Question

In: Accounting

QUESTION 5 Incentives to commit fraud, opportunity to commit fraud, and attitudes to justify fraudulent behavior...

QUESTION 5

Incentives to commit fraud, opportunity to commit fraud, and attitudes to justify fraudulent behavior are part of the fraud triangle but are also referred to in this chapter as "fraud risk factors."

		True
		False

QUESTION 6

A subsequent event is an event that occurs after the close of the accounting period but should be disclosed with the financial statements if it is significant.

		True
		False

QUESTION 7

When "revenue expenses" are capitalized, net income will be overstated. This is a common way to manipulate earnings fraudulently.

		True
		False

QUESTION 8

A sale is made to a customer on terms 2/10 net 30 and the customer has very poor credit. There is no evidence that the customer can make good on the payment however, delivery is made and there is a contract. This is a very large sale and should be booked.

		True
		False

QUESTION 9

The receivable turnover ratio tells you the number of days it takes to collect an accounts receivable.

		True
		False

QUESTION 10

The expression of the relationship or percentage of component part to a specific base - such as cash as a percentage of total assets or accounts payable as a percentage of total liabilities is horizontal analysis.

		True
		False

Expert Solution

ekkarill92 answered 2 years ago

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