WGU D551 FRAUD AND FORENSIC ACCOUNTING OBJECTIVE
ASSESSMENT TEST EXAM 2026/2027 COMPLETE ACCURATE EXAM
ACTUAL QUESTIONS AND CORRECT DETAILED ANSWERS (100%
CORRECT VERIFIED ANSWERS) A NEW UPDATED VERSION
|GUARANTEED PASS A+ (BRAND NEW!) |APPROVED EXAM
1. Which of the following best defines fraud?
A. An accounting error caused by negligence
B. A breach of contract
Answer- C. An intentional act of deception resulting in personal or
financial gain
D. Misinterpretation of accounting standards
2. The primary objective of forensic accounting is to:
A. Prepare financial statements
B. Ensure GAAP compliance
Answer- C. Investigate financial information suitable for use in legal
proceedings
D. Detect mathematical errors
3. Fraud differs from error because fraud always involves:
A. Financial loss
B. Poor internal controls
Answer- C. Intentional deception
D. External auditors
4. Which professional skill is MOST critical for a forensic
accountant?
A. Tax planning
,B. Budget forecasting
Answer- C. Investigative and analytical skills
D. Payroll processing
Fraud Triangle & Behavioral Aspects
5. The three components of the Fraud Triangle are:
A. Motive, opportunity, risk
B. Pressure, intent, concealment
Answer- C. Pressure, opportunity, rationalization
D. Incentive, access, reward
6. Which of the following is an example of “pressure” in the Fraud
Triangle?
A. Weak segregation of duties
Answer- B. Personal financial difficulties
C. Justifying unethical behavior
D. Management override
7. Rationalization refers to:
A. The ability to commit fraud undetected
B. Financial motivation
Answer- C. The mental justification used by the fraudster
D. Poor ethical training
8. Which individual is statistically most likely to commit
occupational fraud?
A. Entry-level employee
B. External auditor
, Answer- C. Long-tenured, trusted employee
D. New contractor
Types of Fraud
9. Asset misappropriation commonly includes:
A. Revenue recognition fraud
B. Insider trading
Answer- C. Theft of cash or inventory
D. Financial statement manipulation
10. Financial statement fraud is BEST described as:
A. Theft of company property
Answer- B. Intentional misrepresentation of financial information
C. Bribery and corruption
D. Payroll skimming
11. Which type of fraud is MOST costly on average?
A. Asset misappropriation
B. Corruption
Answer- C. Financial statement fraud
D. Expense reimbursement fraud
12. Kickbacks are an example of:
A. Asset misappropriation
B. Financial statement fraud
Answer- C. Corruption
D. Cyber fraud
ASSESSMENT TEST EXAM 2026/2027 COMPLETE ACCURATE EXAM
ACTUAL QUESTIONS AND CORRECT DETAILED ANSWERS (100%
CORRECT VERIFIED ANSWERS) A NEW UPDATED VERSION
|GUARANTEED PASS A+ (BRAND NEW!) |APPROVED EXAM
1. Which of the following best defines fraud?
A. An accounting error caused by negligence
B. A breach of contract
Answer- C. An intentional act of deception resulting in personal or
financial gain
D. Misinterpretation of accounting standards
2. The primary objective of forensic accounting is to:
A. Prepare financial statements
B. Ensure GAAP compliance
Answer- C. Investigate financial information suitable for use in legal
proceedings
D. Detect mathematical errors
3. Fraud differs from error because fraud always involves:
A. Financial loss
B. Poor internal controls
Answer- C. Intentional deception
D. External auditors
4. Which professional skill is MOST critical for a forensic
accountant?
A. Tax planning
,B. Budget forecasting
Answer- C. Investigative and analytical skills
D. Payroll processing
Fraud Triangle & Behavioral Aspects
5. The three components of the Fraud Triangle are:
A. Motive, opportunity, risk
B. Pressure, intent, concealment
Answer- C. Pressure, opportunity, rationalization
D. Incentive, access, reward
6. Which of the following is an example of “pressure” in the Fraud
Triangle?
A. Weak segregation of duties
Answer- B. Personal financial difficulties
C. Justifying unethical behavior
D. Management override
7. Rationalization refers to:
A. The ability to commit fraud undetected
B. Financial motivation
Answer- C. The mental justification used by the fraudster
D. Poor ethical training
8. Which individual is statistically most likely to commit
occupational fraud?
A. Entry-level employee
B. External auditor
, Answer- C. Long-tenured, trusted employee
D. New contractor
Types of Fraud
9. Asset misappropriation commonly includes:
A. Revenue recognition fraud
B. Insider trading
Answer- C. Theft of cash or inventory
D. Financial statement manipulation
10. Financial statement fraud is BEST described as:
A. Theft of company property
Answer- B. Intentional misrepresentation of financial information
C. Bribery and corruption
D. Payroll skimming
11. Which type of fraud is MOST costly on average?
A. Asset misappropriation
B. Corruption
Answer- C. Financial statement fraud
D. Expense reimbursement fraud
12. Kickbacks are an example of:
A. Asset misappropriation
B. Financial statement fraud
Answer- C. Corruption
D. Cyber fraud
