(Top QUALITY 2024/2025 EXAM REVIEW) WGU C254 - Fraud and Forensic Accounting, Questions and answers, Rated A+

WGU C254 - Fraud and Forensic Accounting, Questions and answers, Rated A+ the usual penalty in a civil case is - -Monetary Damages and Equitable Releif The burden of proof in a criminal case is - -beyond a reasonable doubt which of the following is a source of law in the United States? Case law, Constituational Law, Administrative Law, Statutory Law - -Constitutional, Statutory, Case, and Administrative law the first 10 amendments of the U.S. Constituion are the - -Bill of rights Direct appeals of U.S. District court cases are heard by the - -U.S. district court of appeals who has the descretion to bring charges against a suspect - -District attorney and Grand jury what elements must be present in a criminal matter? - -damages what happens in an arraignment - -defendant brought before judge, receives copy of charges, defendant enters a plea of guilty or not guilty what is the process where the judge can rule out ceratin evidence. - -motion in liminy what is an exception to the hearsay rule - -Dying declaration, state of mind, business and governmental records, excited utterance, prior inconsistent statements. crime intentionally and permanently converting another's property to one's own. - -larceny crime of using the threat of force to gain some benefit from a victim is - -robbery define extortion - -the threat of future force to gain some type of benefit from the victim a business process is a set of coordinated activities and tasks that... - -accomplish some organization goal GAAP dictate which of the following - -the four basic transaction cycles What is a term that some business processes are called - -cycles which way do companies tend to develop their information systems - -modular those auditing the financial statements are most concerned about which of the following - -flow of transactions through the accounts on which of these does internal control focus - -processes when properly implemented, internal controls - -minimize loss exposures what are specific objectives of internal controls - -1. ensuring compliance with applicable laws, regulations, professional rules and contractual obligations. 2. promoting strategic, tactical and operational efficiency and effectiveness. In many frauds, such as embezzlement, the cover-up is - -the most difficult part of the fraud segregation of duties relates primarily to which of the following - -Control activities approval applies to transactions that... - -are fully authorized segregation of duties applies to separating which three functions - -accounting, authorization and custody audit trail permits auditors to - -balance and reconcile acounts because it is documentation and records that allow the auditor to trace back the account balances to the original sources when fully operating, control processes - -must be continuously monitored two types of transactions processing controls are - -general controls and application controls application controls help ensure - -accuracy, integrity and security an accountant opens the mail and posts check to AR, what is the best way to describe this internal control - -weak what function is not compatible with managing the AR ledger? - -opening the mail, approving writeoff of bad debt, depositing customer payments to the company bank account primary control in the purchasing side of the financial cycle is - -having the treasury function make payments based on documentation from other departments Lockboxes are used for - -collects payments, deposits them into the company's bank account, and send the company a remittance list. Minimizes the risk of theft and embezzlement ideal control over cash registers, there should be - -one employee assigned to each cash register the classical approach to systems development, the developer - -produces a custom blueprint for the desired system the turnkey approach to systems developement is - -less expensive than the classical approach The turnkey approach of systems development is - -ready made prefabricated systems that include all needed software, documentation, training materials and vendor support are used without any design or programming work Define Auditing - -process of gathering and evaluating evidence about information to determine the degree of correspondence between the information and the standards used to prepare the information worldcom is an example of - -none of the above how would you describe auditing - -distinct from accounting what describes auditors - -facilitators of the movement of capital between investorsa and companies issuing stock or between lenders and borrowers describe the licensing of CPA's - -issued at state level, and must pass uniform cpa exam what are the primary rule make body that affects the auditing profession - -PCAOB, Fasb, Gasb, SEC which of the following organizations were created by sox - -PCAOB which of the following groups is the primary promulgator of financial auditing standards for private companies - -PCAOB what is the reason that auditors audit companies - -determine whether their financial statements present the companies' financial position, results of operations, and cash flows in accordance with the accounting basis specified in the footnotes the concept of preliminary judgment of materiality is defined in which of the following - -Practice three conditions that auditors consider when making judgments on materiality - -presence of fraud, consequences arising from contractional obligations, and misstatements that affect earnings trends suspicino f fraud probably affects what - -audit procedures selected by the auditor and amount of testing define tolerable misstatement - -maximum amount of misstatement the auditor is willing to tolerate in a segment how is a determination of whether a segment is materially misstated made - -by comparing the tolerable misstatement to the results of testin