Question 1

A disgruntled employee who convinces another to steal from the company is an example of:

Accepted Answer

A) collusion. 
B) monitoring. 
C) the control environment. 
D) control activities. 
A) collusion. 
B) monitoring. 
C) the control environment. 
D) control activities.

Question 2

Requiring a manager to sign off on purchases of $100 or more is an example of:

Accepted Answer

A) restricted access. 
B) proper authorization. 
C) an audit trail. 
D) internal control limitations. 
A) restricted access. 
B) proper authorization. 
C) an audit trail. 
D) internal control limitations.

Question 3

Using IFRS, book value typically ________ market value.

Accepted Answer

A) is closer to 
B) is lower than 
C) is higher than 
D) bears no relationship to 
A) is closer to 
B) is lower than 
C) is higher than 
D) bears no relationship to

Question 4

The chance to commit a fraud, conceal it, and avoid punishment is an example of:

Accepted Answer

A) realization. 
B) perceived opportunity. 
C) rationalization. 
D) perceived pressure. 
A) realization. 
B) perceived opportunity. 
C) rationalization. 
D) perceived pressure.

Question 5

The Sarbanes-Oxley Act only applies to publicly traded companies.

Accepted Answer

A) True 
 B)False

A disgruntled employee who convinces another to steal from the company is an example of:

Requiring a manager to sign off on purchases of $100 or more is an example of:

Using IFRS, book value typically ________ market value.

The chance to commit a fraud, conceal it, and avoid punishment is an example of:

The Sarbanes-Oxley Act only applies to publicly traded companies.

Business, Accounting, and You

Analyzing and Recording Business Transactions

Adjusting and Closing Entries

Accounting for a Merchandising Business

Inventory

Cash and Receivables

Long-Term and Other Assets

Current Liabilities and Long-Term Debt

Corporations: Paid-In Capital and Retained Earnings

The Statement of Cash Flows

Financial Statement Analysis

Filters

Exam 6: The Challenges of Accounting: Standards, Internal Control, Audits, Fraud, and Ethics

A disgruntled employee who convinces another to steal from the company is an example of:

Requiring a manager to sign off on purchases of $100 or more is an example of:

Using IFRS, book value typically ________ market value.

The chance to commit a fraud, conceal it, and avoid punishment is an example of:

The Sarbanes-Oxley Act only applies to publicly traded companies.

Business, Accounting, and You

Analyzing and Recording Business Transactions

Adjusting and Closing Entries

Accounting for a Merchandising Business

Inventory

Cash and Receivables

Long-Term and Other Assets

Current Liabilities and Long-Term Debt

Corporations: Paid-In Capital and Retained Earnings

The Statement of Cash Flows

Financial Statement Analysis

Filters