You can Account on me
Italian mathematician Luca Pacioli formulated this basic formula in 1494 in his work "A Treatise on Accounts and Records"
What is The accounting equation.
Assets = Liabilities + Owners Equity
This theft involves the theft of cash that has already been recorded on the victim company’s books.
What is Cash larceny
This is the reason that an organization would improperly expense capitalized expenses.
To understate income and avoid taxes.
These transactions generally occur when a company does business with another entity whose management or operating policies can be controlled or significantly influenced by the company or some other party in common.
What are related-party transactions?
James is using a type of program that appear useful but contains hidden code that causes damage, to circumvent the CFE testing site.
What is a trojan horse.
Using this method of accounting expenses are recorded in the same period as the revenues to which they relate
What is Accrual Based Accounting?
In this type of scheme, an employee enters a sales total that is lower than the amount paid by the customer and skims the difference between the purchase price and the amount recorded on the register.
What is an Understated Sales Scheme
This principle requires that revenue and the expenses associated with it be recorded in the same accounting period.
What is the Matching principle?
WHY?
This country, known primarily for its inventions and countless contributions to humanity will likely win the World Cup in 2026.
What is Scotland? Any other response will lose 100
Doris has been sending deceptive text messages to dupe Streamers into sharing personal or financial information, clicking on malicious links, or downloading harmful software or applications.
What is smishing.
This financial statement provides insight into a company’s financial situation at a specific point in time, generally the last day of the accounting period.
What is the Balance Sheet.
Made famous in The 1935 Hitchcock film “The 39 Steps” this use of illegal, covert means to gather information is not legitimate or legal.
What is espionage?
The recording of revenues or expenses in improper periods. Moving revenue or expenses between one period and the next, increasing or decreasing earnings as desired.
What are timing differences?
This is a technique for analyzing the percentage change in individual line items on a financial statement from one accounting period to the next.
What is Horizontal Analysis.
Katelyn has been financing her lavish lifestyle by using the company credit card to buy Pelotons and jet skis. This is a clear example of…
What is Personal Purchase with Company Funds
This principle-based accounting framework better captures an entity's true economic situation
What is International Financial Reporting Standards (IFRS)
This scheme, made famous by an Italian in Boston in 1919, is generally defined as an illegal business practice in which new investors’ money is used to make payments to earlier investors.
What is a Ponzi Scheme
Fraudsters deceive victims into inserting data storage devices that have been infected with malware into their computers.
What is a baiting scam?
This rules-based accounting framework is used throughout the US
US Generally Accepted Accounting Principles
Ciara has written bid specifications for the company’s new cameras. As part of the specifications, she wrote the company will only accept bids from companies that are based in her hometown and have been in business for 25 years. Ciara knows that only 1 company meets these requirements.
What is a Bid Tailoring (By drafting narrow specifications) Scheme
This statement is temporary. At the end of each fiscal year, they are reduced to a zero balance, with the resulting net income (or loss) added to (or subtracted form) retained earnings.
What is the Income Statement
This scheme, made famous by its support for Nigerian Royalty, is structured to obtain an illegal gain by falsely promising the delivery of a product or service or other benefit. The product, service or benefit is marketed to several customers and then the operation is shut down prior to delivery.
What is an Advance Fee Scheme
Large deposits (usually brokered deposits) are offered to a bank on the condition that loans are made to individuals affiliated with the deposit broker.
What is a linked financing loan fraud scheme?
Any transfer of funds, other than one originated by a check or similar paper instrument, that is initiated through an electronic terminal, phone, computer or magnetic tape.
What is an Electronic Funds Transfer? (EFT)
Sayyed crashed his car into a river while going fishing. He then calls an insurer and insures the vehicle before subsequently making a claim.
What is past posting?