ACCT562 2022 April Week 6 Quiz Latest

Question # 00827098 Posted By: solutionshare7 Updated on: 07/07/2022 11:24 PM Due on: 07/08/2022
Subject Accounting Topic Accounting Tutorials:
Question
Dot Image

ACCT562 Auditing - An Operational and Internal Perspective Including Fraud Examination

Week 6 Quiz  

Question 1 (TCO F) Which of the following procedures can be used to prevent mischaracterized expense reimbursement schemes?

   A policy should be established and communicated to employees regarding what types of expenses will and will not be reimbursed.

   Employees should be required to sign their expense reports before being reimbursed.

   The internal audit department should review all expense reports under a certain dollar amount.

   None of the above

Question 2(TCO F) An altered or forged receipt can indicate what type of expense reimbursement scheme?

   Mischaracterized expense reimbursements

   Fictitious expense reimbursements

   Overstated expense reimbursements

All of the above

Question 3 (TCO F) Charlene DiAngelo is a sales manager for Northwest Paper & Plastics. On April 11, she took some clients out for a business lunch to discuss a potential contract. When she returned to the office, she made a photocopy of her restaurant receipt. Using correction fluid, she changed the date on the photocopy to read June 11. She submitted the original restaurant receipt with a reimbursement request on April 11 and held on to the photocopy for two months. On June 12, she submitted the altered photocopy along with a second reimbursement request. What type of fraud scheme did DiAngelo commit?

   Altered receipt

   Fictitious expense reimbursement

   Billing

Multiple reimbursement

Question 4(TCO F) Which of the following can be used to conceal a false refund scheme?

   Destroying register tapes

   Issuing refunds below the review limit

   Forcing inventory totals

All of the above

Question 5(TCO F) In one of the case studies in the textbook (page 190), Cy Chesterly was the vice president in charge of sales for one of the largest machine parts manufacturers in the Midwest. He was an excellent salesman and helped build the company into one of the most successful companies in the industry. While Chesterly was known to go overboard on the entertainment expenses, he really went wild when it came to buying personal items, vacations, furniture, and jewelry to name a few. He was caught; however, and his lifestyle came to a halt. What was the most likely reason that the company didn't have Chesterly prosecuted?

   Chesterly was well-liked by everyone and, with new management coming in, the company thought it would have a negative impact on morale.

   Chesterly's wife became seriously ill, and the company felt it would have been too much of a blow to her recovery if he were in prison.

Some of the company's customers were believed to have been involved in Chesterly's schemes.

   He agreed to mortgage his home to repay the money.

Question 6(TCO F) ter disbursement schemes are different from skimming and larceny at the register in that they:

Are on-book schemes, whereas skimming and larceny are off-book schemes

   Require the use of an accomplice

Leave a record of the removal of money on the register tape

   All of the above

Question 7(TCO F) For the perpetrator, the most dangerous part of a typical register disbursement scheme is often:

Physically removing the cash from the register and carrying it out of the store.

   Adjusting the cash register tape to match the cash count.

   Forging the customer receipt as documentation for the reversing transaction.

   Replacing the returned merchandise to the physical inventory.

Question 8TCO F) In one of the case studies in the textbook (page 197), Bob Walker was the head cashier for a discount drug store who perpetrated his fraud scheme by issuing fictitious refunds. What happened to Walker?

   He was placed on probation and ordered to make full restitution.

   The store terminated his employment and took a promissory note for the amount stolen in return for not turning him over to the police.

   His parole was revoked for a previous conviction and he was returned to prison

He was arrested, but disappeared after making bail.

Question 9(TCO F) Leslie White, CFE, was called in to investigate some suspicious activity at Anderson's Department Store. During her investigation, she ran a test to search for customer sales and refunds that occurred on the same day. She also summarized refunds by employee and extracted the names of all employees who can post both refunds and inventory adjustments. What type of scheme is Leslie most likely looking for?

   Skimming

   Unconcealed larceny

   Fraudulent reimbursements

Fictitious refunds

Question 10(TCO F) Meredith Chapman works as a retail clerk at a children's clothing store. When a customer returns an item for a cash refund, Meredith enters an amount greater than the actual refund into the register, pays the customer the amount owed for the returned merchandise, and keeps the excess cash for herself. What type of scheme is Meredith committing?

   Overstated expenses

   Cash larceny

Overstated refunds

   Skimming

Dot Image
Tutorials for this Question
  1. Tutorial # 00822562 Posted By: solutionshare7 Posted on: 07/07/2022 11:30 PM
    Puchased By: 2
    Tutorial Preview
    The solution of ACCT562 2022 April Week 6 Quiz Latest...
    Attachments
    Week_6_Quiz.docx (60.31 KB)

Great! We have found the solution of this question!

Whatsapp Lisa