GLEIM EXAM 1 (COMPILED) 509
QUESTIONS WITH ACTUAL SOLUTIONS
202/26!!
, Don't know?
2 of 509
Term
The business judgment rule is a rule that immunizes corporate
Give this one a try later!
C corporation is not in compliance because the independent auditor should not
report directly to management.
Having two officers who significantly influence management and operations
Management from liability for actions that result in corporate losses or
damages if t he actions are undertaken in good faith and are within both
the power of the corporation and the authority of management to make.
Valid because the contract is fair to Quick.
Don't know?
3 of 509
Term
Fact Pattern: A flowchart of a client's revenue cycle appears below.
,Symbol A most likely represents
Give this one a try later!
Accounts receivable master
Credit losses master file.
file.
Cash disbursements transaction file. Sales master file.
Don't know?
4 of 509
Term
Which of the following activities by small business clients best
demonstrates management integrity in the absence of a written
code of conduct?
Give this one a try later!
Delegating ethical responsibilities to Implementing strict financial audits
external consultants. without explanation.
Emphasizing a strong ethical
Enforcing rigid policies through culture through oral
written directives only. communication and
management example.
Don't know?
, 5 of 509
Term
Which of the following is considered a fraudulent activity?
Give this one a try later!
Employee fraud. Misappropriation of assets.
Authorization of additions and
Lapping.
deletions from the payroll.
Don't know?
6 of 509
Term
Which of the following terms describes the type of business activity
that indirectly creates value for the business's customers?
Give this one a try later!
Management and support Traces subprocesses to key
processes. processes.
Resource allocation processes. Operating processes.
QUESTIONS WITH ACTUAL SOLUTIONS
202/26!!
, Don't know?
2 of 509
Term
The business judgment rule is a rule that immunizes corporate
Give this one a try later!
C corporation is not in compliance because the independent auditor should not
report directly to management.
Having two officers who significantly influence management and operations
Management from liability for actions that result in corporate losses or
damages if t he actions are undertaken in good faith and are within both
the power of the corporation and the authority of management to make.
Valid because the contract is fair to Quick.
Don't know?
3 of 509
Term
Fact Pattern: A flowchart of a client's revenue cycle appears below.
,Symbol A most likely represents
Give this one a try later!
Accounts receivable master
Credit losses master file.
file.
Cash disbursements transaction file. Sales master file.
Don't know?
4 of 509
Term
Which of the following activities by small business clients best
demonstrates management integrity in the absence of a written
code of conduct?
Give this one a try later!
Delegating ethical responsibilities to Implementing strict financial audits
external consultants. without explanation.
Emphasizing a strong ethical
Enforcing rigid policies through culture through oral
written directives only. communication and
management example.
Don't know?
, 5 of 509
Term
Which of the following is considered a fraudulent activity?
Give this one a try later!
Employee fraud. Misappropriation of assets.
Authorization of additions and
Lapping.
deletions from the payroll.
Don't know?
6 of 509
Term
Which of the following terms describes the type of business activity
that indirectly creates value for the business's customers?
Give this one a try later!
Management and support Traces subprocesses to key
processes. processes.
Resource allocation processes. Operating processes.
