Fraud triangle Study guides, Class notes & Summaries

ACCT-211 Exam 1 Questions & Answer Liberty university rated A+ ACCT 211-Liberty University EXAM 1 Importance of Accounting - correct answer Identifying, Recording, Communicating Users of Financial Information - correct answer 1. Internal 2. External Internal Users - correct answer Internal users of accounting information ARE directly involved in managing and operating an organization. External Users - correct answer External users of accounting information are NOT directly involve...

Financial Accounting Fundamentals 8th Edition by Wild CH01 Version 1 1 TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false. 1) Accounting is an information and measurement system that identifies, records, and communicates an organization's business activities. 1) ______ ⊚ true ⊚ false 2) Accounting includes the analysis and interpretation of information. 2) ______ ⊚ true ⊚ false 3) Financial accounting focuses on the needs of external users...

Chapter 1 - Auditing: Integral to the Economy 1. The need for assurance services arises because the interests of the users of information may be different from that of the interests of those responsible for providing information. ANSWER: POINTS: NATIONAL STANDARDS: STATE STANDARDS: TOPICS: a. b. True False True 1 United States - BUSPORG: Analytic United States - AK - AICPA BB-Critical thinking Demand for Assurances 2. A financial statement audit is a systematic process of objectively ...

SAS13 midterm 1: Winter 2024 Questions with 100% Correct Answers Robert Koch - Answer--Grandfather of microbiology!! -Created Koch's Postulates to definitively prove that microorganisms caused a disease -Furthered germ theory of disease -Foundational in pure cultures of microbes -Discovered the microbe causing tuberculosis - developed a "cure" based on tuberculin for TB but it was not effective in treating it (could actually kill people bc of the inflammatory response) hedwig koch - ...

faithful representation, substance over form, prudence, neutrality, completeness - According to the IFRS what are the 5 qualities of financial information that improve reliability Costs can be reliably measured - According to IFRS what condition must be met for revenue recognition to occur? Current ratio will decrease. Accruing wages increases both current liabilities and expenses, but collecting receivables has no effect on current assets or sales therefore the current ratio and net incom...

Accounting Information Systems, 13e (Romney/Steinbart) Chapter 3 Systems Documentation Techniques 3.1 Prepare and use data flow diagrams to understand, evaluate, and document information systems. 1) Graphical representations of information are often supplemented by A) narrative descriptions. B) relevant e-mail communications. C) logic charts. D) oral descriptions from management. Answer: A Objective: Learning Objective 1 Difficulty: Easy AACSB: Analytic 2) All of the...

ACCT 561 Final Exam Which of the following situations represents a risk factor that relates to misstatements arising from misappropriation of assets? Correct answer- b) lack of independent checks What outside parties must the auditor disclose the existence of fraud to? Correct answer- The SEC when client reports an auditor change, a successor auditor when they inquire, governmental agencies financially assisting client Which of the following procedures would least likely result in...

Certified Fraud Examiner (CFE) set 1 from ACFE Rated A+ According to The Institute of Internal Auditors' International Standards for the Professional Practice of Internal Auditing, due professional care implies infallibility. A. True B. False ️False Which of the following is TRUE regarding organizational structure? A. Companies with departments that are isolated geographically have a reduced risk of fraud B. The existence of many specialized departments within a company genera...

1. Research has shown that ______ detect most frauds. a. Auditors b. Customers c. Vendors d. Employees ANSWER: d FEEDBACK: a. Incorrect. Auditors usually detect fraud when there are red flags in the financial statements. Usually by this time the fraud is large. b. Incorrect. Customers can also detect fraud, but they are not the most effective resource. c. Incorrect. Vendors can also detect fraud, but they are not the most effective resource. d. Correct. Emplo...

CPH Exam Practice Test Bank Prep_ Answered_2022. Many people do not attempt to decrease unhealthy behaviors such as overeating or smoking because they lack the confidence that they can successfully change. This is an example of: (A) Perceived susceptibility (B) Perceived severity (C) Perceived self-efficacy (D) Perceived response efficacy The construct of normative beliefs is from which model/theory? (A) Transtheoretical model (B) Theory of reasoned action/planned behavior (C) So...