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Question: Submit all answers asap select one answer By serving on the Board of Directors of various chariti…
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select one answer

By serving on the Board of Directors of various charities,
Bernie Madoff was able to:

Hide his profits through the use of nonprofit organizations
that were highly unlikely to be audited by the IRS
Invest funds in a nontaxable manner
Gain their trust

Utilize their tax-exempt status to his advantage

select one answer

A “side agreement”:

An comparatively minor agreement that forensic investigators
set aside during the course of conducting a fraud examination of
major improprieties
Allows a company to charge a lower selling price to attract a
new customer, without existing customers discovering this
reduction
A secondary agreement that overrides a primary agreement, for
the purposes of committing accounting fraud

A technique used by Certified Fraud Examiners and others to
deter potentially fraudulent actions

select one answer

ccording to the Fraud Triangle, which the following is one of
the requisites for fraud to occur?

The existence of a clear-cut opportunity for ill-gotten
financial gain
The perception of an opportunity for ill-gotten financial
gain
The existence of sound justification for a person to receive
greater financial rewards

Employment in a sensitive financial capacity in which peers reap
greater financial rewards than the employee contemplating fraud
receives

select one answer

rom the perspective of accounting, the downfall of Lehman
Brothers was primarily attributable to:

The company’s blatantly deceptive revenue recognition policy on
complex financial products and services
Debt repayment transactions that lacked enduring economic
substance
A subtle variation on cookie jar accounting

The company’s undue focus on short-term earnings

select one answer

Big bath accounting” describes a company’s actions when it:

Optimizes the amount of Goodwill recognized upon paying a
premium to acquire another company
Manages its earnings in a downward direction in the year of a
major acquisition or restructuring
“Cleans its books,” so to speak, of improperly recorded items
in anticipation of a rigorous audit examination

Manages its earnings by maintaining such a large number of
discretionary items that it could “fill a bathtub,” so to speak

select one answer

n some jurisdictions, laborers, including accountants, are given
a lien over client records. (A lien is a priority legal and
economic right that is created when a client fails to pay
agreed-upon fees.) This lien customarily entitles an accountant to
retain possession of client records until outstanding fees are paid
in full. When such a lien right arises, the AICPA Code of
Professional Conduct states that:

The CPA is obligated to abide by the set of rules that is most
favorable to the client
The CPA profession’s rules of ethical conduct are given
priority over state law
The CPA is allowed to select the set of rules that are most
favorable to the CPA

State law is given priority over the CPA profession’s rules of
ethical conduct

select one answer

Preparing financial statements for an unincorporated business on
a basis that does not comply with GAAP usually will result in:

A CPA being suspended from membership in the AICPA
No professional discipline as long as the noncompliance with
GAAP is adequately disclosed
A professional accountant suffering adverse professional
consequences if the accountant practices in a country that has
adopted IFRS

A CPA being permanently disqualified from continuing membership
in the AICPA

select one anser

The name of a CPA firm may:

Include the name of a founder who is deceased
Include the name of a founder who is retired, as long as he or
she remains an active member of the AICPA
May include the name of a non-CPA without needing to identify
the non-CPA as being, in fact, a non-CPA
Not include the name of a CPA unless that CPA is a member in
good standing of the AICPA

select one answer

Which of the following acts is clearly discreditable?

Creating and posting a youtube video in which a CPA berates the
IRS for incompetence
Refusing to return client records, even if a CPA is owed unpaid
fees, if these records are needed by the client to prepare its tax
return
Mentioning on your CPA firm’s website that you formerly worked
for the IRS, if a reader might conclude from this statement that
you are better able to negotiate favorable settlements with the IRS
for clients

Commenting on “how graceful” an administrative assistant is when
she wears high-heeled shoes

select one answer

Which of the following is most likely to be considered material
even if the amounts involved are small?

Amounts that cause an upward earnings trend to become even
larger
Amounts that cause reported Gross Profit to be larger than Net
Income
Amounts that cause an earnings trend to swing from slightly
positive to slightly negative
Amounts that mask a retailer’s inability to control its Cost of
Goods Sold

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