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Fraud Examination 5Th Ed by W Steve Albrecht - Test Bank
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Test Bank For Fraud Examination 5Th Ed by W Steve Albrecht
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,Chapter 011. One way that criminal law differs from civil law is that it:
a. provides remedies for violations of private rights.
b. must yield a unanimous verdict.
c. can have a jury of fewer than 12 persons.
d. allows for various claims in one action.
ANSWER: b
FEEDBACK: a. Incorrect. This is a characteristic of civil law; criminal law deals with crimes against
the public.
b. Correct. Criminal trials must result in an unanimous verdict.
c. Incorrect. This is a characteristic of civil law; criminal trial juries must have 12
persons.
d. Incorrect. This is a characteristic of civil law; criminal law permits only one claim at
a time.
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVE LO: 1-5 -
S: LO: 1-5
NATIONAL STANDARDS United States - BUSPROG - Technology
:
STATE STANDARDS: United States - Illinois - AICPA - BB-Legal
KEYWORDS: Bloom's: Remembering
2. Which of the following is NOT an element of a Ponzi scheme?
a. Gaining other's confidence.
b. Promising abnormally high returns.
c. Collected money is invested.
d. Investment principle is partially used to make payments to previous investors.
ANSWER: c
FEEDBACK: a. Incorrect. This is one of the most important elements of the 'con'.
b. Incorrect. This is how fraudsters lure in investors.
c. Correct. This is very unlikely.
d. Incorrect. The original principle is often used to make interest payments.
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: LO: 1-3
NATIONAL STANDARDS: United States - BUSPROG: - Technology
STATE STANDARDS: United States - Illinois - AICPA:BB - Resource Management
KEYWORDS: Bloom's Remembering
3. The following are all elements of Title 26, U.S. Code Section 7201 EXCEPT:
a. not reporting bribe income may be grounds for being charged with tax evasion.
b. filing income tax that excludes income from fraud may be considered an improper tax filing.
c. bribes paid may be deducted as business expenses.
d. failure to report income from fraud may be grounds for being charged with tax evasion.
ANSWER: c
Cengage Learning Testing, Powered by Cognero Page 1
,Chapter 01
FEEDBACK: a. Incorrect. Not reporting bribe income may be grounds for being charged with tax
evasion.
b. Incorrect. Filing income tax that excludes income from fraud may be considered an
improper tax filing.
c. Correct. Bribes cannot be deducted as legitimate business expenses.
d. Incorrect.
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIV LO: 1-3
ES:
NATIONAL STANDAR United States - BUSPROG: - Technology
DS:
STATE STANDARDS: United States - Illinois - AICPA; - BB-Legal
KEYWORDS: Bloom's: Understanding
4. Which one of the following is NOT a characteristic of a criminal proceeding?
a. Deals with offenses against society.
b. Consequences include restitution and damage payments.
c. Jury of 12 individuals.
d. Only one claim may be heard at a time.
ANSWER: b
FEEDBACK: a. Incorrect. A crime is considered as an offense against society as a whole.
b. Correct. In a criminal proceeding, the consequences are jail and/or fines.
c. Incorrect. A criminal jury consists of 12 jurors.
d. Incorrect. Only one claim is heard at a time, whereas in a civil case many claims may
be joined into one action.
POINTS: 1
DIFFICULTY: Moderate
LEARNING OBJECTI LO: 1-5 -
VES: LO: 1-5
NATIONAL STANDAR United States - BUSPROG - Technology
DS:
STATE STANDARDS: United States - Illinois - AICPA: - BB-Legal
KEYWORDS: Bloom's: Understanding
5. Management fraud is often referred to as:
a. stockholder fraud.
b. financial statement fraud.
c. employee fraud.
d. investment fraud.
ANSWER: b
FEEDBACK: a. Incorrect.
b. Correct.
c. Incorrect.
d. Incorrect.
Cengage Learning Testing, Powered by Cognero Page 2
, Chapter 01
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: LO: 1-3
NATIONAL STANDARDS: United States - BUSPROG: - Technology
STATE STANDARDS: United States - Illinois - AICPA: - BB-Legal
KEYWORDS: | Bloom's: Remembering
6. What is required to prove fraud, as opposed to negligence?
a. Gross error
b. Intent
c. Preponderance of the evidence
d. Confession from the perpetrator
ANSWER: b
FEEDBACK: a. Incorrect. Gross error is not sufficient evidence to prove fraud.
b. Correct.
c. Incorrect. This is what is proven in a civil case.
d. Incorrect. Confession is not required to prove fraud. In fact, many perpetrators never
admit their guilt.
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIV LO: 1-5 -
ES: LO: 1-5
NATIONAL STANDARDUnited States - BUSPROG: - Technology
S:
STATE STANDARDS: United States - Illinois - AICPA: - BB-Legal
KEYWORDS: Bloom's: Understanding
7. Which of the following is the most common type of occupational fraud?
a. Financial statement fraud
b. Mail fraud
c. Investment fraud
d. Employee embezzlement
ANSWER: d
FEEDBACK: a. Incorrect.
b. Incorrect.
c. Incorrect.
d. Correct.
POINTS: 1
DIFFICULTY: Moderate
LEARNING OBJECTIVES: LO: 1-3
NATIONAL STANDARDS: United States - BUSPROG: - Technology
STATE STANDARDS: United States - Illinois - AICPA: - BB-Legal
KEYWORDS: Bloom's: Remembering
Cengage Learning Testing, Powered by Cognero Page 3
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