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Viewing questions 31-40 out of questions
Questions # 31:

The price of an asset on which the asset is selling at on the open market in a transaction between a willing buyer and a wiling seller is called:

Options:

A.

Absolute value

B.

Fair value

C.

Cost value

D.

material value

Expert Solution
Questions # 32:

Employees with the authority to grant discounts in order to skim revenues may use which authority?

Options:

A.

False discounts

B.

Recording a discount on sale procedure

C.

Internal discount sales audits

D.

None of the above

Expert Solution
Questions # 33:

When an incorrect total is carried from the journal to the ledger or from ledger to the financial statements, this method is called:

Options:

A.

Forced Balance

B.

Out-of-balance

C.

False balance

D.

None of all

Expert Solution
Questions # 34:

A scheme is classified as a Conflict of interest:

Options:

A.

when an employee must have some kind of ownership or employment interest in the vendor submitting the invoice.

B.

when a salesman must have some kind of ownership or employment interest in the vendor submitting the sales.

C.

when a purchaser must have some kind of ownership or employment interest in the vendor submitting the purchase.

D.

when a dealer must have some kind of dealership interest in the vendor submitting the stock.

Expert Solution
Questions # 35:

The most common method of detection in corruption cases is:

Options:

A.

Internal audits

B.

Internal controls

C.

Tips

D.

By accident

Expert Solution
Questions # 36:

Conflict of interest cases are more easily prevented than detected.

Options:

A.

True

B.

False

Expert Solution
Questions # 37:

Which check tampering red flag may indicate employees have embezzled cash and charged the embezzlement to expense accounts?

Options:

A.

Voided checks

B.

Payable checks

C.

Missing checks

D.

Duplicate checks

Expert Solution
Questions # 38:

The more power a person has over the bidding process, the more likely the person can influence the selection of a supplier.

Options:

A.

True

B.

False

Expert Solution
Questions # 39:

Which of the following is NOT the method for stealing inventory and other assets?

Options:

A.

Larceny schemes

B.

Asset requisition and transfer

C.

Purchasing and receiving schemes

D.

Sales & Equipment handling

Expert Solution
Questions # 40:

Which of the following must be present for a fraud to exist?

Options:

A.

A material false statement

B.

Knowledge that the statement was false when it was uttered

C.

Reliance on the fast statement by the victim

D.

All of the above

Expert Solution
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