Question Details

[answered] 1. How can a false sales return fraud scheme be detected?


1.?How can a false sales return fraud scheme be detected? (Points : 2)
???????Surprise register audits
???????Unannounced inventory counts
???????Examine sales returns receipts
???????Match sales invoices to cash receipts


Question 2.2.?A forensic accountant is reviwing accounting records of a company in which the bookkeeper has been suspected of fraud. She crosschecks the check register to the invoice payment file.?? What type of fraud is the forensic accountant checking for? (Points : 2)
???????Fictitious invoice scheme
???????Shell company schemes
????????Expense reimbursement schemes
???????Check tampering scheme


Question 3.3.?Which is a method to conceal asset misappropriation?? (Points : 2)
???????Writing inventory down to market value
???????Matching purchase orders to receiving reports

???????Restricting asset transfers
???????Ordering surplus merchandise


Question 4.4.?Which internal control may prevent fraudulent after-hours sales? (Points : 2)
???????Compare sales levels by employees
???????Review sales levels by location
???????Review use of employee access codes??
???????Compare the store?s monthly electric bills


Question 5.5.?Mary is a bookkeeper at a small auto repair shop.? She also manages all other office work. The repair shop has a contract to repair city and county vehicles. The repair shop also extends credit to several other businesses .Mary is responsible for billing, recording accounts receivable, and receivng payments. Mary is very happy in her job because she can take cash from customer payments whenevery she is a little short. All she has to do to conceal this is to alter one or two accounts. Which type of fraud is being? committed? (Points : 2)
???????Lapping
???????Fictitious revenue
???????Force balancing
???????Unrecorded revenue


Question 6.6.?The billing supervisor in an industrial supply warehouse has authorization to write-off uncollectible accounts.? He knows that if he writes a memo to put into the customer?s file, there will be no further review. The opportunity exists for what type of fraud scheme in this situation???????? (Points : 2)
???????Receivables lapping
???????Payment theft
???????Understated sales
???????Altering records??
???????????????????????????????????????????????????????????


Question 7.7.?Which fraud scheme is considered to be an off book scheme? (Points : 2)
???????Fraudulent write-offs
????????Stealing non cash assets
???????Skimming
???????Fictitious sales


Question 8.8.?Which audit technique would be a step in uncovering accounts receivble fraud???????????? (Points : 2)
???????A review of customer complaints
???????A surprise cash audit
???????A bank reconciliation review
???????An analysis of gross profit


Question 9.9.?Which is a type of cash receipts fraud scheme?? (Points : 2)
???????Ghost employees ?

???????Lapping

???????Fictitious receivables ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ??

???????Shell companies


Question 10.10.?An audit of accounts payable vendors has revealed that one of the companies has the same phone number as an employee who works in the company warehouse. What could this indicate? (Points : 2)
???????The company is receiving unauthorized supplies

???????Kickbacks are being paid to vendors?

???????Vendors are submitting inflated invoices

???????Dummy vendors may exist


Question 11.11.?To prevent payments to ficititious vendors, who should have access to the vendor master file? (Points : 2)
???????Purchasing Department

???????Accounts Payable Department

???????Sales Department

???????Receiving Department


Question 12.12.?The manager of a restaurant was responsible for taking the deposit from each day?s business to the bank. On September 30, the manager realized he had not paid his cell phone bill and he knew if he was late one more time the phone company would cut off service. The deposit for that day consisted of $250 in cash and $1,000 in checks. He took the cash from that day?s deposit and paid his bill. Which internal control would prevent this fraud? (Points : 2)
???????Separation of duties between receiving cash and making deposits

???????Separation of duties between receiving cash and the bank reconciliation
???????Separation of duties between daily receipts reconciliation and the bank reconciliation
???????Separation of dutes between daily receipts reconciliation and deposits


Question 13.13.?The manager of a restaurant was responsible for taking the deposit from each day?s business to the bank. On September 30, the manager realized he had not paid his cell phone bill and he knew if he was late one more time the phone company would cut off service. The deposit for that day consisted of $250 in cash and $1,000 in checks. He took the cash from that day?s deposit and paid his bill. What component in the fraud scheme enabled the manager to conceal this theft? (Points : 2)
???????Outstanding checks
???????Open receivables
???????Force balancing
???????Deposit in transit


Question 14.14.?An employee in the accounting department of a hardware store is authorized to write-off up to $2,000 for each account he determines uncollectible. The employee takes advantage of this authority to conceal theft of inventory from the company.? What is one method he can use to cover his theft?. (Points : 2)
???????Inventory padding
???????Fictitious sales

???????Accounts receivable?skimming

???????After hours sales


Question 15.15.?Larry worked at the receiving dock of a large electronics store and was responsible for unloading merchandise from delivery trucks.? Every so often, he would set aside merchandise and leave it on the dock near the entrance door. This was not suspicious as other boxes of merchandise were also set in this area. He then would arrange for a friend to pose as a customer. His friend would drive around to the customer pickup area and Larry would load the merchanidse in his friend?s car.? Which type of fraud is Larry committing? (Points : 2)
???????Unconcealed larceny
???????Asset transfer
???????Fraudulent shipments
???????Fraudulent receiving scheme


Question 16.16.?Which of the following internal controls should be in place to prevent a pay-and-return fraud scheme? (Points : 2)
???????Separation of duties between cash receipts and payment authorization
???????Separation of duties between payment authorization and the mailroom
???????Separation of duties between the mailroom and cash reciepts
???????Separation of duties between the vendor and cash receipts


Question 17.17.?Which is an example of asset misapproriation? (Points : 2)
???????A disgruntled employee sprays paint on company trucks
???????An accountant refuses to pay another company for suuplies
???????A vendor overcharges for a contracting job
???????An employee takes supplies from a construction site


Question 18.18.?Asset embezzlement serves to reduce the value of the left side of the accounting equaltion. To conceal the embezzlement, how would a fraud perpetrator reduce the right side of the accounting equation? (Points : 2)
???????Reduce accounts payable
???????Pay dividends
???????Pay additional expenses

???????Increase revenue



Question 19.19.?A salesperson at an office supply company knows the company hired an inexperienced bookkeeper. The salesperson submits fraudulent invoices to his company, which the bookkeeper pays.? What type of fraud is the salesperson committing? (Points : 2)
???????Overbilling fraud
???????Billing fraud
???????Disbursement fraud????????????????????????????????????????????????????????????????????????????????????????????
???????Expense fraud


Question 20.20.?Which internal control can prevent skimming???? ???? (Points : 2)
???????Compare daily cash receipts to cash register tapes
???????Assign one person responsibility over cash acceptance
???????Use trend analysis to examine accounts receivable
???????Match deposit receipts to bank reconciliation


 


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