100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
ACC 362 Forensic Accounting Exam 1 (Ch. 1-3) | Questions And Answers Latest {} A+ Graded | 100% Verified $13.48
Add to cart
Quickly navigate to
Preview
  2.  
  3. Top Academic Resources 2024/2025
  4.  
  5. Top Academic Resources 2024/2025

Exam (elaborations)

ACC 362 Forensic Accounting Exam 1 (Ch. 1-3) | Questions And Answers Latest {} A+ Graded | 100% Verified
 0 purchase
  • Course
  • Top Academic Resources 2024/2025
  • Institution
  • Top Academic Resources 2024/2025

ACC 362 Forensic Accounting Exam 1 (Ch. 1-3) | Questions And Answers Latest {2024- 2025} A+ Graded | 100% Verified

Preview 2 out of 5  pages

Document information

  • August 24, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • acc 362 forensic accounting exam 1 ch 1 3 que

Written for

  • Top Academic Resources 2024/2025
  • Top Academic Resources 2024/2025

Seller

avatar-seller
oneclass

Reviews received

Content preview

ACC 362 Forensic Accounting Exam 1 (Ch. 1-3) | Questions And Answers Latest {2024-
2025} A+ Graded | 100% Verified




Fraud or a fraudulent act is one that causes its victim to suffer an economic loss only. - False



The Sarbanes-Oxley Act (SOX) of 2002 is aimed at accounting staffs, auditing firms, corporate
governance, executive management (CEOs and CFOs), officers, and directors. - False



Forensic and Litigation Advisory Services (FLAS) professionals may either work to bolster (if hired by the
defendant) or to undercut (if hired by the plaintiff) a case. - False



Under generally accepted auditing standards (GAAS) auditors are not currently responsible for planning
and performing auditing procedures to detect immaterial misstatements, regardless of whether they are
caused by error or fraud. - True



The three legs of the fraud triangle are opportunity, perceived benefit, and rationalization. - False



Which statement below correctly states the four elements required to prove larceny? - There was a
taking or carrying away, of the money or property of another without the consent of the owner, and
with the intent to deprive the owner of its use or possession.



The tort, known as conversion is correctly stated as - an unauthorized assumption and exercise of the
right of ownership over goods or personal chattels belonging to another, to the alteration of their
condition or the exclusion of the owner's rights.



A person is said to act in a 'fiduciary capacity' when - the business which he transacts, or the money or
property which he handles, is not for his own benefit.



Practically speaking, the law generally recognizes a fiduciary duty - for officers and directors of a
company

, The two primary functions of financial forensics are - litigation advisory services and investigative
services



Auditing is responsible for - risk assessment and internal controls



The interrelationship among auditing, fraud examination, and financial forensics is - dynamic and
changes over time



According to the ACFE, owners and executives are involved in only about - 23 percent of frauds and steal
approximately $834,000



Fraud deterrence begins - in the employee's mind



The acronym "M.I.C.E." as typical motivations of fraud perpetrators stands for - Money, Ideology,
Coercion, and Ego



Fraud professionals and forensic accountants use the term red flag to indicate - that they are looking for
symptoms and badges of fraud



The USA PATRIOT (Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism)Act is focused on - white-collar crime, money laundering, and terrorist
financing



The need for competent staffing in fraud and financial forensics is expected to outpace supply - At all of
the above



Internal Revenue Service (IRS) agents are involved in all of the taxation actions listed except - sales tax



White-collarcriminals are losing their fear of the Federal Bureau of Investigation (FBI)primarily because -
the agency's job has shifted its entire terrorism issue



The perpetrators of white-collarcrime today - are aware that the FBI is understaffed and inadequately
trained for fraud investigations

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller oneclass. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $13.48. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67479 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$13.48
  • (0)
Add to cart
Added