Homework ES Questions Corrected

Grading Summary

These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below.

Date Taken: 7/15/2012

Time Spent: 34 min , 31 secs

Points Received: 14 / 20 (70%)

Question Type: # Of Questions: # Correct:

Multiple Choice 10 7

Grade Details - All Questions

1. Question : (TCO A) Which accounting firm audited all of these companies: Sunbeam, Waste Management, Global Crossing, and Baptist Foundation of Arizona?

Student Answer:

KPMG

PriceWaterhouse

Deloitte & Touche

Arthur Andersen

None of the above

Points Received: 2 of 2

Comments:

2. Question : (TCO A) What is not an indirect IRS audit technique?

Student Answer:

Cash T

Net worth method

Finding an unreported real estate sale

Bank deposit method

None of the above


Comments:

3. Question : (TCO A) Black's Law Dictionary for forensics refers to?

1920609567 MultipleChoice 1 True

0 1920609567 MultipleChoice 1

1920609568 MultipleChoice 4


Student Answer:

Forensics belonging to the law of justice

Forensics belonging to the courts of justice

Forensics belonging to the rules of justice

Forensics belonging to the codes of justice

None of the above


Comments:

4. Question : (TCO A) Which would not be useful in searching for hidden assets?

Student Answer:

Looking at lifestyles of major players

Computing industry ratios

Comparing cash flow with income

Using the net worth method

None of the above


Comments:

5. Question : (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:

Student Answer:

A reasonable degree of transparency.

Effectiveness and efficiency of operations.

Reliability of financial reporting.

Compliance with applicable laws and regulations.

All of the above

1920609569 MultipleChoice 9 False





Comments:

6. Question : (TCO A) Which is not one of the classic "red flags" of "cooking the books?"

Student Answer:

Double billing a customer

Personal expenses paid with company funds

Sudden raises or bonuses to employees

Unnecessary use of collection services

Income increasing faster than cash


Comments:

7. Question : (TCO A) Which would be a nonfraudulent earnings management scheme?

Student Answer:

Bill-and-hold technique

Channel stuffing

Cookie-jar reserves

Backdating stock options

None of the above


Comments:

8. Question : (TCO A) If an internal auditor finds fraud, what communication step should not be taken?

Student Answer:

Notify management or the Board of Directors.







A written report should be prepared.

Draft of written report should be submitted to legal counsel for review.

Report the offense to the appropriate authority.

None of the above


Comments:

9. Question : (TCO A) Monitoring controls do not include:

Student Answer:

Management reports that identify nonconforming transactions.

Monitoring the system of internal control through internal audit activities.

The preparation of an audit by a licensed CPA firm.

A company's ethics policy signed by all company employees and executives.

None of the above


Comments:

10. Question : (TCO A) Which would not be considered an analytical procedure?

Student Answer:

Comparison with other operating information

Vertical analysis

Variance analysis

Ratio analysis

All of above are analytical procedures






Comments:

* Times are displayed in (GMT-07:00) Mountain Time (US & Canada)

Grading Summary








1. Question : (TCO B) A company has a 22% profit margin and has employee fraud of $220,000. Calculate the additional revenue needed to offset this lost income.

Student Answer:

$540,000

$720,000

$820,000

$1,000,000

Some other amount

Instructor Explanation: ($220,000 / 0.22)


Comments:

2. Question : (TCO B) Which scheme is considered to be skimming?

Student Answer:

Unrecorded sales

Understated sales

Theft of incoming checks

Swapping checks for cash





All of the above


Comments:

3. Question : (TCO B) Which of the following auditors is least interested in the materiality concept?

Student Answer:

Forensic auditor.

Internal auditor.

External auditor.

GAO auditor.

All of the above.


Comments:

4. Question : (TCO B) Which of the following is an example of a proactive approach to fraud detection?

Student Answer:

Logging of exceptions

Intelligence gathering

Reviewing variances

Effective internal controls

All of the above


Comments:






5. Question : (TCO B) Based upon the following facts, determine a person's preliminary understatement of income: Schedule C receipts $280,000 Schedule C expenses 135,000 Personal living expenses 65,000

Student Answer:

An overstatement

$80,000

$135,000

$280,000

None of the above

Instructor Explanation: ($280,000 - $135,000 - $65,000)


Comments:

6. Question : (TCO B) Which of the following is a public resource that can be accessed by the Internet?

Student Answer:

Police and sheriff records of arrests

Wills

Drivers' licenses

All of the above


Comments:

7. Question : (TCO B) The purpose of money laundering is to:

Student Answer:

A) Take illegitimate funds and make them look like they were






earned from legitimate business activities.

B) Purposefully transfer restricted grant monies into discretionary accounts through confutation.

C) Secretly take suitcases full of money from one country to another.

All of the above

Only A and B


Comments:

8. Question : (TCO B) Logs provide which of the following?

Student Answer:

Name of the visitor entering the website.

Name of the country where the visitor's PC is located.

The web page the visitor was at before entering the website.

The route taken over the Internet to arrive at the current website.

All of the above


Comments:

9. Question : (TCO B) After entering an IP address into a traceroute program, how long does it normally take to trace the IP address back to its originating source?

Student Answer:

1-2 hours usually.

30 minutes on average.

About 1 minute.





A few seconds.

None of the above.


Comments:

10. Question : (TCO B) All of the following would be found in HTTP log files except:

Student Answer:

Size of the requested files.

Address of the website that the current visitor came from.

IP address of the visitor.

Speed of transfer from the previous website.

None of the above


Comments:


Grading Summary








1. Question : (TCO C) An expert witness:

Student Answer:

Loses confidentiality.

Must be objective.





Can be examined by the other side.

Is required under Fed. Rules of Civ. Proc. 26 to provide a written report providing details of the testimony expected to be given.

All of the above


Comments:

2. Question : (TCO C) Which statement about witness immunity is false?

Student Answer:

A lawsuit against an expert for negligence is one type of tort action.

A negligence claim has a shorter statute of limitation than a breach of contract action.

A claim for breach of a contract generally is brought in a state court.

Communication made in a judicial proceeding carries an absolute privilege against civil suits for damages.

None of the above is false


Comments:

3. Question : (TCO C) Which is not a situation which would cause an expert to be ejected?

Student Answer:

Frye challenge

Spoliation

Ghost written report

Conflict of interest

None of the above






Comments:

4. Question : (TCO C) Which of the following is a way to challenge an expert?

Student Answer:

Samson challenge

Frye challenge

Dillon challenge

Casper challenge

None of the above


Comments:

5. Question : (TCO C) What motion would be used to try to eliminate an expert witness?

Student Answer:

Motion of limine

Motion of challenge

A Frye motion

A Daubert motion

All of the above


Comments:

6. Question : (TCO C) Which would not be considered privileged evidence?

Student Answer:

Physician/patient

Attorney/client







Attorney/litigation consultant

Attorney/expert witness

All of the above are privileged


Comments:

7. Question : (TCO C) In a criminal case, the burden of proof is normally:

Student Answer:

Beyond a reasonable doubt.

More likely than not.

Preponderance of the evidence.

Presumption of guilt.

None of the above


Comments:

8. Question : (TCO C) Federal Rules of Evidence Section 803(18):

Student Answer:

Allows a Daubert challenge.

Allows a Frye challenge.

Allows written sources to get around the hearsay rule.

Allows a motion of limine.

All of the above


Comments:







9. Question : (TCO C) A written statement of a witness under oath, often in a question/answer format is a ____________.

Student Answer:

Limine

Deposition

Remand

Dicta

Stare decisis


Comments:

10. Question : (TCO C) What would not be considered a document?

Student Answer:

Calendar

Address book

A private letter

A photograph

None of the above


Comments:






Homework ES Questions Corrected

Documents

Transcript of Homework ES Questions Corrected