register tape

Falsifying the cash count

All of the above

Question 3 Running a report that summarizes user access for the sales, accounts receivable, cash receipt, and general ledger systems during non-business hours might identify a cash larceny scheme. True

False

Question 4 Cash misappropriations are divided into two broad groups: fraudulent disbursements schemes and cash receipts schemes.

True

False

Question 5 Which of the following computer audit tests would be the least useful in detecting a cash larceny scheme?

Reviewing all unique journal entries in the cash accounts

Summarizing the top sales producers by employee

Summarizing the difference between the cash receipt report and the sales register system by employee

Summarizing discounts, returns, and cash receipt adjustments by employee

Question 6 Which of the following antifraud controls can help prevent and detect cash larceny from the deposit?

Preparing the deposit slip to show each individual check and money order along with currency receipts

Comparing the bank authenticated deposit slip with the general ledger posting of the day’s receipts

All of the above

Having two copies of the bank statement delivered to different persons in an organization

Question 7 Larceny schemes are generally more difficult to detect than skimming schemes.

True

False

Question 8 Where do most larceny schemes involving cash occur?

At the point of sale

At off-site locations

In the accounting department

In the mailroom

Question 9 The central weakness of a cash larceny scheme is the resulting imbalance in the organization’s accounting records.

True

False

Question 10 According to the 2012 Report to the Nations on Occupational Fraud and Abuse, cash larceny schemes were the least common form of cash misappropriations.

True

False

Question 11 All of the following are ways a fraudster might conceal cash larceny from the deposit except:

Falsifying the bank copy of the deposit slip

Deposit lapping

Posting missing money as “deposits in transit”

Destroying customer statements

Question 12 The two categories of cash receipts schemes are:

Lapping and skimming

Skimming and billing schemes

Cash larceny and skimming

Lapping and cash larceny

Question 13 To prevent cash larceny through falsification of cash counts, an independent employee should verify the cash count in each register or cash box at the end of each shift.

True

False

Question 14 According to the 2012 Report to the Nations on Occupational Fraud and Abuse, cash larceny schemes had the largest median loss of all cash misappropriations.

True

False

Question 15 In one of the case studies in the textbook, Laura Grove was the head teller at a bank in Tennessee. As the head teller, she had the authority to open the night depository along with another teller. For security reasons, each teller only had half of the combination to the vault. In the end, Grove opened the vault and stole two deposit bags worth approximately $16,000. Which of the following red flags made the investigators suspect Laura?

She broke out in a rash when she was interviewed.

The security system showed that she was the last one to leave the bank on the day before the bags were stolen.

During the interview she made a point of mentioning that the other teller had been having financial problems.

All of the above

Question 16 Producing an invoice that looks professional is the most difficult part of a shell company scheme.

True

False

Question 17 Most shell company schemes involve the purchase of goods rather than services.

True

False

Question 18 In one of the case studies in the textbook, Bill Gurado was a branch manager for a consumer-loan finance company in New Orleans who decided to help himself to the daily deposits. Instead of depositing the money into the company’s bank account, he deposited the money to his own personal account. How was the case settled?

Gurado was terminated and he immediately paid back the money.

The company pursued civil action for the repayment of the stolen funds.

Gurado was placed on deferred adjudication and required to make restitution.

Gurado was convicted of grand theft and scheming to defraud, and he was placed on probation.

Question 19 Warning signs of a shell company scheme include which of the following?

A vendor that is not listed in the phone book

Invoices lacking details of the items purchased

An unexpected and significant increase in “consulting expenses”

All of the above

Question 20 In a ______________ scheme, the perpetrator uses false documentation to cause a payment to be issued for a fraudulent purpose.

Skimming

Purchasing

Billing

Larceny

Question 21 When a billing scheme is occurring, the company’s expenses appear lower than they should, causing the financial statements to show falsely inflated profits.

True

False

Question 22 In one of the case studies in the textbook, Laura Grove was the head teller at a bank in Tennessee. As the head teller, she had the authority to open the night depository along with another teller. For security reasons, each teller only had half of the combination to the vault. In the end, Grove opened the vault and stole two deposit bags worth approximately $16,000. How was she ultimately caught?

She broke down and confessed to the investigators during a routine interview of all tellers.

The bank found some of the checks in the dumpster near her house with her fingerprints on them.

Her husband found the bank’s money and turned her in.

None of the above

Question 23 In the Fraud Tree, all of the following are categories of fraudulent disbursements except:

Billing schemes

Cash larceny

Check tampering

Payroll schemes

Question 24 Jeff Lewis is an accounts receivable clerk for FTB Industries. As customers pay off their balances, Lewis posts the payments but pockets the money. He can conceal his theft by:

Adjusting the account with a discount

All of the above

Destroying the records

Making unsupported entries for the amount stolen

Question 25 Danielle Boyle, CFE, was hired to investigate some suspicious activity in the accounts receivable department at Red Technologies. While examining the company’s accounting records, she noticed several payments posted to customers’ accounts that were later reversed with journal entries to “courtesy discounts.” What type of scheme might this situation indicate?

Shell company

Receivables skimming

Deposit lapping

Cash larceny of receivables

Question 26 In one of the case studies in the textbook, Bill Gurado was a branch manager for a consumer-loan finance company in New Orleans who decided to help himself to the daily deposits. Instead of depositing the money into the company’s bank account, he deposited the money into his own personal account. How was Gurado’s fraud discovered?

He suspected he was on the verge of being caught, called the company’s president, and confessed that he had taken the money.

His assistant suspected him and reported him to the company’s audit committee.

The auditors found it during a surprise audit of the branch Gurado managed.

A customer called to complain about receiving an overdue notice.

Question 27 Mel Turner, the runner for a small bookstore, had a bad habit of helping himself to cash from the deposit on the way to the bank. He covered his tracks by substituting a check from the next day’s deposit for the amount he stole from the previous day’s deposit. This is an example of what type of concealment?

None of the above

Force balancing

Deposit lapping

Deposits in transit

Question 28 Which of the following actions is least likely to help prevent and detect schemes involving fraudulent invoices from non-accomplice vendors?

Verifying vendor address changes before disbursements are issued

Marking “paid” on every voucher that has been paid

Separating the duties of purchasing, authorizing, and distributing payments

Matching all bank statement items to canceled checks

Question 29 In one of the case studies in the textbook, Albert Miano, the facilities supervisor for a popular magazine, submitted phony invoices. When Miano received the checks for the phony invoices, he forged the contractor’s signature. He then endorsed the check in his own name. How was the fraud caught?

A vendor received a check by mistake and called the accounts payable department.

The new chief of internal audit found it by accident.

The external audit found it in an audit sample of canceled checks.

The auditors found a discrepancy in the invoices that were submitted.

Question 30 Nicolas Hill, CFE, has been hired to look into suspicious activity at Mason & Jefferson, LLC. The company’s controller has reason to believe that the company has fallen victim to a shell company scheme. As part of his investigation, Nicolas should do which of the following?

Extract all employees without a social security number

All of the above

Review payments with little or no sequence between invoice numbers

Match the vendor master file to the accounts receivable file

Question 31 According to the 2012 Report to the Nations on Occupational Fraud and Abuse, the most common fraudulent disbursement schemes were:

Check tampering schemes

Register disbursement schemes

Payroll schemes

Billing schemes

Question 32 Purchasing personal items using an organization’s money is what type of scheme?

Pay-and-return scheme

Skimming scheme

Larceny scheme

Billing scheme

Question 33 Which of the following computer audit tests can be used to detect billing schemes? Extracting a sample of vendor open invoices for confirmation with the vendor All of the above Extracting delivery addresses that do not correspond to company locations Extracting manual checks and summarizing by vendor and issuer

Question 34 According to the 2012 Report to the Nations on Occupational Fraud and Abuse, billing schemes were the second most costly type of fraudulent disbursements schemes.

True

False

Question 35 A pass-through scheme is usually undertaken by someone who works in which department?

Accounts receivable

Accounts payable

Purchasing

Receiving

Question 36 Eli Adams is an accounts payable clerk for MJF Productions. By forging signatures, he was able to procure a company credit card. He recently bought home stereo equipment and put it on his company credit card. When the credit card statement arrived at MJF, Eli prepared a check to the credit card company and buried the purchase in the monthly expenses of the company’s largest cost center, knowing that his manager is generally inattentive when approving payments. What type of fraud is this?

Larceny

Forged maker scheme

Personal purchases scheme

Pass-through scheme

Question 37 In a shell company scheme, which of the following methods might a fraudster use to get a phony invoice approved for payment?

Any of the above

Collusion

A “rubber stamp” supervisor

Falsification of purchase orders and receiving reports

Question 38 ____________________ are schemes in which the employee intentionally mishandles payments that are owed to legitimate vendors.

Pay-and-return schemes

Switch-and-swap schemes

Shell company schemes

Pass-through schemes

Question 39 The internal auditor for the Bremer Group recently ran a computer audit test that showed that Ouetzen Company, one of the company’s listed vendors, doesn’t have a telephone number or a tax ID number. Of the choices given, what type of fraud does this situation most likely indicate?

Shell company scheme

Larceny scheme

Personal purchases scheme

Non-accomplice vendor scheme

Question 40 Abby Watkins works in the accounts payable department for SVX Company. Recently, she set up a payment to Pacific Industries for invoice number 7001a, which is unlike any invoice number she has seen from Pacific in the past. The voucher contains a purchase order that backs up the invoice, but it looks like a photocopy. Additionally, the accounting system shows that invoice number 7001 from Pacific was for a slightly different amount and has already been paid. Pacific Industries is an established vendor with SVX, but the payment address has recently been changed to a P.O. Box in the vendor file. What type of fraud does this situation most likely indicate?

Non-accomplice vendor scheme

Personal purchases scheme

Shell company scheme

False purchase requisition scheme

 

Saint Louis ACC 505 Week 2 Quiz Latest

Saint Louis ACC 505 Week 2 Quiz Latest

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