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1. When maintaining an audit trail of changes to the vendor master file, which of the following should be recorded? I. Who requested the change; II. Who actually made the change; III. The date the change was made.
A) I, II, and III
B) II and III only
C) I and III only
D) I and II only
2. IRS proposed penalties for missing or incorrect tax IDs on 1099 filings can be abated due to 'reasonable cause,' which can include each of the following, EXCEPT:
A) Steps the organization has taken in an attempt to obtain the correct payee information
B) The organization's plan for improving the accuracy of future reporting
C) Proof of a successful TIN match prior to the date of assessment
D) Documentation showing the error rate to be less than 5% of total 1099s
3. Which of the following are among the elements that the IRS considers in defining a T&E accountable plan?
A) I only (Expense substantiation)
B) I and III only (Expense substantiation; Return of unused cash advances on a timely basis)
C) I, II, and III (Expense substantiation; Business connection requirement; Return of unused cash advances on a timely basis)
D) II only (Business connection requirement)
4. According to the ACFE, which of the following is the most common type of fraud scheme?
A) Asset misappropriation
B) Intellectual property fraud
C) Corruption (bribery)
D) Financial misstatement
5. Ways to reduce the cost of processing an invoice include:
A) I, II, and III (Eliminating the approval process, Reducing the amount of paper handling, Reducing the amount of manual data entry)
B) II and III only (Reducing the amount of paper handling, Reducing the amount of manual data entry)
C) I and II only (Eliminating the approval process, Reducing the amount of paper handling)
D) III only (Reducing the amount of manual data entry)
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: D | Question # 3 Answer: C | Question # 4 Answer: A | Question # 5 Answer: B |
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