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ACCT 562 WEEK 6 QUIZ ANSWERS.
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ACCT 562 WEEK 6 QUIZ ANSWERS.
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ACCT 562 WEEK 6 QUIZ ANSWERS(TCO F) Claiming personal travel as a business expense is an example of what type of expense
reimbursement scheme?
Student Answer:
Multiple reimbursements
Overstated expense reimbursements
Mischaracterized expense reimbursements
Altered expense reimbursements
Instructor Explanation: Wells 7
Comments:
Question 2. Question : (TCO F) An altered or forged receipt can indicate what type of
expense reimbursement scheme?
Student Answer:
Mischaracterized expense reimbursements
Fictitious expense reimbursements
Overstated expense reimbursements
All of the above
Instructor Wells 7
Explanation:
Comments:
Question 3. Question : (TCO F) Remy Lewis has just started working as a marketing
research analyst for Commercial Casting Company in New York
City. He is relocating his family to New York from North Carolina,
but they haven't moved yet. Twice a month, the company pays for
Lewis to travel to North Carolina to visit his family and help with
the move. During the month of September, Lewis only visited his
family once; however, he submitted expense reports for mileage
for two separate trips to North Carolina and back. What type of
, scheme is this?
Student Answer:
Mischaracterized expense reimbursement
Billing
Fictitious expense reimbursement
None of the above
Instructor Wells 7
Explanation:
Comments:
Question 4. Question : (TCO F) Which of the following is not considered a red flag of a
fictitious expense reimbursement scheme?
Student Answer:
An employee repeatedly uses the company credit card
for business travel expenses.
An employee's reimbursement requests are always for
round-dollar amounts.
An employee submits reimbursement requests that
consistently fall just below the reimbursement limit.
An employee frequently requests reimbursement for high-
dollar items that he claims were paid for in cash.
Instructor Wells 7
Explanation:
Comments:
Question 5. Question : (TCO F) In one of the case studies in the textbook (page 189), Cy
Chesterly was the vice president in charge of sales for one of the
largest machine parts manufacturers in the Midwest. He was an
excellent salesman and helped build the company into one of the
most successful companies in the industry. While Chesterly was
known to go overboard on the entertainment expenses, he really
went wild when it came to buying personal items, vacations,
furniture, and jewelry to name a few. He was caught; however,
and his lifestyle came to a halt. What was the most likely reason
that the company didn't have Chesterly prosecuted?
Student Answer:
Chesterly was well-liked by everyone and, with new
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