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NEW QUESTION # 90
Delivery has not occurred or services have not been rendered when:
- A. Until installation and customer testing and acceptance has occurred.
- B. Neither A nor B
- C. A written order exists but contains a right of return.
- D. Both A & B
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 91
Placing any restriction in the solicitation documents that tend to restrict competition is called prebid solicitation.
- A. True
- B. False
Answer: A
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 92
The forms that allow noncash assets to be moved from one location in a company to another can be used to facilitate the misappropriation of those assets are called:
- A. Asset requisition
- B. All of the above
- C. Fake sales
- D. Inventory usages
Answer: A
NEW QUESTION # 93
Every bribe is a two-sided transaction, in which where a vendor bribes a purchaser, there is someone on the vendor's side of the transaction who is not making an illicit payment.
- A. True
- B. False
Answer: B
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 94
A fabricated name and the post office box that an employee uses to collect disbursements from false billings is called:
- A. Shell company
- B. Perpetrator check
- C. Cash generator
- D. Accomplice residence
Answer: A
NEW QUESTION # 95
Which of the following is the amount of money that would be realized upon the sale of the asset at some point in the future, less the costs associated with owing, operating and selling it?
- A. Going concern
- B. Fair value
- C. Cost
- D. Net realizable value
Answer: D
NEW QUESTION # 96
Employees with the authority to grant discounts in order to skim revenues may use which authority?
- A. None of the above
- B. Recording a discount on sale procedure
- C. False discounts
- D. Internal discount sales audits
Answer: C
NEW QUESTION # 97
________ increase assets and expenses and/or decrease liabilities and/or equity
- A. Credit
- B. Debit
- C. None of all
- D. Journal Entries
Answer: B
NEW QUESTION # 98
Collusion or bid-rigging between bidders is called
- A. Bid solicitation
- B. To withdraw low bids
- C. Bribery receipt
- D. Contract acceptance
Answer: D
NEW QUESTION # 99
Which of the following is NOT the reason why senior management will overstate business statement?
- A. Trigger performance related compensation
- B. Show a pattern of growth to support sale of a business
- C. Comply with debit covenants
- D. Meet personal performance criteria
Answer: C
NEW QUESTION # 100
Which of the following is NOT the phase of the bidding process?
- A. Presolicitation
- B. Solicitation
- C. Postsolicitation
- D. Submission
Answer: C
NEW QUESTION # 101
Which of the following is NOT the type of billing scheme?
- A. Invoicing via non-accomplice companies
- B. Personal purchases with company funds
- C. Invoicing via shell companies
- D. Invoicing via accomplice companies
Answer: D
NEW QUESTION # 102
Financial statement fraud is committed by:
- A. Mid and lower level employees
- B. Organized criminals
- C. Senior Management
- D. All of the above
Answer: D
NEW QUESTION # 103
A special scheme in which employees know their employer is seeking to purchase a certain asset and take advantage of the situation by purchasing the asset themselves is:
- A. Unauthorized sale
- B. Turnaround sale or flip
- C. Conflict of interest in sale
- D. Written sale of unique assets
Answer: B
NEW QUESTION # 104
Undisclosed payments made by vendors to employees of purchasing companies are referred to as:
- A. Presolicitaion
- B. None of the above
- C. Bid-rigging
- D. Kickbacks
Answer: D
NEW QUESTION # 105
Which of the following must be present for a fraud to exist?
- A. Knowledge that the statement was false when it was uttered
- B. A material false statement
- C. Reliance on the fast statement by the victim
- D. All of the above
Answer: D
NEW QUESTION # 106
Which of the following are not of Basic types of non-sharable problems?
- A. Physical Isolation
- B. Larceny by Fraud
- C. Business reversals
- D. Violation of ascribed obligations
Answer: B
NEW QUESTION # 107
When employees avoid detection in a refund scheme to keep the sizes of the disbursement low, is referred to:
- A. None of the above
- B. Simple disbursements
- C. Small disbursements
- D. Very small disbursements
Answer: C
NEW QUESTION # 108
Depreciation is especially applicable when companies try to overvalue their assets and net worth; the lower their depreciation expense, the higher the company's profits.
- A. True
- B. False
Answer: A
NEW QUESTION # 109
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