Forensic Accounting and Fraud Examination Week 5 Quiz Answers

Forensic Accounting and Fraud Examination Week 5 Quiz Answers

Hello Friends in this article i am gone to share Coursera Course: Forensic Accounting and Fraud Examination by the West Virginia University | Week 5 Quiz Answers with you..

Forensic Accounting and Fraud Examination Week 5 Quiz Answers

Week 5 Quiz Answers

Question 1)
A step to detecting fraud is to: (Choose the best answer)

  • build an internal control system.
  • establish an audit committee and identify its authority.
  • establish the board of the directors
  • build an understanding of the organization and the environment in which it operates.

Question 2)
Financial statement fraud often involves:

  • A high level financial executive
  • Large dollar amounts
  • The collusion of two or more employees
  • All of the above

Question 3)
Which is generally considered the lowest threshold for ethical decision making?

  • A professional code of ethics of an accounting organization.
  • Codes of conduct or directives about what is best for society.
  • The law.
  • The underlying values that guide society.

Question 4)
Which of the following is correct with respect to the actions of Betty Vinson.

  • The actions of Betty Vinson most closely align with an accidental fraudster.
  • The actions of Betty Vinson most closely align with a predatory fraudster.
  • The actions of Betty Vinson most closely align with a person motivated by ego.
  • The actions of Betty Vinson most closely align with a person motivated by entitlement.

Question 5)
Financial statement fraudsters often:

  • Start as accidental fraudsters and progress to predator fraudsters.
  • Rely on collusion to mask the fraud.
  • Frequently go from company to company committing the same type of fraud.
  • All of the above.

Question 6)
Cynthia Cooper provides a good example of the process of what to do when fraud is suspected. Which of the following events occurred first?

  • The CFO is fired
  • Cooper began informal questioning to confirm that the entries under suspect were erroneous.
  • Cooper met with the Audit Committee chair.
  • The SEC files a civil fraud suit.

Question 7)
With regard to Cynthia Cooper and Betty Vinson, both from WorldCom, which of the following is correct?

  • Cynthia Cooper went to jail for her role in whistle-blowing because she divulged WorldCom trade secrets.
  • Betty Vinson and Cynthia Cooper both went to jail for their roles in blowing the whistle on WorldCom.
  • Betty Vinson, though less celebrated, played an important role in helping Cynthia Cooper uncover and report the WorldCom fraud.
  • Betty Vinson, even though she went to jail for her role in WorldCom, could be considered a victim.

Question 8)
With regard to whistleblowers, the following is NOT correct?

  • Whistleblowers often lose their jobs as a result of their courage and ethical high standards
    None of the other choices are correct
  • Whistleblowers often get no bonus or reward as a result of their courage and ethical high standards
  • Whistle-blowers are usually celebrated for their courage and ethical high standards

Question 9)
In the WorldCom example, which of the following is NOT accurate with regard to adjusting journal entries?

  • The WorldCom fraud was partially committed by adjusting journal entries to capitalize transactions that should have been recorded as expenses.
  • The WorldCom fraud involved fictitious revenue and did not involve adjusting journal entries.
  • The WorldCom fraud was partially committed by adjusting journal entries to capitalize computer costs that should have been treated as expenses.
  • The WorldCom fraud was partially committed by adjusting journal entries to line leasing costs.

Question 10)
Which of the following was not one of the income increasing efforts used to defraud WorldCom investors?

  • Adjustments (journal entries) without documentation
  • Smoothing of income
  • Channel stuffing
  • Reducing expenses

 

 

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