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(LU) ACCT 654 Fraud Examination - Midterm Exam Review $11.49   Add to cart

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(LU) ACCT 654 Fraud Examination - Midterm Exam Review

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(LU) ACCT 654 Fraud Examination - Midterm Exam Review (LU) ACCT 654 Fraud Examination - Midterm Exam Review (LU) ACCT 654 Fraud Examination - Midterm Exam Review

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  • August 28, 2024
  • 19
  • 2024/2025
  • Exam (elaborations)
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ACCT 654




Fraud Examination




MIDTERM EXAM REVIEW




©LU 2024/2025

,1. Which of the following techniques is primarily used to analyze
the patterns of transactions over time?
- A) Horizontal Analysis
- B) Vertical Analysis
- C) Time-Series Analysis
- D) Ratio Analysis
Correct Answer: C
Rationale: Time-Series Analysis examines data points over a
specified interval, making it an effective method for spotting trends
indicative of fraud.


2. What is the primary purpose of forensic accounting?
- A) Tax planning
- B) Litigation support
- C) Budgeting
- D) Financial forecasting
Correct Answer: B
Rationale: The primary purpose of forensic accounting is to
investigate financial discrepancies and provide litigation support
regarding the findings.


©LU 2024/2025

, 3. In fraud cases, which of the following is NOT typically
considered a red flag?
- A) Unexplained lifestyle changes
- B) Inconsistencies in financial records
- C) Regular audits
- D) High employee turnover
Correct Answer: C
Rationale: Regular audits serve as a control mechanism and are
not considered a red flag; rather, they help deter fraudulent
activities.


### Fill-in-the-Blank Questions


4. The __________ is a framework developed by the Committee
of Sponsoring Organizations (COSO) to help organizations design
effective internal control systems.
Correct Answer: COSO Internal Control Framework
Rationale: The COSO framework provides a systematic
approach to identifying and managing risks, particularly relating to
fraud.


5. Fraudulent financial reporting is most commonly associated
with __________, where a company intentionally misstates its
financial condition.
©LU 2024/2025

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