C254 - Study guides, Class notes & Summaries

WGU C254 Fraud & Forensic Accounting, Questions and answers, 100% Accurate. VERIFIED

C254 WGU PRACTICE REVIEW QUESTIONS WITH CORRECT ANSWERS In the past (early 20th century time-frame), what was the general consensus of the principal purpose of audits (including among auditors)? To detect fraud To certify for the public that management is qualified to run the entity To evaluate that companies, follow GAAP Investigative and analytical purposes CORRECT ANSWER To detect fraud Why has there been so much frustration between the general public and auditors regarding fr...

In the past (early 20th century time-frame), what was the general consensus of the principal purpose of audits (including among auditors)? To detect fraud To certify for the public that management is qualified to run the entity To evaluate that companies follow GAAP Investigative and analytical purposes correct answers To detect fraud Why has there been so much frustration between the general public and auditors regarding fraud detection? The auditors were not sufficiently trai...

Most economists agree that __________ and _________ were the root causes of the economic downturn. - - sub-prime mortgages - other risky financial instruments Financial statements prepared by organizations play an important role in keeping America's markets efficient, what do financial statements provide? - - meaningful disclosures of: ---where a company has been ---where it is currently ---where it is going Financial statement fraud is also referred to as ______________. - - management...

C254 WGU Practice Review Rated 100% Correct!!

C254 WGU Practice Review, Questions and answers, 100% Accurate. VERIFIED. In the past (early 20th century time-frame), what was the general consensus of the principal purpose of audits (including among auditors)? To detect fraud To certify for the public that management is qualified to run the entity To evaluate that companies follow GAAP Investigative and analytical purposes - -To detect fraud Why has there been so much frustration between the general public and auditors regarding fra...

(Economic downturn 2008 to 2013) Most economists agree that __________ and _________ were the root causes of the economic downturn. - - sub-prime mortgages - other risky financial instruments Financial statements prepared by organizations play an important role in keeping America's markets efficient, what do financial statements provide? - - meaningful disclosures of: ---where a company has been ---where it is currently ---where it is going Financial statement fraud is also refer...

In the past (early 20th century time-frame), what was the general consensus of the principal purpose of audits (including among auditors)? To detect fraud To certify for the public that management is qualified to run the entity To evaluate that companies follow GAAP Investigative and analytical purposes - To detect fraud Why has there been so much frustration between the general public and auditors regarding fraud detection? The auditors were not sufficiently trained in GAAP rules and re...

C254 WGU Practice Review Rated 100% Correct!!

Which action is potentially unethical because it understates COGS? A. Understating purchases B. Understating purchase returns C. Understating ending inventory D. Understating purchase discounts - Answer A Why is it unethical for a supervisor to ask an accountant to capitalize the marketing research program? A. this action overstates assets B. this action overstates expenses C. this action understates liabilities D. this action understates net income - Answer A How can financial stateme...