ACCT 212 Week 3 Quiz (Updated)

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ACCT 212 Week 3 Quiz (Updated)


Question 1.Question :(TCO 5) The two most common types of fraud impacting financial statements are
Student Answer: fraudulent financial reporting and e-commerce fraud.
 misappropriation of assets and embezzlement.
 fraudulent financial reporting and misappropriation of assets.
 cooking the books and fraudulent financial reporting.


Question 2.Question :(TCO 5) Fraud is the ultimate unethical act in business because
Student Answer: the perpetrators usually do so for their own short-term economic gain at the expense of others.
 fraud is illegal.
 fraud violates the rights of many for the temporary betterment of a few.
 All of the above


Question 3.Question :(TCO 5) Internal controls are designed to accomplish five objectives: comply with legal requirements, promote operational efficiency, safeguard assets, encourage employees to follow company policy, and
Student Answer: prevent embezzlement.
 prevent collusion.
 ensure accurate, reliable external audits.
 ensure accurate, reliable accounting records.


Question 4.Question :(TCO 5) A fidelity bond is a(n)
Student Answer: employment contract for a specified period of time.
 insurance policy that reimburses a company for employee theft.
 contract prohibiting former employees from working for a competitor.
 promise by a company to safeguard customers’ personal information.

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Question 5.Question :(TCO 5) Hints of where fraud, mistakes, or financial harm can occur in a company is called
Student Answer: the control environment.
 risk assessment.
 control procedures.
 the tone at the top.


Question 6.Question :(TCO 5) Creating bogus websites for the purpose of stealing unauthorized data is a(n)
Student Answer: encryption device.
 phishing expedition.
 computer virus.
 Trojan horse.


Question 7.Question :(TCO 5) Deposits that have been recorded on the book, but have not yet been recorded by the bank are
Student Answer: nonsufficient funds deposits.
 outstanding deposits.
 deposits in transit.
 electronic funds deposits.


Question 8.Question :(TCO 5) Cash requires specific internal controls because
Student Answer: cash is one of the most difficult assets to steal.
 cash is difficult to convert to other forms of wealth.
 all transactions ultimately affect cash.
 cash is difficult to conceal.


Question 9.Question :(TCO 5) Another name for short-term investments is
Student Answer: equity investments.
 marketable securities.
 market investments.
 available-for-sale securities.


Question 10.Question :(TCO 5) A business offers credit terms of 1/15, n/30. These terms indicate that
Student Answer: the total amount of the invoice must be paid within 15 days.
 a discount of 1% can be taken if the invoice is paid within 15 days.
 the buyer can take a 1% discount if the bill is paid within 15 or 30 days.
 no discount is offered for early payment.



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