Fraud Examination
5th Edition
ISBN: 9781305079144
Author: W. Steve Albrecht, Chad O. Albrecht, Conan C. Albrecht, Mark F. Zimbelman
Publisher: Cengage Learning
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Chapter 5, Problem 15MCQ
To determine
The easiest method for concealing stolen items by perpetrators.
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What are the ways to escape financial fraud? And why is it important to prevent it?
Please include references.
The theft, concealment, and conversion of personal gain of another's money, physical
assets, or information is termed:
A. Skimming
B. Defalcation
C. Larceny
D. Fraud
Select the correct answer(s) for the following multiple-choice questions. Note that there may be more than one correct answer.
Which of the following statements is (are) true?
a. To prevent detection when an asset is stolen, the perpetrator must inflate liabilities or decrease assets.
b. Committing a fraud almost always takes more effort and time than concealing it.
c. Perpetrators can hide an asset theft by charging the stolen item to an expense account.
d. A lapping scheme is used to commit fraud but not to conceal it.
e. An individual can hide the theft of cash using a check-kiting scheme.
Chapter 5 Solutions
Fraud Examination
Ch. 5 - Prob. 1DQCh. 5 - Prob. 2DQCh. 5 - 3. What are accounting symptoms
Ch. 5 - Prob. 4DQCh. 5 - Prob. 5DQCh. 5 - Prob. 6DQCh. 5 - Prob. 7DQCh. 5 - Prob. 8DQCh. 5 - Prob. 9DQCh. 5 - Prob. 10DQ
Ch. 5 - Prob. 11DQCh. 5 - Prob. 1TFCh. 5 - Prob. 2TFCh. 5 - Prob. 3TFCh. 5 - Prob. 4TFCh. 5 - Prob. 5TFCh. 5 - Prob. 6TFCh. 5 - Prob. 7TFCh. 5 - Prob. 8TFCh. 5 - Prob. 9TFCh. 5 - Prob. 10TFCh. 5 - Prob. 11TFCh. 5 - Prob. 12TFCh. 5 - Prob. 13TFCh. 5 - Prob. 14TFCh. 5 - Prob. 15TFCh. 5 - Prob. 16TFCh. 5 - Prob. 17TFCh. 5 - Prob. 18TFCh. 5 - Prob. 19TFCh. 5 - Prob. 20TFCh. 5 - Prob. 21TFCh. 5 - Prob. 22TFCh. 5 - Prob. 23TFCh. 5 - Prob. 24TFCh. 5 - Prob. 1MCQCh. 5 - Prob. 2MCQCh. 5 - Prob. 3MCQCh. 5 - Prob. 4MCQCh. 5 - Prob. 5MCQCh. 5 - Prob. 6MCQCh. 5 - Prob. 7MCQCh. 5 - Prob. 8MCQCh. 5 - Prob. 9MCQCh. 5 - Prob. 10MCQCh. 5 - Prob. 11MCQCh. 5 - Prob. 12MCQCh. 5 - Prob. 13MCQCh. 5 - Prob. 14MCQCh. 5 - Prob. 15MCQCh. 5 - 16. Which of the following is a common fraud...Ch. 5 - Prob. 17MCQCh. 5 - Cal Smith Jr. is the night manager at a local...
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- Identify one specific type of accounting fraud. What damage does the perpetration cause? What could be done to prevent it?arrow_forwardLiability/expense omission is the preferred and easiest method of concealing liabilities/expenses. Why? Discuss how to detect this type of fraud.arrow_forwardFraud consists of some deceitful practice or willful device, resorted to with intent to deprive another of his right. Fraud is generally categorized as follows: Asset Misappropriation a) May include employee theft – typically cash, physical assets (computers), or intellectual property. b) May encompass a variety of wrongful acts, such as, among others, bribes or kickbacks. c) Deliberate misrepresentation of the financial statements.arrow_forward
- Fraud consists of some deceitful practice or willful device, resorted to with intent to deprive another of his right. Fraud is generally categorized as follows: Financial Statement Fraud a) May include employee theft – typically cash, physical assets (computers), or intellectual property. b) May encompass a variety of wrongful acts, such as, among others, bribes or kickbacks. c) Deliberate misrepresentation of the financial statements.arrow_forwardWhy would a financial institution’s PEP customers be required to provide documentation to evidence their source of wealth and/or income? In other words, what type of fraud would PEP clients more likely be associated with than the non-PEP customers? Why would they need to launder their money?arrow_forwardDefine dishonest financial reporting and theft of assets, and provide an example of each kind.arrow_forward
- How is net worth analysis used to prove fraud?arrow_forwardBriefly explain the key concepts below: a. Financial crime b. Fraud triangle c. Money laundering d. Accounting Fraud e. Asset misappropriation f. Consumer fraud g. Data theft h. Tax fraud NB: Answer questions a-harrow_forwardWhat are the most common approaches that perpetrators use to commit fraudulent financial reportingarrow_forward
- Define the following terms below: a. Financial crime b. Fraud triangle c. Money laundering d. Accounting Fraud e. Asset misappropriation f. Consumer fraud g. Data theft h. Tax fraud NB: Answer questions a-harrow_forwardWhat does a fraud perpetrator look like? How does one act?arrow_forwardWhat is economic extortion and what controls can be implemented to prevent or detect this kind of fraud?arrow_forward
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