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Fraud Examination Final Exam: Questions and Answers, Exams of Accounting

Louisiana State University (LSU) - System OfficeAccounting

A final exam for acct 4235 at lsu, focusing on fraud examination with correct answers provided. It covers various aspects of fraud investigation, including criminal case stages, expert witness deposition, evidence handling, and internal controls. The exam also addresses e-business transaction fraud risks, identity theft, and financial statement fraud detection techniques, such as horizontal analysis and ratio analysis. It is useful for students studying accounting, auditing, and fraud examination. (415 characters)

Typology: Exams

2024/2025

Available from 05/24/2025

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ACCT 4235 LSU Final exam with
correct answers
Which of the following is not one of the common stages of a criminal case?
- CORRECT ANSWERS ✔✔Filing a Complaint
When deposing an expert witness, the opposing attorneys try to achieve all
of the following goals except: - CORRECT ANSWERS ✔✔Seeking
admission of guilt
During a trial or deposition, expert witnesses should: - CORRECT
ANSWERS ✔✔Answer questions convincingly, without hedging their
answers
What is/are the distinguishing factor(s) between the lower and higher state
trial courts? - CORRECT ANSWERS ✔✔Both the mount of monetary
damage and the seriousness of the crime
Which of the following is a popular program used to index and store
evidence? - CORRECT ANSWERS ✔✔CaseMap
Which of the following statements regarding documents versus eyewitnesses
is not accurate? - CORRECT ANSWERS ✔✔When faced with a choice
between an eyewitness and a good document as evidence, most fraud
experts choose the witness
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Download Fraud Examination Final Exam: Questions and Answers and more Exams Accounting in PDF only on Docsity!

ACCT 4235 LSU Final exam with

correct answers

Which of the following is not one of the common stages of a criminal case?

  • CORRECT ANSWERS ✔✔Filing a Complaint When deposing an expert witness, the opposing attorneys try to achieve all of the following goals except: - CORRECT ANSWERS ✔✔Seeking admission of guilt During a trial or deposition, expert witnesses should: - CORRECT ANSWERS ✔✔Answer questions convincingly, without hedging their answers What is/are the distinguishing factor(s) between the lower and higher state trial courts? - CORRECT ANSWERS ✔✔Both the mount of monetary damage and the seriousness of the crime Which of the following is a popular program used to index and store evidence? - CORRECT ANSWERS ✔✔CaseMap Which of the following statements regarding documents versus eyewitnesses is not accurate? - CORRECT ANSWERS ✔✔When faced with a choice between an eyewitness and a good document as evidence, most fraud experts choose the witness

In a civil trial, settlements may be negotiated" - CORRECT ANSWERS ✔✔At any time during the litigation An audit is part of which type of investigative method? - CORRECT ANSWERS ✔✔Concealment Which statistical sampling allows an auditor to generalize and make inferences from the sample to the population? - CORRECT ANSWERS ✔✔Discovering Sampling To be convicted in a criminal case, the standard of evidence is: - CORRECT ANSWERS ✔✔Beyond a reasonable doubt The least reliable method of obtaining documentary evidence is: - CORRECT ANSWERS ✔✔By accident Which of the following items is not included on a subpoena? - CORRECT ANSWERS ✔✔The location of the documents being requested The Fourth Amendment requires that probable cause exist before a defendant is arrested or searched. Which of the following levels of evidence is necessary to show probable cause? - CORRECT ANSWERS ✔✔Less than certainty, but more than speculation or suspicion

Which of the following is not an internal control activity or procedure? - CORRECT ANSWERS ✔✔Internal auditorrs Employee frauds constitute a greater percentage of all frauds and have greater median losses than do management and owner frauds combined - CORRECT ANSWERS ✔✔False The Criminal Investigation division's chief responsibility is to: - CORRECT ANSWERS ✔✔Detect taxpayers who willfully and intentionally violate their known legal duty of voluntarily filing an income tax return Kickback schemes always involve the purchasing function of the victim company - CORRECT ANSWERS ✔✔False Secure web connection are based on: - CORRECT ANSWERS ✔✔HTTPS What is one way to determine if a Website is secure or not? - CORRECT ANSWERS ✔✔Look for an "s" after the "http" in the URL of the website Which of the following is an indicator of possible hiding of assets in a divorce? - CORRECT ANSWERS ✔✔All of these are indicators of possible hiding of assets The two basic fraudulent register disbursement schemes are false refunds and false voids - CORRECT ANSWERS ✔✔True

The retention of a fraud investigator in a bankruptcy proceeding must be approved by the bankruptcy judge unless: - CORRECT ANSWERS ✔✔An individual creditor or shareholder pays the investigator Which federal statute that credit reports can only be obtained for legitimate business needs? - CORRECT ANSWERS ✔✔Title 15 U.S. Code S 1681 Which of the following is not a fraud risk unique to e-business transactions?

  • CORRECT ANSWERS ✔✔Selling new products Consumers should provide credit card number or bank account information over the telephone only when: - CORRECT ANSWERS ✔✔They initiated the call and are purchasing a legitimate product If you become a victim identity theft, you should first: - CORRECT ANSWERS ✔✔Contact the Federal Trade Commission for assistance and advice Which of the following is not a type of tax fraud? - CORRECT ANSWERS ✔✔Overstating income If an audit reveals that an individual has underpaid his or her taxes, the auditor: - CORRECT ANSWERS ✔✔An auditor can refer to the CI division, assess civil fines, and assess penalties

Reported revenue and sales account balances that appear to high are examples of: - CORRECT ANSWERS ✔✔Analytical Symptoms Analytical symptoms of accounts payable fraud most often relate to reported "accounts payable" balances that appear: - CORRECT ANSWERS ✔✔Too low Horizontal analysis is a method that: - CORRECT ANSWERS ✔✔Examines percent changes in account balances from period to period Each of the following is a symptom relating to understatement of liability frauds except: - CORRECT ANSWERS ✔✔Original purchase-related records where copies could exist Which financial ratio is not useful in detecting revenue-related fraud? - CORRECT ANSWERS ✔✔Gross profit margin ratio, accounts receivable turnover ratio, asset turnover ratio In recent years, many SEC investigations have taken place on the improper issuance of stock options to corporate executives. These practices increase executive compensation at the expense of shareholders. This practice is known as: - CORRECT ANSWERS ✔✔Backdating stock options The three aspects of management that a fraud examiner needs to be aware of include all of the following except: - CORRECT ANSWERS ✔✔Their religious convictions

When focusing on changes, you should consider changes from period to period in: - CORRECT ANSWERS ✔✔Both recorded balances and relationships between balances Which of the following is a good place to look for inadequate disclosures? - CORRECT ANSWERS ✔✔Board of Directors' minutes, Correspondence and invoices from attorneys, confirmations with banks and others, loan agreements Each of the following illicit revenue transactions is correctly linked with the financial statement accounts involved except: - CORRECT ANSWERS ✔✔Don't write of uncollectible receivables - Sales Returns, Sales Discounts When looking for accounting or documentary symptoms of fraud when a merger occurs, one of the first steps should be to: - CORRECT ANSWERS ✔✔Make sure that the accounting methods used were appropriate and consistent with accounting standards In the context of strategic reasoning, if an auditor only follows the established audit plan an does not consider other factors relating to the auditee, then this plan is an example of which of the following? - CORRECT ANSWERS ✔✔Zero-order reasoning Which officer in a company is mot likely to be the perpetrator of financial statement fraud? - CORRECT ANSWERS ✔✔Chief Executive Officer (CEO)