Acct 567 Devry Week One Homework

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Grading Summary These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below. | Date Taken: | 8/4/2015 | Time Spent: | 2 h , 36 min , 17 secs | Points Received: | 152 / 180 (84.4%) | | Question Type: | # Of Questions: | # Correct: | Multiple Choice | 30 | 23 | Essay | 3 | N/A | | | Grade Details - All Questions | Page: | 1 2 | Question 1. | Question : | (TCO A) An AICPA committee in 1986 broke forensic accounting into two broad areas: | | | Student Answer: | | Damages and valuation. | | | | Investigative accounting and litigation support. | | | | Accounting and valuation. | |…show more content…
| | | | Two of the shenanigans shift current-year earnings into the future. | | | | Recognizing current revenues as deferred revenues is one of the shenanigans. | | | | He suggested nine financial shenanigans. | | | | None of the above ( ) | | Instructor Explanation: | Chapter 3, page 3-14 | | | | Points Received: | 4 of 4 | | Comments: | | | | Question 5. | Question : | (TCO A) Which statement is false? | | | Student Answer: | | The flexibility in U.S. GAAP gives management discretion to use its professional opinion to choose from a range of guidelines and standards in selecting those that suit the needs of a company (e.g., FIFO or LIFO inventory methods). | | | | Nonfraudulent earnings management is accomplished within the U.S. GAAP framework. | | | | Fraudulent earnings management does not follow U.S. GAAP. | | | | Transparency is one of the five interrelated components of internal controls. | | | | All of the above are true. ( ) | | Instructor Explanation: | Chapter 3, page 3-28 | | | | Points Received: | 4 of 4 | | Comments: | | | | Question 6. | Question : | (TCO A) What is an operating and financial stability risk factor? | | | Student Answer: | | New accounting requirements for the company | | | | Substance over form questions | | | | Company declining in the industry | | | | High degree of competition |

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