Acct 574 Week 4 Midterm Exam Answers

In: Religion Topics

Submitted By davidbowie
Words 436
Pages 2
ACCT 574 Week 4 Midterm Exam Answers
Buy Now From Below: http://www.homeworkarena.com/acct-574-week-4-timetest

ACCT 574 Week 4 Midterm
1. (TCO A) Which statement is false?
2. (TCO A) What would be a task of a litigation services practitioner?
3. (TCO A) Which is not a forensic¬type certificate?
4. (TCO A) Under the “KPMG” categories of fraud, what would probably not be an external fraud?
5. (TCO A) Which statement is false?
6. (TCO A) What is an investigative technique used by the SEC to investigate specific companies for cooking the books?
7. (TCO A) Which would be a preventive control?
8. (TCO A) Control risk is:
9. (TCO A) Which statement is false regarding SAS No. 99?
10. (TCO A) Which statement is false?
11. (TCO A) Horizontal analysis typically involves what?
12. (TCO A) Given these facts, calculate return on equity:
13. (TCO B) What is a red flag of kiting?
14. (TCO B) ____________ requires keeping detailed records before and after the ____________ period to determine the amount of fraud.
15. (TCO B) A fraud investigation should not be commenced without proper ____________
16. (TCO B) Which of the following is an example of a reactive approach to fraud detection?
17. (TCO B) Which would not be a way to detect an individual engaging in procurement fraud?
18. (TCO B) Which would be a red flag of phantom vendors?
19. (TCO B) Based upon the following facts, determine a person’s preliminary understatement of income:
20. (TCO B) A first step in a money laundering operation is to:
21. (TCO B) Banks must file which of the following forms when they become aware of suspicious customer activity related to possible money laundering?
22. (TCO B) Which one of the following is the easiest to falsify?
23. (TCO B) One of the most important legislative acts restricting the activities of money launderers in recent years is the:
24. (TCO C) Which…...

Similar Documents

Acct 504 Wk 4 Midterm Exam Answers

...ACCT 504 Wk 4 Midterm Exam Answers http://www.homeworkwarehouse.com/downloads/acct-504-wk-4-midterm-exam-answers/ ACCT 504 Wk 4 Midterm Exam Answers 30 Multiple Choice 1. Question: (TCO A, B, C) Which of the following statements concerning users of accounting information is incorrect? 2. Question: (TCO C) Issuing shares of stock in exchange for cash is an example of a(n): 3. Question: (TCO C) Which activities involve putting the resources of the business into action to generate a profit? 4. Question: (TCO A) The cost of assets consumed or services used is also known as: 5. Question: (TCO C) Edwards Company recorded the following cash transactions for the year: 6. Question: (TCO A) On a classified balance sheet, prepaid insurance is classified as: 7. Question: (TCO A) An intangible asset: 8. Question: (TCO A) These are selected account balances on December 31, 2007. -Land (location of the corporation’s office building) $200,000 -Land (held for future use) 300,000 -Corporate Office Building 1,200,000 -Inventory 400,000 -Equipment 900,000 -Office Furniture 200,000 -Accumulated Depreciation 600,000 What is the total NET amount of property, plant, and equipment that will appear on the balance sheet? 9. Question: (TCO B) For 2010, Landford Corporation reported net income of $30,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share? 10. Question: (TCO B) Liondale Corporation...

Words: 994 - Pages: 4

Acct 504 Wk 4 Midterm Exam Answers

...ACCT 504 Wk 4 Midterm Exam Answers http://www.homeworkwarehouse.com/downloads/acct-504-wk-4-midterm-exam-answers/ ACCT 504 Wk 4 Midterm Exam Answers 30 Multiple Choice 1. Question: (TCO A, B, C) Which of the following statements concerning users of accounting information is incorrect? 2. Question: (TCO C) Issuing shares of stock in exchange for cash is an example of a(n): 3. Question: (TCO C) Which activities involve putting the resources of the business into action to generate a profit? 4. Question: (TCO A) The cost of assets consumed or services used is also known as: 5. Question: (TCO C) Edwards Company recorded the following cash transactions for the year: 6. Question: (TCO A) On a classified balance sheet, prepaid insurance is classified as: 7. Question: (TCO A) An intangible asset: 8. Question: (TCO A) These are selected account balances on December 31, 2007. -Land (location of the corporation’s office building) $200,000 -Land (held for future use) 300,000 -Corporate Office Building 1,200,000 -Inventory 400,000 -Equipment 900,000 -Office Furniture 200,000 -Accumulated Depreciation 600,000 What is the total NET amount of property, plant, and equipment that will appear on the balance sheet? 9. Question: (TCO B) For 2010, Landford Corporation reported net income of $30,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share? 10. Question: (TCO B) Liondale Corporation...

Words: 994 - Pages: 4

Acct 324 Week 4 Midterm Exam Answers

...ACCT 324 Week 4 Midterm Exam Answers http://homeworklance.com/downloads/acct-324-week-4-midterm-exam-answers/ ACCT 324 Week 4 Midterm Exam Answers 1. Question : (TCO 9) In terms of probability, which of the following taxpayers would least likely be audited by the IRS? 2. Question : (TCO 9) A characteristic of fraud penalties is: 3. Question : (TCO 1) Federal tax legislation generally originates in what body? 4. Question : (TCO 1) Subchapter S covers which specific area of tax law? 5. Question : (TCO 11) Kyle, whose wife died in December 2009, filed a joint tax return for 2009. He did NOT remarry, but has continued to maintain his home in which his two dependent children live. What is Kyle’s filing status regarding 2012? 6. Question : (TCO 11) Arnold is married to Sybil, who abandoned him in 2008. He has NOT seen or communicated with her since April of that year. He maintains a household in which their son, Evans, lives. Evans is age 25 and earns over $20,000 each year. For tax year 2011, Arnold’s filing status is: 7. Question : (TCO 7) Orange Cable TV Company, an accrual basis taxpayer, allows its customers to pay by the year in advance ($350 per year), or two years in advance ($680). In September 2011, the company collected the following amounts applicable to future services: 8. Question : (TCO 7) With respect to the prepaid income from services, which of the following is true? 9. Question : (TCO 3) Section 119 excludes the value of meals from the......

Words: 976 - Pages: 4

Acct 312 Week 4 Midterm Exam Answers

...ACCT 312 Week 4 Midterm Exam Answers http://homeworklance.com/downloads/acct-312-week-4-midterm-exam-answers/ ACCT 312 Week 4 Midterm Exam Answers 1. Question : (TCO 1) Which event will result in a deferred tax liability? Student Answer: Accelerated depreciation in the tax return Interest income on municipal bonds Subscriptions collected in advance Estimated warranty expense Instructor Explanation: See Chapter 16. Points Received: 20 of 20 Comments: Question 2. Question : (TCO 1) Which of the following differences between financial accounting and tax accounting ordinarily creates a deferred tax asset? Student Answer: Tax depreciation in excess of book depreciation The installment sales method for tax purposes Revenue collected in advance None of the above Instructor Explanation: See Chapter 16. Points Received: 20 of 20 Comments: Question 3. Question : (TCO 2) Interest cost is calculated by multiplying the Student Answer: ABO by the expected return on the plan assets. ABO by the discount rate. PBO by the expected return on plan assets. PBO by the discount rate. Instructor Explanation: See Chapter 17. Points Received: 20 of 20 Comments: Question 4. Question : (TCO 3) Accounting for postretirement healthcare benefits is similar, in most respects, to accounting for Student Answer: payroll taxes. health insurance costs for current...

Words: 644 - Pages: 3

Acct 562 Week 4 Midterm Exam Answers

...ACCT 562 Week 4 Midterm Exam Answers http://homeworklance.com/downloads/acct-562-week-4-midterm-exam-answers/ ACCT 562 Week 4 Midterm Exam Answers Page: 1 2 1. Question : (TCO D) The review team should be aware of various management and operational techniques, which includes all of the following except: Mental Models Spirituality Greenfielding 2. Question : (TCO F) Manually altering entries in an organization‘s books in order to conceal fraud is called: Shrinkage Forced reconciliation Padding the books Instructor Explanation:Wells, Chapter 9 3. Question : (TCO F) During an interview, when an interviewee repeatedly fiddles with a pen or picks lint from her clothing, he/she is giving non¬verbal clues called: Signals Manipulators Exemplifiers Instructor Explanation:Wells, Chapter 15 4. Question : (TCO F) When the subject of an investigation has been accused of misconduct, establishing a morally acceptable rationalization might allow the accused to reconcile his actions with his conscience. Which of the following is not an example of an acceptable rationalization? The accused felt that he needed to get back at someone in the organization. The accused engaged in the misconduct for the benefit of others. The accused has personal demons that can’t be overcome. Instructor Explanation:Wells, Chapter 15 5. Question : (TCO F) In one of the case studies in the Wells textbook (page 49), Brian Lee, a top¬notch plastic surgeon, collected payments from...

Words: 1055 - Pages: 5

Acct 573 Week 4 Midterm Exam Answers

...ACCT 573 Week 4 Midterm Exam Answers http://homeworklance.com/downloads/acct-573-week-4-midterm-exam-answers/ ACCT 573 Week 4 Midterm Exam Answers 1. (TCO A) The following term is not generally used to refer to white collar crime: 2. (TCO A) Occupational crime offenders are: 3. (TCO B) Investigative journalism is likely to be: 4. (TCO B) Which of the following would be least likely to accuse a company of willful misconduct or gross negligence? 5. (TCO B) Historically, the least typical response to whistleblowers has been _ _ _ _ _ 6. (TCO C) According to the text. in recent years Halliburton has been accused of all but one of the following activities: 7. (TCO C) V\lhich of the following is 1101 true of the corporate response to the problem of pollution? 8. (TCO C) A combination of centrally-owned fim1s operating in different fields is known as a(n): 9. (TCO D) The “power of attorney.. granted to lawyers: 10. (T CO D) The text identifies _ _ as the clearest example of student white collar crime. 11. (TCO D) Which problem is not listed in the text as being committed in auto repair shops? 12. (TCO 0) Which actor was sentenced to three years in prison in 2008 after being convicted of three misdemeanor charges of failing to file income lax fom1s? 13. (TCO D) The two major types of legal crime are: 14. (TCO D) The most appropriate term for theft through misrepresentation is _ _ _ _ 15. (TCO D) Mars’ stud;< identified _ _ _ as an especially important factor......

Words: 406 - Pages: 2

Acct 574 Week 4 Midterm Exam Answers

...ACCT 574 Week 4 Midterm Exam Answers http://homeworklance.com/downloads/acct-574-week-4-midterm-exam-answers/ ACCT 574 Week 4 Midterm Exam Answers ACCT 574 Week 4 Midterm 1. (TCO A) Which statement is false? 2. (TCO A) What would be a task of a litigation services practitioner? 3. (TCO A) Which is not a forensic¬type certificate? 4. (TCO A) Under the “KPMG” categories of fraud, what would probably not be an external fraud? 5. (TCO A) Which statement is false? 6. (TCO A) What is an investigative technique used by the SEC to investigate specific companies for cooking the books? 7. (TCO A) Which would be a preventive control? 8. (TCO A) Control risk is: 9. (TCO A) Which statement is false regarding SAS No. 99? 10. (TCO A) Which statement is false? 11. (TCO A) Horizontal analysis typically involves what? 12. (TCO A) Given these facts, calculate return on equity: 13. (TCO B) What is a red flag of kiting? 14. (TCO B) ____________ requires keeping detailed records before and after the ____________ period to determine the amount of fraud. 15. (TCO B) A fraud investigation should not be commenced without proper ____________ 16. (TCO B) Which of the following is an example of a reactive approach to fraud detection? 17. (TCO B) Which would not be a way to detect an individual engaging in procurement fraud? 18. (TCO B) Which would be a red flag of phantom vendors? 19. (TCO B) Based upon the following facts, determine a person’s preliminary understatement of......

Words: 441 - Pages: 2

Acct 434 Week 4 Midterm Exam

...ACCT 434 WEEK 4 MIDTERM EXAM To purchase this visit following link: http://www.activitymode.com/product/acct-434-week-4-midterm-exam/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACCT 434 WEEK 4 MIDTERM EXAM ACCT 434 Week 4 Midterm Exam ACCT 434 Week 4 Midterm Exam Activity mode aims to provide quality study notes and tutorials to the students of ACCT 434 Week 4 Midterm Exam in order to ace their studies. ACCT 434 WEEK 4 MIDTERM EXAM To purchase this visit following link: http://www.activitymode.com/product/acct-434-week-4-midterm-exam/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACCT 434 WEEK 4 MIDTERM EXAM ACCT 434 Week 4 Midterm Exam ACCT 434 Week 4 Midterm Exam Activity mode aims to provide quality study notes and tutorials to the students of ACCT 434 Week 4 Midterm Exam in order to ace their studies. ACCT 434 WEEK 4 MIDTERM EXAM To purchase this visit following link: http://www.activitymode.com/product/acct-434-week-4-midterm-exam/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACCT 434 WEEK 4 MIDTERM EXAM ACCT 434 Week 4 Midterm Exam ACCT 434 Week 4 Midterm Exam Activity mode aims to provide quality study notes and tutorials to the students of ACCT 434 Week 4 Midterm Exam in order to ace their studies. ACCT 434 WEEK 4 MIDTERM EXAM To purchase this visit following link: http://www.activitymode.com/product/acct-434-week-4-midterm-exam/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACCT 434 WEEK 4 MIDTERM EXAM ACCT 434 Week 4 Midterm Exam ACCT 434......

Words: 512 - Pages: 3

Acct 312 Week 4 Midterm Exam Answers

...ACCT 312 Week 4 Midterm Exam Answers http://homeworklance.com/downloads/acct-312-week-4-midterm-exam-answers/ ACCT 312 Week 4 Midterm Exam Answers 1. Question : (TCO 1) Which event will result in a deferred tax liability? Student Answer: Accelerated depreciation in the tax return Interest income on municipal bonds Subscriptions collected in advance Estimated warranty expense Instructor Explanation: See Chapter 16. Points Received: 20 of 20 Comments: Question 2. Question : (TCO 1) Which of the following differences between financial accounting and tax accounting ordinarily creates a deferred tax asset? Student Answer: Tax depreciation in excess of book depreciation The installment sales method for tax purposes Revenue collected in advance None of the above Instructor Explanation: See Chapter 16. Points Received: 20 of 20 Comments: Question 3. Question : (TCO 2) Interest cost is calculated by multiplying the Student Answer: ABO by the expected return on the plan assets. ABO by the discount rate. PBO by the expected return on plan assets. PBO by the discount rate. Instructor Explanation: See Chapter 17. Points Received: 20 of 20 Comments: Question 4. Question : (TCO 3) Accounting for postretirement healthcare benefits is similar, in most respects, to accounting for Student Answer: payroll taxes. health insurance costs for......

Words: 644 - Pages: 3

Acct 324 Week 4 Midterm Exam Answers

...ACCT 324 Week 4 Midterm Exam Answers http://homeworklance.com/downloads/acct-324-week-4-midterm-exam-answers/ ACCT 324 Week 4 Midterm Exam Answers 1. Question : (TCO 9) In terms of probability, which of the following taxpayers would least likely be audited by the IRS? 2. Question : (TCO 9) A characteristic of fraud penalties is: 3. Question : (TCO 1) Federal tax legislation generally originates in what body? 4. Question : (TCO 1) Subchapter S covers which specific area of tax law? 5. Question : (TCO 11) Kyle, whose wife died in December 2009, filed a joint tax return for 2009. He did NOT remarry, but has continued to maintain his home in which his two dependent children live. What is Kyle’s filing status regarding 2012? 6. Question : (TCO 11) Arnold is married to Sybil, who abandoned him in 2008. He has NOT seen or communicated with her since April of that year. He maintains a household in which their son, Evans, lives. Evans is age 25 and earns over $20,000 each year. For tax year 2011, Arnold’s filing status is: 7. Question : (TCO 7) Orange Cable TV Company, an accrual basis taxpayer, allows its customers to pay by the year in advance ($350 per year), or two years in advance ($680). In September 2011, the company collected the following amounts applicable to future services: 8. Question : (TCO 7) With respect to the prepaid income from services, which of the following is true? 9. Question : (TCO 3) Section 119 excludes the value of meals from the employees’...

Words: 976 - Pages: 4

Acct 434 Week 4 Midterm Exam

...ACCT 434 Week 4 Midterm Exam To Buy This material Click below link http://www.uoptutors.com/acct-434-devry/acct-434-week-4-midterm-exam 1.Question : (TCO1) ABC systems create   2.Question : (TCO 1) Merriamn Company provides the following ABC costing information: Activities Total Costs Activity-cost drivers Account inquiry hours $400,000 10,000 hours Account billing lines $280,000 4,000,000 lines Account verification accounts $150,000 40,000 accounts Correspondence letters $ 50,000 4,000 letters Total costs $880,000 The above activities are used by Department A and B as follows: Department A Department B Account inquiry hours 2,000 hours 4,000 hours Account billing lines 400,000 lines 200,000 lines Account verification accounts 10,000 accounts 8,000 accounts Correspondence letters 1,000 letters 1,600 letters How much of the account billing cost will be assigned to Department B?   3. Question : (TCO 2) A master budget   4.Question : (TCO 2) Dalyrymple Company produces a special spray nozzle. The budgeted indirect total cost of inserting the spray nozzle is $80,000. The budgeted number of nozzles to be inserted is 40,000. What is the budgeted indirect cost allocation rate for this activity?   5.Question : (TCO 3) Which cost estimation method analyzes accounts in the subsidiary ledger as variable, fixed, or mixed using qualitative methods?   6.Question : (TCO 4) In evaluating different alternatives, it is useful to concentrate......

Words: 696 - Pages: 3

Acct 505 Week 4 Midterm Exam

...ACCT 505 Week 4 Midterm Exam To Buy This material Click below link http://www.uoptutors.com/acct-505-devry/acct-505-week-4-midterm-exam 1.Question : (TCO A) Wages paid to an assembly line worker in a factory are a 2.Question : (TCO A) A cost incurred in the past that is not relevant to any current decision is classified as a(n) 3.Question : (TCO A) Depreciation of office buildings and office equipment is also known as 4.Question : (TCO A) When the activity level is expected to increase within the relevant range, what effects would be anticipated with respect to each of the following? 5.Question : (TCO F) Which of the following statements is true? I. Overhead application may be made slowly as a job is worked on. II. Overhead application may be made in a single application at the time of completion of the job. III. Overhead application should be made to any job not completed at year end in order to properly value the work in process inventory. 6.Question : (TCO F) A job-order cost system is employed in those situations where 7.Question : (TCO F) The FIFO method only provides a major advantage over the weighted-average method in that 8.Question : (TCO B) The contribution margin ratio always decreases when the 9.Question : (TCO B) Which of the following would not affect the break-even point? 10.Question : (TCO E) In an income statement prepared using the variable costing method, variable selling and administrative expenses would 1.Question : (TCO......

Words: 713 - Pages: 3

Acct 312 Week 4 Midterm Exam Answers

...ACCT 312 Week 4 Midterm Exam Answers http://homeworklance.com/downloads/acct-312-week-4-midterm-exam-answers/ ACCT 312 Week 4 Midterm Exam Answers 1. Question : (TCO 1) Which event will result in a deferred tax liability? Student Answer: Accelerated depreciation in the tax return Interest income on municipal bonds Subscriptions collected in advance Estimated warranty expense Instructor Explanation: See Chapter 16. Points Received: 20 of 20 Comments: Question 2. Question : (TCO 1) Which of the following differences between financial accounting and tax accounting ordinarily creates a deferred tax asset? Student Answer: Tax depreciation in excess of book depreciation The installment sales method for tax purposes Revenue collected in advance None of the above Instructor Explanation: See Chapter 16. Points Received: 20 of 20 Comments: Question 3. Question : (TCO 2) Interest cost is calculated by multiplying the Student Answer: ABO by the expected return on the plan assets. ABO by the discount rate. PBO by the expected return on plan assets. PBO by the discount rate. Instructor Explanation: See Chapter 17. Points Received: 20 of 20 Comments: Question 4. Question : (TCO 3) Accounting for postretirement healthcare benefits is similar, in most respects, to accounting for Student Answer: payroll taxes. health insurance costs for......

Words: 644 - Pages: 3

Acct 324 Week 4 Midterm Exam Answers

...ACCT 324 Week 4 Midterm Exam Answers http://homeworklance.com/downloads/acct-324-week-4-midterm-exam-answers/ ACCT 324 Week 4 Midterm Exam Answers 1. Question : (TCO 9) In terms of probability, which of the following taxpayers would least likely be audited by the IRS? 2. Question : (TCO 9) A characteristic of fraud penalties is: 3. Question : (TCO 1) Federal tax legislation generally originates in what body? 4. Question : (TCO 1) Subchapter S covers which specific area of tax law? 5. Question : (TCO 11) Kyle, whose wife died in December 2009, filed a joint tax return for 2009. He did NOT remarry, but has continued to maintain his home in which his two dependent children live. What is Kyle’s filing status regarding 2012? 6. Question : (TCO 11) Arnold is married to Sybil, who abandoned him in 2008. He has NOT seen or communicated with her since April of that year. He maintains a household in which their son, Evans, lives. Evans is age 25 and earns over $20,000 each year. For tax year 2011, Arnold’s filing status is: 7. Question : (TCO 7) Orange Cable TV Company, an accrual basis taxpayer, allows its customers to pay by the year in advance ($350 per year), or two years in advance ($680). In September 2011, the company collected the following amounts applicable to future services: 8. Question : (TCO 7) With respect to the prepaid income from services, which of the following is true? 9. Question : (TCO 3) Section 119 excludes the value of meals from the employees’...

Words: 976 - Pages: 4

Acct 567 Week 4 Midterm Exam

...ACCT 567 WEEK 4 MIDTERM EXAM TO purchase this tutorial visit following link: http://wiseamerican.us/product/acct-567-week-4-midterm-exam/ Contact us at: SUPPORT@WISEAMERICAN.US ACCT 567 WEEK 4 MIDTERM EXAM 1. (TCOs A and B) Fiduciary funds are to use which of the following measurement and basis of accounting? (Points : 5) Economic resource measurement focus and accrual basis of accounting. Current financial resources measurement focus and accrual basis of accounting. Economic resources measurement focus and modified accrual basis of accounting. None of the above, the fiduciary funds have no revenues. 2. (TCOs A and B) Funds other than the General Fund are required to be considered to be a major fund when (Points : 5) (A) total assets, liabilities, revenues, or expenditures/expenses of that fund constitute 10 percent of either the governmental or enterprise category. (B) total assets, liabilities, revenues, or expenditures/expenses of that fund are at least 5 percent of the total of the governmental and enterprise category. The conditions of either A or B exist. The conditions of both A and B exist. 3. (TCOs A and B) Which of the following is most correct with regard to Management’s Discussion and Analysis? (Points : 5) Both state and local governments and federal agencies are required to provide a MD&A. Federal agency financial reports are required to provide a MD&A. State and local government agencies are required to provide a MD&A. Both state and local......

Words: 881 - Pages: 4