ACCT562 2022 April Week 1 Quiz Latest

ACCT562 Auditing - An Operational and Internal Perspective Including Fraud Examination

Week 1 Quiz  

Question 1(TCO A) Required traits of a good operational reviewer include:

  Foreign language skills

  Advanced programming knowledge

  Management experience

  None of the above

Question 2(TCO A) _____ and converting cash allows a business to survive.

  Customer service

  Debt management

  Employee satisfaction

  None of the above

Question 3(TCO A) Operational review phases include all EXCEPT the following:

  Reporting

  Field Work

  Planning

 

  Shareholder letter

Question 4(TCO A) The E of the Three E's pertaining to obtaining RESULTS of operations is:

  Effectiveness

  Economy

  Efficiency

  Economics

Question 5(TCO F) Which of the following is NOT a part of the fraud theory approach?

  Analyze available data.

  Develop what-if scenarios.

  Identify who committed the fraud.

  Refine the hypothesis.

Question 6(TCO F) Which of the following is NOT one of the legs of the Fraud Triangle?

  Situational environment

  Perceived non-shareable financial need

  Perceived opportunity

  Rationalization

Question 7(TCO F) Research in the Hollinger-Clark study suggests that the best way to deter employee theft is by:

  Increasing sanctions imposed on occupational fraudsters

  Increasing the perception of detection

  Strengthening internal controls

  Communicating the organization’s fraud policies to employees

Question 8(TCO F) In the Fraud Tree, asset misappropriations are broken down into cash and non-cash schemes. Which of the following is NOT considered a misappropriation of cash?

  Larceny

  Illegal Gratuity

  Skimming

  Fraudulent Disbursement

Question 9(TCO F) The concealment of receivables skimming can be difficult because

  the incoming payments are expected.

  inventory must be padded to conceal shrinkage.

  the audit trail must be destroyed.

  All of the above

Question 10(TCO F) In one of the case studies in the textbook (page 51), Brian Lee, a top-notch plastic surgeon, collected payments from his patients without giving a cut to the clinic where he practiced. How was he punished?

  Allowed to continue with the practice and make restitution.

  Terminated and required to make full restitution.

  Sued in civil court for the amount of loss.

  Convicted of larceny and sentenced to prison.