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Give the correct example of a kickback.

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21. Give the correct example of a kickback.;A. Wyatt ate only cheap sandwiches during his business trip, but he claimed over $100 in food expenses to his company.;B. A customer buys a DVD player, but Courtney does not record the transaction. Later, Courtney keeps the money for herself.;C. Marcy understates her company's unearned revenue in order to make the total revenue look more impressive.;D. Ben gives his hardware salesman tickets to the football game. In exchange, the salesman gives Ben an unfairly low price on hardware.;22. A/An _______ is used to determine the amount of inventory actually on hand at the end of the accounting period.;A. inventory shrinkage;B. inventory layer;C. footnote;D. physical inventory count;23. A company has net sales of $126,000, cost of goods sold of $72,000, operating expenses of $38,000, and other expenses of $3,000. The company's net income is;A. $16,000.;B. $51,000.;C. $54,000.;D. $13,000.;24. Kira says, "I found that Monotype Corporation's financial statements don't follow GAAP." What type of audit opinion is this?;A. Unqualified;B. Qualified;C. Disclaimer;D. Adverse;26. Goods available for sale are $350,000, beginning inventory is $24,000, ending inventory is $32,000, and cost of goods sold is $275,000. What is the inventory turnover?;A. 8.59;B. 9.82;C. 11.46;D. 12.50;25. The cost of goods sold equals;A. ending inventory plus net purchases minus beginning inventory.;B. beginning inventory plus net sales minus ending inventory.;C. beginning inventory minus net purchases plus ending inventory.;D. beginning inventory plus net purchases minus ending inventory.;27. Gordon the CPA says, "I am unable to give an opinion about the validity of this accounting information." What kind of opinion is this?;A. Adverse;B. Qualified;C. Unqualified;D. Disclaimer;28. The major difference in the statement of retained earnings between a service business and a merchandising business is;A. that the retained earnings statement of a merchandising business shows the Cost of Goods Sold.;B. that the retained earnings statement of a service business includes Dividends.;C. nothing. There are no differences between the two.;D. that the retained earnings statement of a merchandising business includes Dividends.;29. As it relates to accounting fraud, which of the following best describes perceived pressure?;A. An employee's justification of his or her actions;B. A need to obtain cash or other assets;C. Intentional misrepresentation of financial statements;D. The opportunity to commit and conceal fraud;30. Cash register schemes are a form of;A. management fraud.;B. fraudulent financial reporting.;C. employee embezzlement.;D. bribery.;31. In the United States, GAAP's overriding principles of accounting are written by the;A. FASB.;B. IRS.;C. SEC.;D. IASB.;32. Under the average cost method, the flow of costs through the accounting records will _______ to the physical flow of goods through the business.;A. match closely;B. exactly match;C. be nearly opposite;D. have no relationship;33. Fraudulent financial reporting typically involves;A. the board of directors.;B. management.;C. employees.;D. the stockholders.;34. The factor that makes a person feel forced to steal money because of high medical bills is;A. realization.;B. perceived opportunity.;C. perceived pressure.;D. rationalization.;35. If a misstatement of inventory occurs, the net income for _______ periods will be misstated.;A. 2;B. 0;C. 3;D. 1;36. In order to attract investors and borrow on attractive terms, a company would use ________ in times when inventory costs are rising.;A. FIFO;B. specific-identification costing;C. average costing;D. LIFO;37. If ending inventory in Period 1 is overstated, gross profit in Period 2 is;A. not affected.;B. overstated.;C. understated.;D. the same as in Period 1.;38. Lyman Company returned $750 of goods it had purchased from another company. The original invoice was for $4,200, 3/10, n/30. What is the discount if Lyman pays the balance within the discount period?;A. $22.50;B. $103.50;C. $126.00;D. $0.00;39. Which of the following is not part of the control environment?;A. Assessing chances of fraud;B. Having integrity and ethical values;C. Having a leadership philosophy;D. Having competent workers;40. What does GAAS stand for?;A. General accounts and statuses;B. Goals, accruals, audits, and standards;C. Goals, assessment activities, and statuses;D. Generally accepted auditing standards;41. Which type of audit opinion is also referred to as a clean opinion?;A. Adverse;B. Disclaimer;C. Unqualified;D. Qualified;42. Beginning inventory plus net purchases equals;A. ending inventory.;B. cost of goods available for sale.;C. cost of goods sold.;D. gross profit.;43. In order to pay the least income tax possible in periods of constant costs, the company should use which of the following inventory costing methods?;A. LIFO;B. Average cost;C. Any method, as there is no effect on net income or taxes for the period if costs are constant.;D. FIFO;44. Olympic Enterprises has the following inventory data;Date Quantity Unit Cost;June 1 Beginning inventory 5 $52;June 4 Purchase 10 $55;June 7 Sale 12;June 11 Purchase 9 $58;June 14 Sale 8;Assuming FIFO, what is the cost of goods sold for June 14?;A. $464;B. $455;C. $456;D. $440;45. If there is a difference between the physical count and the perpetual record, the account in which the difference is recorded is the;A. Sales.;B. Inventory Expense.;C. Revenue.;D. Cost of Goods Sold.;46. FOB stands for;A. freight on board.;B. first over board.;C. freight over balance.;D. free on board.;47. If an employee overbills a company for travel, this would be considered a/an;A. expense scheme.;B. cash register scheme.;C. check tampering scheme.;D. disbursement scheme.

 

Paper#19002 | Written in 18-Jul-2015

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