WGU D551|C254 Fraud and Forensic Accounting| PA and OA| Explore New
262 Actual Questions and Answers|2025 Update|100% Correct
Correct
Incorrect
D551 Fraud and Forensic Accounting
262 Correct terms
.
Questions and answers
1 of 262
Definition Term
Under-record various liabilities. Which of the following is not one
of the three categories of
While this is a common way to disclosure fraud discussed in the
understate liabilities, and thus chapter?
falsely improve the financial
statements, it is not commonly Overall misrepresentations about
used during mergers and the nature of the company or its
,acquisitions (See topic 7 for more products.
information). Note: Misrepresentation in
Inappropriately using market management discussions and
values instead of book values other non financial statement
and improperly allocating book sections of annual reports
values to assets are both Misrepresentations in the
common ways in which footnotes to the financial
companies overstate their assets statements.
during mergers and acquisitions. Explicit and implicit
misrepresentations to SEC
investigators.
Give this one a try later!
True False
Correct definition
Which of the following is not a common way in which
companies overstate their assets during a merger or
acquisition?
Inappropriately use market values instead of book values.
Improperly allocate book values to assets.
Under-record various liabilities.
2 of 262
Term Definition
,Which of the following are areas Stockholders.
of questions auditors should
consider when analyzing
management's exposure to
potentially perpetrate fraud?
Significant declines in customer
demand and client sales
High degree of competition and
market saturation accompanied
by declining margins
High employee turnover
All of the above
Give this one a try later!
True False
Correct definition
All of the above
3 of 262
Term Definition
Changes in behavior can be an True
excellent indicator of a first-time
offender of fraud.
, Give this one a try later!
True False
4 of 262
Definition Term
Brainstorming session of possible Which of the following now
fraudulent areas. needs to be documented (but
wasn't required in the past) in
audit work papers, according to
SAS No. 99?
Testing of internal controls
Testing of journal entries
All questions and answers asked
of and answered by management
Brainstorming session of possible
fraudulent areas.
Give this one a try later!
True False
5 of 262
262 Actual Questions and Answers|2025 Update|100% Correct
Correct
Incorrect
D551 Fraud and Forensic Accounting
262 Correct terms
.
Questions and answers
1 of 262
Definition Term
Under-record various liabilities. Which of the following is not one
of the three categories of
While this is a common way to disclosure fraud discussed in the
understate liabilities, and thus chapter?
falsely improve the financial
statements, it is not commonly Overall misrepresentations about
used during mergers and the nature of the company or its
,acquisitions (See topic 7 for more products.
information). Note: Misrepresentation in
Inappropriately using market management discussions and
values instead of book values other non financial statement
and improperly allocating book sections of annual reports
values to assets are both Misrepresentations in the
common ways in which footnotes to the financial
companies overstate their assets statements.
during mergers and acquisitions. Explicit and implicit
misrepresentations to SEC
investigators.
Give this one a try later!
True False
Correct definition
Which of the following is not a common way in which
companies overstate their assets during a merger or
acquisition?
Inappropriately use market values instead of book values.
Improperly allocate book values to assets.
Under-record various liabilities.
2 of 262
Term Definition
,Which of the following are areas Stockholders.
of questions auditors should
consider when analyzing
management's exposure to
potentially perpetrate fraud?
Significant declines in customer
demand and client sales
High degree of competition and
market saturation accompanied
by declining margins
High employee turnover
All of the above
Give this one a try later!
True False
Correct definition
All of the above
3 of 262
Term Definition
Changes in behavior can be an True
excellent indicator of a first-time
offender of fraud.
, Give this one a try later!
True False
4 of 262
Definition Term
Brainstorming session of possible Which of the following now
fraudulent areas. needs to be documented (but
wasn't required in the past) in
audit work papers, according to
SAS No. 99?
Testing of internal controls
Testing of journal entries
All questions and answers asked
of and answered by management
Brainstorming session of possible
fraudulent areas.
Give this one a try later!
True False
5 of 262
