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WorksheetsChapter 12: REVENUE AND INVENTORY RELATED FINANCIAL STATEMENTS F
Total questions: 8
Worksheet time: 3mins
Horizontal and vertical analysis can be used in
Searching for behavioral or verbal and lifestyle symptoms
Searching for control symptoms
Searching for revenue-related analytical symptoms
Searching for accounting documentary symptoms
Sales discount that appear too low and allowance for doubtful debt accounts appear too low are the examples of
Analytical symptoms
Accounting/ Documentary symptom
Control Symptoms
Behavioral or Verbal and lifestyle symptoms
Software can be used to determine if any journal entries are unusual in terms of
Four M’s
Four M’s
Five W’s
Five M’s
As with revenue-related fraud symptoms, the most practical way to look for analytical symptoms is to focus on changes and comparisons within and from the financial statements
True
False
The following is a list of common revenue-related fraud schemes except
cutoff problems
Consignments sale
Bill-and-hold sale
Asset misappropriation
Ease of manipulating net income using revenues and receivables is one of reason why revenues-related frauds are so common
True
False
Which are Common Inventory-Related Fraud Schemes
Double Counting
Consigned Inventory
Cutoff Problems
All of Above
Overestimating Inventory
Cost of Good Sold will Overstated when Purchase of Inventory Understated
True
False
