Cfe (Jason's Cards)

Front 1

Which is not one of the major standards of generally accepted accounting principles 2005

Back 1

Accuracy

Front 2

THe practice of recording the deposits of transfer between multiple bank accounts before recording the disbursements is called 2006

Back 2

Kiting

Front 3

T/F: The accounting concept of conservation leads to asymmetrical accounting where the revenues purposefully are overstated and expenses are understated 2007

Back 3

False

Front 4

to conceal an asset misappropriation in the company book, the fraudter can enter 2011

Back 4

a false debit to another asset account

Front 5

CFE hired to review assets to see if over valued. Building worth 11.5million, appraised at 14 million. What generally accepted principle governing law/land should be used on ABC book 2014

Back 5

the historical cost principle

Front 6

T/F: A cfe and expert accounting witness told the jury that the concept of consistency does not change in an accounting principle. 2015

Back 6

True

Front 7

T/F: The kinds of frauds and misstatements connected with liabilities are generally problems of understatement 2019

Back 7

True

Front 8

The worth of a business, if it is any good, will always be higher than the value of its hard assets. This is reflected in the accounting concept of 2021

Back 8

going concern

Front 9

T/F: under 'sox act' every public company is required to have a "financial expert" as a member of the board of directors 2022

Back 9

F

Front 10

Which statement about the standards of conduct for financial serve providers is correct 2023

Back 10

registered investment advisors are required to act in the best interest of their clients

Front 11

which is not a type of skimming scheme 2028

Back 11

false refunds

Front 12

T/F: according to govt auditing services as part of the performance audit, the auditors should make a determination as to whether any questionable act discovered during the engagement constitute fraud 2020

Back 12

F

Front 13

T/F: when info comes to an auditor he should consider the significance the fraud may have on the audit results if it could have a significant effect he should not extend the sleeps, stop the audit and contact the inspector general 2028

Back 13

F

Front 14

Ex of an independent check procedure over cash receipts might include 2123

Back 14

performing a surprise cash count

Front 15

_____ is the disquising the existence, nature, source, ownership, location, and disposition of property derived from criminal activity 2133

Back 15

money laundering

Front 16

which is the correct accounting model 2141

Back 16

assets = liabilities and owner's equity

Front 17

in order to conceal the misapproption of an asset, the accounting equation can be balanced by all EXCEPT 2146

Back 17

decreasing another asset

Front 18

all are true except 2147

Back 18

expense accounts are decreased with debits

Front 19

which is the correct calculation of the quick ratio 2149

Back 19

(cash + marketable services + receivables) / current liabilities

Front 20

T/F: the asset turnover ratio is calculated by dividing net sales by the assets balance at the end of the period 2152

Back 20

f

Front 21

fraud statement analysis technique for computing the % change in individual income statement or balance sheet items for one year to the next 2159

Back 21

horizontal analysis

Front 22

during the investment?? company leases a piece of equipment but states it is owned. It is justified by the accounting principle of 2170

Back 22

substance over form

Front 23

according to the YellowBook, objectives of financial audits include the following EXCEPT 2194

Back 23

to access program efficiency economy and effectiveness

Front 24

according to the govt auditing standards, reporting standard for performance audits, the auditor should report all except 2200

Back 24

all illegal acts discovered regardless of whether they are consequential to the audit objectives

Front 25

T?T: internal controls are always the strongest deterrent to financial statement fraud 2214

Back 25

f

Front 26

??? blue used customer A check to cover customer B the B to cover C. This is called 2225

Back 26

lapping

Front 27

the cash scheme is handbook fall into 2 broad categories __and ___ 2227

Back 27

fraudulent disbursements and cash receipts

Front 28

according to corporate fraud handbook, which type of scheme is hardest to detect 2230

Back 28

skimming

Front 29

according to the corporate fraud handbook, schemes which employees physically misappropriate cash that has already appeared on the victims organizations books are known as 2233

Back 29

cash larceny schemes

Front 30

Blue sold $1000 worth of merchandise. Collected cash and gave company $800. The scheme is 2235

Back 30

an understated sales (skimming) scheme