Get Guided ACCT 574 Midterm plus Final Exam

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Get Guided ACCT 574 Midterm plus Final Exam

 

Page:  1 – Multiple Choice

  1. Question (TCO A) Which statement is false?
  2. Question (TCO A) What would be a task of a litigation services practitioner?
  3. Question (TCO A) Which is not one of the three Ms of financial statement fraud?
  4. Question (TCO A) Which statement is false with respect to Howard M. Schilit’s financial shenanigans?
  5. Question (TCO A) COSO defines “internal controls” as a process, effected by an entity’s board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories except:
  6. Question (TCO A) What is an investigative technique used by the SEC to investigate specific companies for cooking the books?
  7. Question (TCO A) Which would be a preventive control?
  8. Question (TCO A) Which would be a corrective control?
  9. Question (TCO A) Which statement is false?
  10. Question (TCO A) Which of the following is a type of brainstorming?
  11. Question (TCO A) Implementing a code of ethics is a Sarbanes-Oxley requirement related to which component of the management process?
  12. Question (TCO A) Given these facts, compute inventory turnover:
  13. Question (TCO B) Skimming can be caught by:
  14. Question (TCO B) Which type of investigative technique works best at accumulating evidence to build a legal case against a financial fraudster?
  15. Question (TCO B) In the process of using the net worth method, you find that income of a person is $92,000 and overall expenses are $61,000. Calculated net worth is $611,000 and computed net worth is $430,000. Any unexplained net worth income or (decrease) would be:
  16. Question (TCO B) Which statement is false?
  17. Question (TCO B) Which would not be a procurement fraud scheme?
  18. Question (TCO B) Which would not be a procurement fraud scheme?
  19. Question (TCO B) In computing income under the net worth method, the following facts are found:
  20. Question (TCO B) The purpose of money laundering is to:
  21. Question (TCO B) To avoid detection by law enforcement authorities, money launderers will only send a maximum money transfer that is:
  22. Question (TCO B) Which one of the following is the easiest to falsify?
  23. Question (TCO B) Many times auditors do not believe they should report possible money laundering activities that they find in their audits because:
  24. Question (TCO C) Which is not one of the Daubert factors?
  25. Question (TCO C) Which is not a Daubert factor?
  26. Question (TCO C) Which statement about witness immunity is false?
  27. Question (TCO C) Which of the following is not an example of demonstrative evidence?
  28. Question (TCO C) Which item would not be demonstrative evidence?
  29. Question (TCO C) Which is an inductive approach?
  30. Question (TCO C) Benford analysis is not useful in which of the following situations?

Page:  2 – Essay

  1. Question (TCO C) What guidelines should forensic auditors follow when examining computer evidence?
  2. Question (TCO A) What are the three Ms of financial reporting fraud?
  3. Question (TCO B) Name some of the techniques that can be used by money launderers to break the audit trail.

ACCT 574 Week 8 Final Exam (Q & A)


Page:  1 – Multiple Choice

  1. Question (TCO A) Which statement is false?
  2. Question (TCO A) Which would not be useful in searching for hidden assets?
  3. Question (TCO A) Which statement is false?
  4. Question (TCO A) If an internal auditor finds fraud, what communication step should not be taken?
  5. Question (TCO A) What is an investigative technique used by the SEC to investigate specific companies for cooking the books?
  6. Question (TCO A) Which statement is false?
  7. Question (TCO A) Which is not one of the six areas of litigation services?
  8. Question (TCO B) Select the true answer. To prevent fraud, the entity may choose to:
  9. Question (TCO B) Which type of investigative technique works best at accumulating evidence to build a legal case against a financial fraudster?
  10. Question (TCO B) A fraud investigation should not be commenced without proper:
  11. Question (TCO B) You are told that a company has a 30% profit margin and the discovered fraud has caused $2,400,000 more needed revenue to cover the fraud. How much was stolen?
  12. Question (TCO B) Which statement is false?
  13. Question (TCO B) All of the following would be found in HTTP log files except:
  14. Question (TCO B) In order to avoid working with a money launderer, due diligence in a relationship with a new business partner means:
  15. Question (TCO B) Which would be the least effective procedure for preventing procurement fraud?
  16. Question (TCO B) The purpose of money laundering is to:
  17. Question (TCO C) Which is not a situation that would cause an expert to be ejected?
  18. Question (TCO C) Side-taking refers to:
  19. Question (TCO C) Which item is not required in an expert’s report?
  20. Question (TCO C) Which statement is false?
  21. Question (TCO C) Which statement is false?
  22. Question (TCO C) Which statement is false?
  23. Question (TCO C) In a criminal case, the burden of proof is normally:
  24. Question (TCO D) In analyzing cost behavior data for cases, most experts find that the most effective and defensible analysis method is:
  25. Question (TCO D) A simple but potentially useful method of estimating cost behavior is the:

Page:  2 – Multiple Choice

  1. Question (TCO D) Beth Company sold assets to Karen Company with an alleged value of $2,400,000. Beth Company paid $2,100,000 for the assets. The actual value of the assets was $1,700,000. Using the “out-of-pocket” damage loss rule, the fraud damages would be:
  2. Question (TCO D) Jones Lumber had an exclusive three-year supply agreement with Wood Construction. The contract called for lumber sales of $4,000,000 per year. After one year, Wood Construction canceled the contract without cause. The court found Wood Construction liable under the contract. Jones Lumber had average gross margins of 40% and average net income of 10% of sales. Jones Lumber’s operating expenses average 70% fixed. The damages from the loss of this contract would be:
  3. Question (TCO D) Georgetown Company’s weekly store operating costs for a 10-week period had a high value of $300,000 and a low value of $260,000. Sales volumes for the two weeks were $4,000,000 and $3,200,000 respectively. The estimated variable cost per dollar of sales using the high-low method is:
  4. Question (TCO D) In correlation analysis, the coefficient that describes the percentage of explained variance is:
  5. Question (TCO D) Antitrust laws were enacted to:
  6. Question (TCO D) When evaluating whether or not a company is engaged in predatory pricing, the forensic accountant must determine if the company:
  7. Question (TCO E) Magnetic force microscopy is used:
  8. Question (TCO E) Actually “deleting” data from a hard drive means:
  9. Question (TCO E) The purpose of remailers is to:
  10. Question (TCO E) To determine if a port on a Web server is alive and connected to the Internet, which of the following tools would be best to use?
  11. Question (TCO E) What are the dates found on an electronic file?
  12. Question (TCO E) When a suspect’s PC is disconnected, all the following data is lost, except:
  13. Question (TCO E) Datagrams are:
  14. Question (TCO F) Of the following costs, which cost is not part of the value of a tangible physical asset?
  15. Question (TCO F) A serious problem for forensic investigators in finding cybercriminals is:
  16. Question (TCO F) A “protected computer” under federal legislation is defined as:
  17. Question (TCO F) Which of the following is NOT part of a loss evaluation from a cyber attack?
  18. Question (TCO F) WishGift.com had its website shut down for two days due to a cyber attack. During that period, it is estimated that 200 customers were permanently lost. Registered customers visit once a month, on average, spend $20 on each visit, and remain registered for five years. What is the sales loss for WishGift assuming a cost of capital of 7%?
  19.  Question (TCO F) Determine the value of the option for the Snyder Company by delaying its investment for one year. Consider the value of the option is the difference between traditional present value analysis and real option analysis. The initial investment is for $7,000,000, but the investment will not be made until next year. The investment is being delayed so that Snyder’s management can better determine the market for its product. There are two alternatives for sales in the next year of $10,000,000 or $7,500,000. Each sales level has an occurrence probability of 50%. The cost of capital for Snyder is 10%. If traditional present value analysis shows that the net present value of the project is $1,000,000, what is the value of the option (the ability to wait one year before executing or abandoning the project)?
  20. Question (TCO G) One type of agreement that can have a direct impact on the valuation of parts of a closely held business is a:
  21. Question (TCO G) IRS Rev. Rul. 59-60:
  22. Question (TCO G) A valuation professional who holds a CVA has the credentials of a:
  23. Question (TCO G) Generally speaking, “book value” is considered to be:
  24. Question (TCO G) In trying to determine how many years of data are necessary to perform a business valuation, a commonly used starting point is:
  25. Question (TCO G) Atlas Manufacturing produces axels for automobiles. The company’s weighted average cost of capital is 12%. The company forecasted the following free cash flows for the next 20 years………….. Use the discounted cash flow approach to value Atlas Manufacturing. Note – you will need a present value table or a financial calculator to solve this problem.

Page:  3 – Essay

  1. Question (TCO F) The legal statutes and insurance policy coverage identify a number of loss categories from a cyber attack. In the list of losses is one for “general injuries.” Identify one general injury that might be suffered during a cyber attack. How should a loss estimate be determined for the item you have identified as a general injury loss?
  2. Question (TCO G) What are the most commonly used methods of business valuations? Are there any reasons to use business valuation methods other than the common ones? Discuss/explain.
  3. Question (TCO D) Name and describe the two basic assumptions that underlie cost behavior patterns. Explain in full.
  4. Question (TCO E) What provisions of the Patriot Act have been enacted to make it easier to apprehend cybercriminals?

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