WGU D551 C254 FRAUD AND FORENSIC
ACCOUNTING EXAM SCRIPT WITH
VERIFIED QUESTIONS AND ANSWERS
●● Forensic accounting also considers
Answer: employment damages arising from unfortunate events such as a
work injury, an auto accident where the victim is unable to work,
partially disabled, or is no longer alive.
●● Fraud
Answer: is an intentional deception, whether by omission or co-mission,
that causes its victim to suffer an economic loss and/or the perpetrator to
realize a gain. A simple working definition of fraud is "theft by
deception."
●● fraud includes four essential elements
Answer: a material false statement, Knowledge that the statement was
false when it was spoken, Knowledge that the statement was false when
it was spoken, Damages resulting from the victim's reliance on the false
statement
●● Larcenary
Answer: legal term for stealing
,●● Conversion
Answer: in the legal sense, is "an unauthorized assumption and exercise
of the right of ownership over goods or personal chattels belonging to
another, to the alteration of their condition or the exclusion of the
owner's rights.
●● embezzle
Answer: means willfully to take, or convert to one's own use, another's
money or property of which the wrongdoer acquired possession
lawfully, by reason of some office or employment or position of trust
●● Fiducary
Answer: a person holding a character analogous to a trustee, in respect to
the trust and confidence involved in it and the scrupulous good faith and
candor which it requires.
●● fiduciary capacity
Answer: when the business which he transacts, or the money or property
which he handles, is not for his own benefit, but for another person, as to
whom he stands in a relation implying and necessitating great
confidence and trust on the one part and a high degree of good faith on
the other part.
●● fiduciary duty
, Answer: A legal obligation of one party to act in the best interest of
another.
●● asset misappropriation
Answer: involve the theft or misuse of an organization's assets.
(Common examples include skimming cash and checks, stealing
inventory, and payroll fraud.)
●● Corruption
Answer: entails the unlawful or wrongful misuse of influence in a
business transaction to procure personal benefit, contrary to an
individual's duty to his or her employer or the rights of another.
(Common examples include accepting kickbacks and engaging in
conflicts of interest.)
●● financial statement fraud
Answer: involve the intentional misrepresentation of financial or
nonfinancial information to mislead others who are relying on it to make
economic decisions. (Common examples include overstating revenues,
understating liabilities or expenses, or making false promises regarding
the safety and prospects of an investment.)
●● Internal fraud
Answer: refers to occupational fraud committed by one or more
employees of an organization; this is the most costly and most common
ACCOUNTING EXAM SCRIPT WITH
VERIFIED QUESTIONS AND ANSWERS
●● Forensic accounting also considers
Answer: employment damages arising from unfortunate events such as a
work injury, an auto accident where the victim is unable to work,
partially disabled, or is no longer alive.
●● Fraud
Answer: is an intentional deception, whether by omission or co-mission,
that causes its victim to suffer an economic loss and/or the perpetrator to
realize a gain. A simple working definition of fraud is "theft by
deception."
●● fraud includes four essential elements
Answer: a material false statement, Knowledge that the statement was
false when it was spoken, Knowledge that the statement was false when
it was spoken, Damages resulting from the victim's reliance on the false
statement
●● Larcenary
Answer: legal term for stealing
,●● Conversion
Answer: in the legal sense, is "an unauthorized assumption and exercise
of the right of ownership over goods or personal chattels belonging to
another, to the alteration of their condition or the exclusion of the
owner's rights.
●● embezzle
Answer: means willfully to take, or convert to one's own use, another's
money or property of which the wrongdoer acquired possession
lawfully, by reason of some office or employment or position of trust
●● Fiducary
Answer: a person holding a character analogous to a trustee, in respect to
the trust and confidence involved in it and the scrupulous good faith and
candor which it requires.
●● fiduciary capacity
Answer: when the business which he transacts, or the money or property
which he handles, is not for his own benefit, but for another person, as to
whom he stands in a relation implying and necessitating great
confidence and trust on the one part and a high degree of good faith on
the other part.
●● fiduciary duty
, Answer: A legal obligation of one party to act in the best interest of
another.
●● asset misappropriation
Answer: involve the theft or misuse of an organization's assets.
(Common examples include skimming cash and checks, stealing
inventory, and payroll fraud.)
●● Corruption
Answer: entails the unlawful or wrongful misuse of influence in a
business transaction to procure personal benefit, contrary to an
individual's duty to his or her employer or the rights of another.
(Common examples include accepting kickbacks and engaging in
conflicts of interest.)
●● financial statement fraud
Answer: involve the intentional misrepresentation of financial or
nonfinancial information to mislead others who are relying on it to make
economic decisions. (Common examples include overstating revenues,
understating liabilities or expenses, or making false promises regarding
the safety and prospects of an investment.)
●● Internal fraud
Answer: refers to occupational fraud committed by one or more
employees of an organization; this is the most costly and most common
