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4 1 learning objective 4 1 1 one of the main elements of the fraud triangle is ratio 4297986

 

 

4.1   Learning Objective 4-1

 

1) One of the main elements of the fraud triangle is rationalization.

 

2) Perpetrators of fraud usually commit fraud for their own short-term economic gain.

 

3) Fraud is a major problem.

 

4) One of the most common types of fraud that impacts the financial statements is the misappropriation of assets.

 

5) Fraudulent financial reporting is committed by company managers.

6) An environment of weak internal controls can lead to fraud.

 

7) The type of fraud committed by company managers who make false and misleading entries in the books, making the financial results of the company appear better than they actually are, is called:

A) misappropriation of assets.

B) fraudulent financial reporting.

C) embezzlement.

D) collusion.

 

8) According to a recent survey taken by the Association for Certified Fraud Examiners (ACFE), occupational fraud and abuse results in losses equal to approximately ________ of total business revenue.

A) 45%

B) 10%

C) 6%

D) an unknown amount

 

9) The type of fraud committed by employees of an entity who steal money from the company and cover it up through erroneous entries in the books is called:

A) misappropriation of assets.

B) fraudulent financial reporting.

C) embezzlement.

D) collusion.

10) The two most common types of fraud impacting financial statements are:

A) fraudulent financial reporting and e-commerce fraud.

B) misappropriation of assets and embezzlement.

C) fraudulent financial reporting and misappropriation of assets.

D) cooking the books and fraudulent financial reporting.

 

 

 

 

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