Which of the following would a fraudster perceive as a pressure? A. lack of management oversight B. everyone does it C. living beyond one’s means D. lack of an internal audit function

Question

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Answer 1

Textbook Question

Chapter 8, Problem 1MC

Which of the following would a fraudster perceive as a pressure?

A. lack of management oversight

B. everyone does it

C. living beyond one’s means

D. lack of an internal audit function

Expert Solution & Answer

To determine

Concept introduction:

Internal control:

Internal controls are policies and procedures implemented by an organization to attain operational goals and maintain the integrity of accounting. Internal control system has its five integral components those together works an effective internal control.

To choose:

The situation that would be a fraudster perceive as a pressure

Answer to Problem 1MC

Living beyond one’s means

Explanation of Solution

Explanation for correct answer:

Living beyond one’s meanswould be a fraudster perceive as a pressure. Hence the correct option is C.

Explanation for incorrect answers:

A. Living beyond one’s meanswould be fraudsters perceive as a pressure. Hence this option is incorrect.

B. Living beyond one’s meanswould be fraudsters perceive as a pressure. Hence this option is incorrect.

D. Living beyond one’s meanswould be fraudsters perceive as a pressure. Hence this option is incorrect.

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Students have asked these similar questions

Which of the following would a fraudster perceive as a pressure?A. lack of management oversightB. everyone does itC. living beyond one’s meansD. lack of an internal audit function

If one of the three elements of the fraud triangle is not present, can fraud still be perpetrated? Explain. Identify factors (red flags) that would be strong indicators of opportunities to commit fraud. Is the ability to rationalize the fraud an important aspect to consider when analyzing a potentially fraudulent situation? What are some of the common rationalizations used by fraud perpetrators? Define and illustrate kiting. What controls should the client institute to prevent it?

Which of the following is NOT an element of the fraud triangle? a. ethics b. justifiable reliance c. situational pressure d. opportunity

Answer 2

Textbook Question

Chapter 8, Problem 1MC

Which of the following would a fraudster perceive as a pressure?

A. lack of management oversight

B. everyone does it

C. living beyond one’s means

D. lack of an internal audit function

Expert Solution & Answer

To determine

Concept introduction:

Internal control:

Internal controls are policies and procedures implemented by an organization to attain operational goals and maintain the integrity of accounting. Internal control system has its five integral components those together works an effective internal control.

To choose:

The situation that would be a fraudster perceive as a pressure

Answer to Problem 1MC

Living beyond one’s means

Explanation of Solution

Explanation for correct answer:

Living beyond one’s meanswould be a fraudster perceive as a pressure. Hence the correct option is C.

Explanation for incorrect answers:

A. Living beyond one’s meanswould be fraudsters perceive as a pressure. Hence this option is incorrect.

B. Living beyond one’s meanswould be fraudsters perceive as a pressure. Hence this option is incorrect.

D. Living beyond one’s meanswould be fraudsters perceive as a pressure. Hence this option is incorrect.

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Answer 3

Textbook Question

Chapter 8, Problem 1MC

Which of the following would a fraudster perceive as a pressure?

A. lack of management oversight

B. everyone does it

C. living beyond one’s means

D. lack of an internal audit function

Expert Solution & Answer

To determine

Concept introduction:

Internal control:

Internal controls are policies and procedures implemented by an organization to attain operational goals and maintain the integrity of accounting. Internal control system has its five integral components those together works an effective internal control.

To choose:

The situation that would be a fraudster perceive as a pressure

Answer to Problem 1MC

Living beyond one’s means

Explanation of Solution

Explanation for correct answer:

Living beyond one’s meanswould be a fraudster perceive as a pressure. Hence the correct option is C.

Explanation for incorrect answers:

A. Living beyond one’s meanswould be fraudsters perceive as a pressure. Hence this option is incorrect.

B. Living beyond one’s meanswould be fraudsters perceive as a pressure. Hence this option is incorrect.

D. Living beyond one’s meanswould be fraudsters perceive as a pressure. Hence this option is incorrect.

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Answer 4

Textbook Question

Chapter 8, Problem 1MC

Which of the following would a fraudster perceive as a pressure?

A. lack of management oversight

B. everyone does it

C. living beyond one’s means

D. lack of an internal audit function

Expert Solution & Answer

To determine

Concept introduction:

Internal control:

Internal controls are policies and procedures implemented by an organization to attain operational goals and maintain the integrity of accounting. Internal control system has its five integral components those together works an effective internal control.

To choose:

The situation that would be a fraudster perceive as a pressure

Answer to Problem 1MC

Living beyond one’s means

Explanation of Solution

Explanation for correct answer:

Living beyond one’s meanswould be a fraudster perceive as a pressure. Hence the correct option is C.

Explanation for incorrect answers:

A. Living beyond one’s meanswould be fraudsters perceive as a pressure. Hence this option is incorrect.

B. Living beyond one’s meanswould be fraudsters perceive as a pressure. Hence this option is incorrect.

D. Living beyond one’s meanswould be fraudsters perceive as a pressure. Hence this option is incorrect.

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Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

Concept introduction:

Internal control:

Internal controls are policies and procedures implemented by an organization to attain operational goals and maintain the integrity of accounting. Internal control system has its five integral components those together works an effective internal control.

To choose:

The situation that would be a fraudster perceive as a pressure

Answer to Problem 1MC

Living beyond one’s means

Explanation of Solution

Explanation for correct answer:

Living beyond one’s meanswould be a fraudster perceive as a pressure. Hence the correct option is C.

Explanation for incorrect answers:

A. Living beyond one’s meanswould be fraudsters perceive as a pressure. Hence this option is incorrect.

B. Living beyond one’s meanswould be fraudsters perceive as a pressure. Hence this option is incorrect.

D. Living beyond one’s meanswould be fraudsters perceive as a pressure. Hence this option is incorrect.

Answer 8

Expert Solution & Answer

To determine

Concept introduction:

Internal control:

Internal controls are policies and procedures implemented by an organization to attain operational goals and maintain the integrity of accounting. Internal control system has its five integral components those together works an effective internal control.

To choose:

The situation that would be a fraudster perceive as a pressure

Answer to Problem 1MC

Living beyond one’s means

Explanation of Solution

Explanation for correct answer:

Living beyond one’s meanswould be a fraudster perceive as a pressure. Hence the correct option is C.

Explanation for incorrect answers:

A. Living beyond one’s meanswould be fraudsters perceive as a pressure. Hence this option is incorrect.

B. Living beyond one’s meanswould be fraudsters perceive as a pressure. Hence this option is incorrect.

D. Living beyond one’s meanswould be fraudsters perceive as a pressure. Hence this option is incorrect.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

Concept introduction:

Internal control:

Internal controls are policies and procedures implemented by an organization to attain operational goals and maintain the integrity of accounting. Internal control system has its five integral components those together works an effective internal control.

To choose:

The situation that would be a fraudster perceive as a pressure

Answer 12

Answer to Problem 1MC

Living beyond one’s means

Answer 13

Explanation of Solution

Explanation for correct answer:

Living beyond one’s meanswould be a fraudster perceive as a pressure. Hence the correct option is C.

Explanation for incorrect answers:

A. Living beyond one’s meanswould be fraudsters perceive as a pressure. Hence this option is incorrect.

B. Living beyond one’s meanswould be fraudsters perceive as a pressure. Hence this option is incorrect.

D. Living beyond one’s meanswould be fraudsters perceive as a pressure. Hence this option is incorrect.

Answer 14

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Which of the following would a fraudster perceive as a pressure? A. lack of management oversight B. everyone does it C. living beyond one’s means D. lack of an internal audit function

Answer to Problem 1MC

Explanation of Solution

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