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WGU C254 Bundled Exams with Complete Solution | Verified | Everything you Need!!
WGU C254 Bundled Exams with Complete Solution | Verified | Everything you Need!!
[Show more]WGU C254 Bundled Exams with Complete Solution | Verified | Everything you Need!!
[Show more]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...
Preview 4 out of 69 pages
Add to cartIn 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...
the usual penalty in a civil case is - -Monetary Damages and Equitable Releif 
The burden of proof in a criminal case is - -beyond a reasonable doubt 
which of the following is a source of law in the United States? Case law, Constituational Law, 
Administrative Law, Statutory Law - -Constitutional, ...
Preview 2 out of 10 pages
Add to cartthe usual penalty in a civil case is - -Monetary Damages and Equitable Releif 
The burden of proof in a criminal case is - -beyond a reasonable doubt 
which of the following is a source of law in the United States? Case law, Constituational Law, 
Administrative Law, Statutory Law - -Constitutional, ...
(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 
ef...
Preview 3 out of 23 pages
Add to cart(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 
ef...
America's capital markets are the envy of the world because of their efficiency, liquidity, and resiliency. 
What role do financial statements play in American capital markets? - -They present a fair picture of 
the financial position and results of the organization. 
Why are American financial sta...
Preview 2 out of 12 pages
Add to cartAmerica's capital markets are the envy of the world because of their efficiency, liquidity, and resiliency. 
What role do financial statements play in American capital markets? - -They present a fair picture of 
the financial position and results of the organization. 
Why are American financial sta...
Which action is potentially unethical because it understates COGS? 
A. Understating purchases 
B. Understating purchase returns 
C. Understating ending inventory 
D. Understating purchase discounts - -A 
Why is it unethical for a supervisor to ask an accountant to capitalize the marketing research p...
Preview 2 out of 13 pages
Add to cartWhich action is potentially unethical because it understates COGS? 
A. Understating purchases 
B. Understating purchase returns 
C. Understating ending inventory 
D. Understating purchase discounts - -A 
Why is it unethical for a supervisor to ask an accountant to capitalize the marketing research p...
Which of the following are the four areas of the fraud exposure rectangle - -Management and 
Directors 
Relationship with others 
Organization & Industry 
Financial Results & Operational Characteristics 
To detect fraud, symptoms must be not Observed and Recognized - -True 
When is a contingent liab...
Preview 2 out of 5 pages
Add to cartWhich of the following are the four areas of the fraud exposure rectangle - -Management and 
Directors 
Relationship with others 
Organization & Industry 
Financial Results & Operational Characteristics 
To detect fraud, symptoms must be not Observed and Recognized - -True 
When is a contingent liab...
What are three ratios that are useful for detecting Overstatement of Asset Fraud? - -1. Individual FA 
account balances/Total FAs 
2. Total Def Chgs/Total Assets 
3. Def Chg W-offs (amort)/Def Chg Bal 
What are the three categories of Fixed Assets? - -Property, Plant, and Equipment. (PP&E) 
What are...
Preview 3 out of 17 pages
Add to cartWhat are three ratios that are useful for detecting Overstatement of Asset Fraud? - -1. Individual FA 
account balances/Total FAs 
2. Total Def Chgs/Total Assets 
3. Def Chg W-offs (amort)/Def Chg Bal 
What are the three categories of Fixed Assets? - -Property, Plant, and Equipment. (PP&E) 
What are...
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