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ACCT 460 Exam 2 Questions With Complete Updated Solutions 2024
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ACCT 460 Exam 2 Questions With Complete Updated Solutions 2024
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ACCT 460 Exam 2 Questions WithComplete Updated Solutions 2024
Audit .Trail .- .correct .answer.Presents .verifiable .information .about .the .accuracy .of
.accounting .records
Authorization .- .correct .answer.Approval, .or .endorsement, .from .a .responsible .person .or
.dept. .in .the .organization .that .has .been .sanctioned .by .top .management
Availability .- .correct .answer.The .system .operates .during .the .established .service .time.
.The .system .information .is .available .to .meet .operational .& .contractual .obligations
Batch .Totals .- .correct .answer.Summation .of .key .items .in .the .batch. .Totals .of .financial
.data .(such .as .total .hours .worked, .or .total .gross .pay)
Check .Fraud .- .correct .answer.Customer's .use .of .stolen .or .fraudulent .checks
COBIT .- .correct .answer.Control .Objectives .for .Information .Technology. .Extremely
.important .guidelines .for .those .who .design .or .audit .IT .systems. .Information .Systems .Audit
.& .Control .Association .(ISACA) .developed. .Extensive .framework .of .information
.technology .controls
Code .of .Ethics .- .correct .answer.Set .of .documented .guidelines .for .moral .& .ethical
.behavior .within .the .organization
Collusion .- .correct .answer.2 .or .more .people .work .together .to .commit .a .fraud
Compensating .Control .- .correct .answer.Supervision .that .lessens .the .risk .of .negative
.effects .when .other .controls .are .lacking
Computer .Fraud .- .correct .answer.Fraudulent .activities .involving .the .computer
Confidentiality .- .correct .answer.Protect .the .company .information .from .unauthorized
.disclosure
Control .Activities .- .correct .answer.Policies .& .procedures .that .help .ensure .that
.management .directives .are .carried .out .& .that .management .objectives .are .achieved
,Corrective .Controls .- .correct .answer.Steps .undertaken .to .correct .an .error .or .problem
.uncovered .via .detective .controls
COSO .- .correct .answer.Committee .of .Sponsoring .Organizations
Cost-Benefit .- .correct .answer.Controls .must .have .a .benefit .greater .than .their .cost
Credit .Card .Fraud .- .correct .answer.Customer's .use .of .stolen .or .fraudulent .credit .cards
Customer .Fraud .- .correct .answer.Customer .improperly .obtains .cash .or .property .from .a
.company, .or .avoids .a .liability .through .deception
Defalcation .- .correct .answer.Theft .of .any .item .of .value. .Also .called .misappropriation .of
.assets .or .internal .theft
Denial .of .Service .Attack .- .correct .answer.Kind .of .hacking .intended .to .overwhelm .an
.intended .target .computer .system .with .so .much .bogus .network .traffic .that .the .system .is
.unable .to .respond .to .valid .network .traffic
Detective .Controls .- .correct .answer.Help .employees .to .uncover .or .discover .errors, .fraud,
.or .unauthorized .events
Earnings .Management .- .correct .answer.Falsification .of .accounting .records. .Also .known
.as .misstatement .of .financial .records .or .fraudulent .financial .reporting
Employee .Fraud .- .correct .answer.Fraud .conducted .by .non-management .employees
Foreign .Corrupt .Practices .Act .- .correct .answer.Paying .bribes .in .foreign .countries .are
.illegal .according .to .this .act
Fraud .- .correct .answer.Theft, .concealment, .& .conversion .to .personal .gain .of .anothers
.money, .physical .assets, .or .information
Fraud .Triangle .- .correct .answer.3 .conditions .that .must .exist .for .a .fraud .to .be .perpetrated.
.Incentive .to .commit .the .fraud, .opportunity .to .commit .the .fraud, .& .rationalization .of .the
.fraudulent .action
General .Authorization .- .correct .answer.Set .of .guidelines .that .allows .transactions .to .be
.completed .as .long .as .they .fall .within .established .parameters
Hacking .- .correct .answer.Computer .network .break-ins
Independent .Checks .- .correct .answer.Method .to .confirm .the .accuracy .& .completeness .of
.data .in .the .accounting .system
, Industrial .Espionage .- .correct .answer.Theft .of .proprietary .company .information .by .a
.competitor
Information .& .Communication .- .correct .answer.System .required .by .COSO .Internal
.Control .Framework .that .includes .the .following .factors: .the .system .obtains .or .generates .&
.uses .relevant .quality .information .to .support .the .functioning .of .internal .controls, .the
.system .internally .communicates .information .including .objectives .& .responsibilities .for
.internal .control, .the .system .communicates .with .external .parties .regarding .matters
.affecting .the .functioning .of .internal .controls
Internal .Controls .- .correct .answer.Set .of .procedures .& .policies .adopted .within .an
.organization .to .safeguard .its .assets, .check .the .accuracy .& .reliability .of .its .data, .promote
.operational .efficiency, .& .encourage .adherence .to .prescribed .managerial .practices
Internal .Theft .- .correct .answer.Theft .of .any .item .of .value. .Also .known .as .misappropriation
.of .assets .or .defalcation
Kickbacks .- .correct .answer.Cash .payment .that .the .vendor .gives .the .employee .in
.exchange .for .the .sale; .its .like .a .business .bribe
Larceny .- .correct .answer.Stealing .of .the .company's .cash .after .it .has .been .recorded .in .the
.accounting .records
Management .Fraud .- .correct .answer.Fraud .conducted .by .1 .or .more .top-level .managers
.within .the .company. .Usually .in .the .form .of .fraudulent .financial .reporting
Management .Override .- .correct .answer.Top .management's .circumvention .of .the .systems
.or .internal .controls .that .are .in .place
Misappropriation .of .Assets .- .correct .answer.Theft .of .any .item .of .value. .Also .known .as
.internal .theft .or .defalcation
Misstatement .of .Financial .Records .- .correct .answer.Falsification .of .accounting .records,
.Also .known .as .earnings .management .or .fraudulent .financial .reporting
Monitoring .- .correct .answer.Ongoing .review .& .evaluation .of .the .system
Preventive .Controls .- .correct .answer.Designed .to .avoid .errors, .fraud, .or .events .not
.authorized .by .management
Privacy .- .correct .answer.Protect .the .personal .information .of .customers .& .employees
Processing .Integrity .- .correct .answer.Assure .that .processing .is .complete, .accurate,
.timely, .& .authorized
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