In: Accounting
QUESTION 1
A kickback is a payment made by a vendor to employees of a purchasing company for directing business to the vendor.
True |
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False |
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QUESTION 2
A business diversion is the offering, giving, receiving, or soliciting anything of value to influence an official.
True |
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False |
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QUESTION 3
When an employee demands a payment demands a payment from a vendor in order to make a decision in that vendor’s favor, it is called an illegal gratuity.
True |
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False |
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QUESTION 4
Most of conflicts of interest occur because there is an undeclared economic interest in the transaction.
True |
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False |
QUESTION 5
The majority of conflicts of interest frauds are involved in purchasing or sales schemes.
True |
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False |
QUESTION 6
The Foreign Corrupt Practices Act is a state law in Massachusetts that prohibits conflicts of interest.
True |
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False |
QUESTION 7
The Foreign Corrupt Practices Act requires publicly traded corporations to keep accurate books and records and adopt a system of internal controls.
True |
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False |
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QUESTION 8
Under the Foreign Corrupt Practices Act, the Congress can seek civil penalties of up to $5,000,000 for corporate entities and up to $1,000,000 for individuals who violate the law.
True |
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False |
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QUESTION 9
Collusion is a secret agreement between two or more people for a fraudulent, illegal, or deceitful purpose such as subverting the internal controls of their employer.
True |
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False |
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QUESTION 10
A slush fund is a noncompany account into which company money is deposited and from which bribes (illegally) may be paid.
True |
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False |
1
Answer:
True
Explanation:
In the kickback generally vendors make undisclosed payments to employees of purchasing companies for enlisting corrupt employee for overbilling scheme so it can receive extra business.
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2
Answer:
False
Explanation:
It is not called as a business diversion but it is called as bribery which offering, giving, receiving, or soliciting anything of value to influence an official.
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3
Answer:
False
Explanation:
it is not called as a business diversion but it is called as Economic Extortion When an employee demands a payment demands a payment from a vendor in order to make a decision in that vendor’s favor,
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4
Answer:
True
Note:
AS this question has multiple question so as per guide line have answered first four questions
Explanation:
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