Principle of Fraud Examination Ch1-6 Questions and Complete Solutions.
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Course
Fraud 505
Institution
Fraud 505
Principle of Fraud Examination Ch1-6 Questions and Complete Solutions
What is the least common type of cash misappropriation? - Ans: Cash Larceny
Is cash larceny always the least expensive? - Ans: NO
What is cash larceny? - Ans: The taking of cash without the consent of employer.
What a...
Principle of Fraud Examination Ch1-6 Questions and Complete Solutions
What is the least common type of cash misappropriation? - Ans: Cash Larceny
Is cash larceny always the least expensive? - Ans: NO
What is cash larceny? - Ans: The taking of cash without the consent of employer.
What are the two types of cash receipt frauds? - Ans: Skimming and Cash Larceny
Which cash receipt fraud is "on-the-books"? - Ans: Cash Larceny
Which cash receipt fraud is "off-the-books"? - Ans: Skimming
What are the three scenarios under which cash larceny can occur? - Ans: At point of sale, incoming receivables,and back deposit
What type of cash larceny scenario creates an imbalance between register tape and drawer? - Ans: At point of sale
What are the 4 different ways "at point of sale" scenarios occur? - Ans: Steal from other's drawers, alter cash counts, reversing transactions, and by thousand cuts
How can cash larceny be prevented? - Ans: Segregation of duties
What type of cash larceny scenerio occurs after the payment has been recorded? - Ans: Incoming receivables What are the three different ways "incoming receivable" scenario can be concealed? - Ans: Force balance, reverse entries, destruction of records
What are the two ways "direct deposit" cash larceny can be concealed? - Ans: Lapping, in transit
Which of the three cash larceny scenerios is most common? - Ans: at point of sale
What is a billing scheme? - Ans: Issuance of fraudulent disbursements for ficticious goods/service
What is the most common form of occupational fraud/fruadulent disbursement? - Ans: Billing schemes
What are the three forms of Billing Schemes? - Ans: Shell company, non-accomplice vendor, personal purchase
What is a Shell Company - Ans: Ficticious company created for the sole purpose of commiting fraud
What form of service do Shell companies most commonly do? - Ans: Service/consulting
What is a pass-through scheme? - Ans: Goods purchased by perp, resold to victim at inflated price
What are non-accomplice vendors? - Ans: The use of legit vendors
What are some forms of non-accomplice vendor schemes? - Ans: pay and return, over billing
What are some forms of pay and return scheme - Ans: Double pay, over pay, pay wrong vendor, purchase excessive merchandise
Pass through schemes are associated with what? - Ans: Shell Company
pay and return schemes are associated with what? - Ans: non- accomplice vendors
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