Question 1
(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.
Question 2
(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
Question 3
(TCO 5) Internal control is a plan of organization and system of procedures implemented by
company _____ and the _____ designed to accomplish five objectives.
internal auditors, employees
external auditors, management
management, board of directors
employees, board of directors
Question 4
(TCO 5) A fidelity bond is a(n)
employment contract for a specified period of time.
insurance policy that reimburses a company for employee theft.
contract prohibiting former employees from working for a competitor.
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