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NEW QUESTION 28
By removing a tangible asset from the business (a debit), the books will be ___________ by the exact amount of the tangible asset misappropriated.
- A. Journal Entries
- B. False debits
- C. Out-of-balance
- D. None of all
Answer: C
NEW QUESTION 29
Which of the following method is NOT used to detect conflicts of interest?
- A. Review of vendor ownership files
- B. Tips & Complaints
- C. Underbillings of assets
- D. Interviews with purchasing personnel
Answer: C
Explanation:
Section: Fraud Prevention and Deterrence
Explanation/Reference:
NEW QUESTION 30
Physical assets including _________ and ________ are the most commonly misappropriated noncash asset in our study.
- A. Interest & Collusion
- B. Sales & Equipment
- C. Inventory & Equipment
- D. Inventory & Purchase
Answer: C
NEW QUESTION 31
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