ACCT 562 WEEK 3 QUIZ ANSWERS.

ACCT 562 WEEK 3 QUIZ ANSWERS

Week3 quiz
1. Question : (TCO C) The work program is the key to:

Student Answer:
a satisfied client

clearly identified risks

a successful review

planning handoffs


Instructor Reider, Chapter 3, page 103
Explanation:


Points Received: 3 of 3

Comments:



Question 2. Question : (TCO C) Management, process owners, and key users of the
process should all be ____________ in the work program.

Student Answer:
identified

interviewed

observed

weighted by risk factors


Instructor Reider, Chapter 3, page 104
Explanation:


Points Received: 0 of 3

Comments:



Question 3. Question : (TCO F) What is the primary difference between cash larceny and
skimming?

Student Answer:
Cash larceny is an on-book scheme; skimming is an off-book
scheme.

Cash larceny is an off-book scheme; skimming is an on-book
scheme.

, ACCT 562 WEEK 3 QUIZ ANSWERS


Cash larceny is a disbursement scheme; skimming is a cash
receipt scheme.

Cash larceny only involves cash; skimming can involve
either cash or checks.


Instructor Wells, Chapter 3, page 75
Explanation:


Points Received: 3 of 3

Comments:



Question 4. Question : (TCO F) Which of the following is a method for concealing larceny
of receivables?

Student Answer:
Lapping

Death by a thousand cuts

Skimming

None of the above


Instructor Wells, Chapter 3, page 80
Explanation:


Points Received: 3 of 3

Comments:



Question 5. Question : (TCO F) All of the following are ways a fraudster might conceal
cash larceny from the deposit except:

Student Answer:
posting missing money as “deposits in transit”

deposit lapping

falsifying the bank copy of the deposit slip

destroying customer statements


Instructor Wells, Chapter 3, page 82
Explanation: