3/7/22, 7:35 PM Chapter 3 Test

Chapter 3 Test
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Identification

Please write your answer in small letters only.

Involves an executive, manager, or employee of the organization in 1 point

collusion with an outsider. *

corruption

The first line of defense in the control structure * 1 point

preventive controls

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3/7/22, 7:35 PM Chapter 3 Test

The internal control system comprises policies, practices, and 1 point

______________ employed by the organization to achieve four broad
objectives *

procedures

Occurs when an employee acts on behalf of a third party during the 1 point
discharge of his or her duties or has self-interest in the activity being
performed. *

conflict of interest

The use (or threat) of force (including economic sanctions) by an individual 1 point

or organization to obtain something of value. *

economic extortion

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3/7/22, 7:35 PM Chapter 3 Test

Assets are either directly or indirectly diverted to the perpetrator’s benefit. 1 point
*

asset misappropriation

Pertains to the principles of conduct that individuals use in making choices 1 point
and guiding their behavior in situations that involve the concepts of right
and wrong. *

ethics

The absence or weakness of a control * 1 point

exposure

An employee opening the mail steals a customer’s check and destroys the 1 point
associated remittance advice *

mail room fraud

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3/7/22, 7:35 PM Chapter 3 Test

Involves stealing cash from an organization before it is recorded on the 1 point

organization’s books and records. *

skimming

The cash receipts clerk first steals and cashes a check from Customer A. 1 point
To conceal the accounting imbalance caused by the loss of the asset,
Customer A’s account is not credited. Later (the next billing period), the
employee uses a check received from Customer B and applies it to
Customer A’s account. Funds received in the next period from Customer C
are then applied to the account of Customer B, and so on. This is a
illustration of *

lapping

The analysis of the nature and social impact of computer technology and 1 point
the corresponding formulation and justification of policies for the ethical
use of such technology. *

computer ethics

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3/7/22, 7:35 PM Chapter 3 Test

The internal control system should provide ____________ assurance that the 1 point

four broad objectives of internal control are met in a cost-effective

manner. *

reasonable

Denotes a false representation of a material fact made by one party to 1 point

another party with the intent to deceive and induce the other party to
justifiably rely on the fact to his or her detriment. *

fraud

Circumvention—personnel may circumvent the system through * 1 point

collusion or other means

These are devices, techniques, and procedures designed to identify and 1 point

expose undesirable events that elude preventive controls *

detective controls

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3/7/22, 7:35 PM Chapter 3 Test

Involves giving, receiving, offering, or soliciting something of value 1 point

because of an official act that has been taken. *

illegal gratuity

Seeking a balance between the consequences from every major decision 1 point
that could potentially harm or benefit the employees, shareholders,
customers, and the public. *

ethical responsibility

Involves giving, offering, soliciting, or receiving things of value to influence 1 point

an official in the performance of his or her lawful duties. *

bribery

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