ACCT 574 Final Exam

ACCT 574 Final Exam

Author: Christine Farr


1.(TCO A) COSO defines "internal controls" as a process, effected by an entity's board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories except
2. (TCO A) Which of the following is a type of brainstorming?
3. (TCO A) Implementing a code of ethics is a Sarbanes-Oxley requirement related to which component of the management process?
4. (TCO A) Which statement is false?
5. (TCO A) Under the "KPMG" categories of fraud, what would probably not be an external fraud?
6. (TCO A) An AICPA committee in 1986 broke forensic accounting into two broad areas:
7. (TCO A) Peremptory refers to:
8. (TCO B) Which is a unique factor for solving a white-collar crime?
9. (TCO B) You are told that a company has a 30% profit margin and the discovered fraud has caused $2,400,000 more needed revenue to cover the fraud. How much was stolen?
10. (TCO B) Which would not be a direct IRS method for reconstructing taxable income?
11. (TCO B) Lapping is defined as:
12. (TCO B) Which statement is false?
13. (TCO B) Money launderers prefer to establish business relationships with a company whose operations are characterized by:
14. (TCO B) Which one of the following is the easiest to falsify?
15. (TCO B) Which of the following activities would not be considered a likely "red flag" to possible money laundering activities?
16. (TCO B) One of the most important legislative acts restricting the activities of money launderers in recent years is the:
17. (TCO C) Which statement is false?
18. (TCO C) Which of the following is not an example of demonstrative evidence?
19. (TCO C) Which would not be a type of evidence?
20. (TCO C) Which statement is false?
21. (TCO C) Which statement is false?
22. (TCO C) Which is an inductive approach?
23. (TCO C) Which statement is false about Benford's Law?
24. (TCO D) In tort cases, damages are determined based on the concept that:
25. (TCO D) In order to win damages in a case, generally a plaintiff must prove:
1. (TCO D) Beth Company sold assets to Karen Company with an alleged value of $2,400,000. Beth Company paid $2,100,000 for the assets. The actual value of the assets was $1,700,000. Using the "benefit-of-the-bargain" damage loss rule, the fraud damages would be:
2. (TCO D) Jones Lumber had an exclusive five-year supply agreement with Wood Construction. The contract called for lumber sales of $2,000,000 per year. After two years, Wood Construction canceled the contract without cause. The court found Wood Construction liable under the contract. Jones Lumber had average gross margins of 45% and average net income of 10% of sales. Jones Lumber's operating expenses average 60% fixed. The damages from the loss of this contract would be:
3. (TCO D) Georgetown Company's weekly store operating costs for a 10-week period had a high value of $300,000 and a low value of $260,000. Sales volumes for the two weeks were $4,000,000 and $3,200,000 respectively. The estimated variable cost per dollar of sales using the high-low method is:
4. (TCO D) Antitrust laws were enacted to:
5. (TCO D) The present value of the damages in a wrongful death case:
6. (TCO D) In determining damages in a wrongful discharge case, the concept of mitigation of wages refers to:
7. (TCO E) What are the dates found on an electronic file?
8. (TCO E) Datagrams are
9. (TCO E) When a suspect's PC is disconnected, all the following data is lost, except

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