Acc574 Forensics Accounting: Week 2 - Fraud Schemes, Money Laundering and How to Find It

Acc574 Forensics Accounting
Week 2 : Fraud Schemes, Money Laundering and How to Find It - Homework ES

1. (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. (Points : 2)
Some other amount

2. (TCO B) Which technique is considered to be an "off-book" fraud? (Points : 2)
Unrecorded sales
Understated sales
Theft of incoming checks
All of the above

3. (TCO B) Select the true answer. To prevent fraud, the entity may choose to: (Points : 2)
Develop a written code of ethics.
Use background checks when hiring employees.
Require an annual interview of suspicious employees by internal auditors, security, or others.
Prosecute discovered fraud, as an example to other employees.
All of the above are true

4. (TCO B) Which is not a behavioral, covert aspect of fraud? (Points : 2)
Cash on hand
All are behavioral aspects

5. (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 (Points : 2)
An overstatement
None of the above

6. (TCO B) Which of the following is a public resource that can be accessed by the Internet? (Points : 2)
Police and sheriff records of arrests
Drivers' licenses
All of the above

7. (TCO B) Banks must file which of the following forms when they become aware of suspicious customer activity related to possible money laundering? (Points : 2)
Currency Transaction Report
Over-Currency Report
International Transportation of Currency and Money Report
None of the above

8. (TCO B) A first step in a money laundering operation is to: (Points : 2)
Obtain legal money.
Deposit illegal money into the banking system.
Open a correspondent account.
Send a money wire transfer to another country.
None of the above

9. (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? (Points : 2)
1-2 hours usually.
30 minutes on average.
About 1 minute.
A few seconds.
None of the above.

10. (TCO B) Which one of the following is the easiest to falsify? (Points : 2)
Web logs
Paper documents
Wire transfer reports
Hard drive files
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