Lote
Bundle for WGU C254 Exams Compilation | Verified | Guaranteed Success
Bundle for WGU C254 Exams Compilation | Verified | Guaranteed Success
[Mostrar más]Bundle for WGU C254 Exams Compilation | Verified | Guaranteed Success
[Mostrar más]In the past (early 20th century time-frame), what was the general consensus of the principal 
purpose of audits (including among auditors)? 
To detect fraud 
To certify for the public that management is qualified to run the entity 
To evaluate that companies follow GAAP 
Investigative and analytical...
Vista previa 4 fuera de 96 páginas
Añadir al carritoIn the past (early 20th century time-frame), what was the general consensus of the principal 
purpose of audits (including among auditors)? 
To detect fraud 
To certify for the public that management is qualified to run the entity 
To evaluate that companies follow GAAP 
Investigative and analytical...
Which action is potentially unethical because it understates COGS? 
A. Understating purchases 
B. Understating purchase returns 
C. Understating ending inventory 
D. Understating purchase discounts - A 
Why is it unethical for a supervisor to ask an accountant to capitalize the marketing research 
p...
Vista previa 3 fuera de 16 páginas
Añadir al carritoWhich action is potentially unethical because it understates COGS? 
A. Understating purchases 
B. Understating purchase returns 
C. Understating ending inventory 
D. Understating purchase discounts - A 
Why is it unethical for a supervisor to ask an accountant to capitalize the marketing research 
p...
America's capital markets are the envy of the world because of their efficiency, liquidity, and 
resiliency. What role do financial statements play in American capital markets? - They 
present a fair picture of the financial position and results of the organization 
Why are American financial state...
Vista previa 1 fuera de 4 páginas
Añadir al carritoAmerica's capital markets are the envy of the world because of their efficiency, liquidity, and 
resiliency. What role do financial statements play in American capital markets? - They 
present a fair picture of the financial position and results of the organization 
Why are American financial state...
Perpetrator- Management of a company 
Victim- Shareholders and/or debt-holders and regulators 
Most expensive type of fraud - Management Statement fraud 
Which legal code makes the bribing of public officials illegal? - Title 18, US. Code Section 
201 
Perpetrator- Customers of an organization 
Vict...
Vista previa 2 fuera de 9 páginas
Añadir al carritoPerpetrator- Management of a company 
Victim- Shareholders and/or debt-holders and regulators 
Most expensive type of fraud - Management Statement fraud 
Which legal code makes the bribing of public officials illegal? - Title 18, US. Code Section 
201 
Perpetrator- Customers of an organization 
Vict...
If _____________ is understated, then ________________ will directly be overstated (less tax 
effect). - Cost of Goods Sold, Net Income 
Cost of goods sold can be understated by overstating ending inventory. 
True or False - True 
There are over 15 ways of manipulating cost of goods sold. To what en...
Vista previa 1 fuera de 4 páginas
Añadir al carritoIf _____________ is understated, then ________________ will directly be overstated (less tax 
effect). - Cost of Goods Sold, Net Income 
Cost of goods sold can be understated by overstating ending inventory. 
True or False - True 
There are over 15 ways of manipulating cost of goods sold. To what en...
1x vendido
Most economists agree that __________ and _________ were the root causes of the economic 
downturn. - - sub-prime mortgages 
- other risky financial instruments 
Financial statements prepared by organizations play an important role in keeping America's 
markets efficient, what do financial statemen...
Vista previa 3 fuera de 30 páginas
Añadir al carritoMost economists agree that __________ and _________ were the root causes of the economic 
downturn. - - sub-prime mortgages 
- other risky financial instruments 
Financial statements prepared by organizations play an important role in keeping America's 
markets efficient, what do financial statemen...
People will often be dishonest if they are placed in: 
a. An environment with poor controls. 
b. An organizational setting with strict accountability 
c. Positive modeling and labeling. 
d. A positive work environment. - An environment with poor controls. 
Which of the following is not a factor in c...
Vista previa 2 fuera de 7 páginas
Añadir al carritoPeople will often be dishonest if they are placed in: 
a. An environment with poor controls. 
b. An organizational setting with strict accountability 
c. Positive modeling and labeling. 
d. A positive work environment. - An environment with poor controls. 
Which of the following is not a factor in c...
Which of the following types of frauds are considered the most difficult to find, usually requiring 
a tip? 
a. Overstatement of asset-related financial statement fraud. 
b. Inadequate disclosure financial statement fraud. 
c. Revenue-related financial statement fraud. 
d. Cost of goods sold-related...
Vista previa 2 fuera de 6 páginas
Añadir al carritoWhich of the following types of frauds are considered the most difficult to find, usually requiring 
a tip? 
a. Overstatement of asset-related financial statement fraud. 
b. Inadequate disclosure financial statement fraud. 
c. Revenue-related financial statement fraud. 
d. Cost of goods sold-related...
According to the financial statement fraud detection framework, fraud is rarely detected by 
which of the following: 
a. Analyzing the financial statements 
b. Understanding the inherent risks of a specific industry 
c. Learning management's motivations 
d. Breaking down and analyzing internal cont...
Vista previa 2 fuera de 5 páginas
Añadir al carritoAccording to the financial statement fraud detection framework, fraud is rarely detected by 
which of the following: 
a. Analyzing the financial statements 
b. Understanding the inherent risks of a specific industry 
c. Learning management's motivations 
d. Breaking down and analyzing internal cont...
Which are the two most commonly manipulated to perpetrate financial statement fraud? - 
Revenues and Accounts Receivable 
SAS 99 requires auditors to assume there are material misstatements in revenue, though realizing 
there are situation-specific methods to recognize revenue and interpret the asso...
Vista previa 1 fuera de 4 páginas
Añadir al carritoWhich are the two most commonly manipulated to perpetrate financial statement fraud? - 
Revenues and Accounts Receivable 
SAS 99 requires auditors to assume there are material misstatements in revenue, though realizing 
there are situation-specific methods to recognize revenue and interpret the asso...
In the past (early 20th century time-frame), what was the general consensus of the principal 
purpose of audits (including among auditors)? - To detect fraud 
Why has there been so much frustration between the general public and auditors regarding fraud 
detection? - The public wants all cases of fr...
Vista previa 2 fuera de 5 páginas
Añadir al carritoIn the past (early 20th century time-frame), what was the general consensus of the principal 
purpose of audits (including among auditors)? - To detect fraud 
Why has there been so much frustration between the general public and auditors regarding fraud 
detection? - The public wants all cases of fr...
Which of the following is a transaction that creates real liabilities for a company? 
a. Co-signing on a loan as a secondary signee. 
b. Collecting cash prior to the performance of a service. 
c. None of the above. - Collecting cash prior to the performance of a service 
When accounts payable-relate...
Vista previa 2 fuera de 6 páginas
Añadir al carritoWhich of the following is a transaction that creates real liabilities for a company? 
a. Co-signing on a loan as a secondary signee. 
b. Collecting cash prior to the performance of a service. 
c. None of the above. - Collecting cash prior to the performance of a service 
When accounts payable-relate...
With asset-based financial statement frauds, assets are most often: - Overstated 
Which of the following is a way to commit asset fraud? 
a. Overstating fixed assets 
b. Under-recording payroll taxes 
c. Over-recording contingent liabilities 
d. Recording sales discounts too high - Overstating fixed...
Vista previa 2 fuera de 6 páginas
Añadir al carritoWith asset-based financial statement frauds, assets are most often: - Overstated 
Which of the following is a way to commit asset fraud? 
a. Overstating fixed assets 
b. Under-recording payroll taxes 
c. Over-recording contingent liabilities 
d. Recording sales discounts too high - Overstating fixed...
Section 404 of the Sarbanes-Oxley Act of 2002, provided for increased scrutiny over which area 
of corporate governance: 
a. Internal controls design, implementation and effectiveness. 
b. The COSO framework that was created by the PCAOB to regulate auditor activities. 
c. Audit committees of boards...
Vista previa 2 fuera de 8 páginas
Añadir al carritoSection 404 of the Sarbanes-Oxley Act of 2002, provided for increased scrutiny over which area 
of corporate governance: 
a. Internal controls design, implementation and effectiveness. 
b. The COSO framework that was created by the PCAOB to regulate auditor activities. 
c. Audit committees of boards...
Which of the following are the four areas of the fraud exposure rectangle - 
Management and Directors 
Relationship with others 
Organization & Industry 
Financial Results & Operational Characteristics 
To detect fraud, symptoms must be not Observed and Recognized - True 
When is a contingent liabi...
Vista previa 2 fuera de 7 páginas
Añadir al carritoWhich of the following are the four areas of the fraud exposure rectangle - 
Management and Directors 
Relationship with others 
Organization & Industry 
Financial Results & Operational Characteristics 
To detect fraud, symptoms must be not Observed and Recognized - True 
When is a contingent liabi...
Compradores de Stuvia evaluaron más de 700.000 resúmenes. Así estas seguro que compras los mejores documentos!
Puedes pagar rápidamente y en una vez con iDeal, tarjeta de crédito o con tu crédito de Stuvia. Sin tener que hacerte miembro.
Tus compañeros escriben los resúmenes. Por eso tienes la seguridad que tienes un resumen actual y confiable. Así llegas a la conclusión rapidamente!
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Nuestra garantía de satisfacción le asegura que siempre encontrará un documento de estudio a tu medida. Tu rellenas un formulario y nuestro equipo de atención al cliente se encarga del resto.
Stuvia is a marketplace, so you are not buying this document from us, but from seller Tulloch. Stuvia facilitates payment to the seller.
No, you only buy this summary for $40.49. You're not tied to anything after your purchase.
4.6 stars on Google & Trustpilot (+1000 reviews)
45,681 summaries were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now