WGU C254 Fraud and Forensic Accounting

WGU C254 - Fraud and Forensic Accounting Questions and answers, 100% Accurate, Rated A+ 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 three common ways to overstate Fixed Assets? - -1. Inflated amounts are recorded in nonarm's-length pur...

WGU C254 Fraud & Forensic, Questions and answers, 100% Accurate. VERIFIED. 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 liability supposed to be recognized on the books (a contingent liability is the potential for a payout based on a court ca...

WGU C254 Fraud and Forensic Accounting, Questions and answers, Rated A+ 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 program? A. this action overstates assets B. this action overstates expenses C. this action understates liabilities D. t...

WGU C254 Fraud & Forensic Accounting, Questions and answers, 100% Accurate. VERIFIED. 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 statements so widely trusted? - -They are prepared with integrity, and there is a system that checks all pub...

WGU C254 - Fraud and Forensic Accounting, Questions and answers, rated A+ (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 efficient, what do financial statements provide? - -- meaningful disclosures of: ---where a company has been ---where i...

WGU C254 - Fraud and Forensic Accounting, Questions and answers, Rated A+ 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, Statutory, Case, and Administrative law the first 10 amendments of the U.S. Constituion are the - -Bill of rights Dire...

Fraud and Forensic Accounting, Exam Questions and answers, Rated A+. Verified. 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, Statutory, Case, and Administrative law the first 10 amendments of the U.S. Constituion are the - -Bill of rights ...

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 three common ways to overstate Fixed Assets? - -1. Inflated amounts are recorded in nonarm's-length purchase transactions. 2. Assets are not "written-down" to their appropriate Book, Market, or R...

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 program? A. this action overstates assets B. this action overstates expenses C. this action understates liabilities D. this action understates net income - -A How can financial statement fraud imp...