Embezzlament of assets reduces the left side of the accounting equation. To conc

Question

Embezzlament of assets reduces the left side of the accounting equation. To conceal the theft, the embezzier must find a way to reduce the right side of the accounting equation. A perpetrator equation by. would most likely reduce the right side of the a. Reducing accounts payabie b. Paying dividends c, Increasing expenses d. Altering stock accounts e. None of the above Which of the folowing is not a fraud symptom related to joumal entries? a: Unexplained adjustments to receivables, payables, revenues, or expenses b. Journal entries that do not balance Journal entries without documentary support d. Jounal entries made near the beginning ofaccounting periods . None of the above 29 Which of the following is not an example of an external fraud? a. An outsider giving a kickback to a purchasing officer. b. An offshore hacker stealing customer credit card data. c. A customer opens a credit account under a fake name. d. All of the above are external fraud. 30. Which of the tolowing indicate common fraud sympoms relaing to ledgers? a. A ledger that does not balance b. A ledger that balances too perfectly c. Master account balances that do not equal the sum of the individual customer or vendor balances d. Both a andc e. None of the above If a search reveals that an employee and a vendor have the same telephone number, this result may indicate: a. Vendors are overcharging for goods purchased b. Employees may be establishing dummy vendors c. Contractors are biling at the wrong rates d. A vendor is receiving kickbacks or other favors e. None of the above

Explanation / Answer

Question Answer Explanation 27 c Increasing expenses will reduce right side of equation 28 b Journal entries that do not balance is error 29 a Giving kickback is internal fraud 30 c Master accounts balance not matching with the invididual customer balances. 31 a vendors will be overcharging for goods purchased

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