ACCT 212 week 3 quiz financial accounting. WITH CORRECT ANSWERS.

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Question 1 3 / 3 pts (TCO 5) The two most common types of fraud impacting financial statements are fraudulent financial reporting and e-commerce fraud. misappropriation of assets and ... embezzlement. fraudulent financial reporting and misappropriation of assets. cooking the books and fraudulent financial reporting. See Chapter 4. Question 2 3 / 3 pts (TCO 5) Fraud is the ultimate unethical act in business because 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 See Chapter 4. Question 3 3 / 3 pts (TCO 5) The primary way that fraud is prevented and detected is through a proper system of checks and balances. management directives. internal control. internal and external audits. See Chapter 4. IncorrectQuestion 4 0 / 3 pts (TCO 5) Requiring employees to take annual vacations is a part of which characteristic of internal control? Assignment of responsibilities Separation of duties Proper authorization Competent and reliable personnel See Chapter 4. IncorrectQuestion 5 0 / 3 pts (TCO 5) Hints of where fraud, mistakes, or financial harm can occur in a company is called the control environment. risk assessment. control procedures. the tone at the top. See Chapter 4. [Show More]

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