DeVry University - ACCT 212 Week 3 Checkpoint, Questions And Answers.1. Question :
(TCO 5) The type of fraud committed by employees of an entity who
... [Show More] steal money
from the company and cover it up through erroneous entries in the books is called
Student Answer: misappropriation of assets.
fraudulent financial reporting.
embezzlement.
collusion.
Instructor Explanation: See Chapter 4.
Points Received: 0 of 3
Comments:
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
Instructor Explanation: See Chapter 4.
Points Received: 0 of 3
Comments:
Question 3.Question :
(TCO 5) The primary way that fraud is prevented and detected is through a proper
system of
Student Answer: checks and balances.
management directives.
internal control.
internal and external audits.
Instructor Explanation: See Chapter 4.
Points Received: 0 of 3
Comments:
Question 4.Question :
(TCO 5) Requiring employees to take annual vacations is a part of which
characteristic of internal control?
Student Answer: Assignment of responsibilities
Separation of duties
Proper authorization
Competent and reliable personnel
Instructor Explanation: See Chapter 4.
Points Received: 0 of 3
Comments:
Question 5.Question :
(TCO 5) The information system component of internal control
Student Answer: ensures that every system that processes accounting data should have the
ability to capture transactions as they occur.
monitors controls.
offers hints of where fraud or errors could occur.
ensures that the IT department has adequate control procedures in place to
ensure that no one can hack into the company's database.
Instructor Explanation: See Chapter 4.
Points Received: 3 of 3
Comments:
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.
Instructor Explanation: See Chapter 4.
Points Received: 3 of 3 [Show Less]