Question 1

The seller's price to the buyer is not fixed or determinable when:

Options :

A : When the price is not contingent on some future events

B : The transaction includes an option to exchange the product for others

C : A service or membership fee is not subject predictable cancellation during the contract period.

D : Payment terms are not extended for a substantial period.

Answer: B

Question 2

The scheme which reduces victim companies to issue fraudulent payments for goods or services that they have not received is called:

Options :

A : Bogus claims

B : Billing scheme

C : Reliance billing

D : Misappropriate claims

Answer: A

Question 3

Revenue is recognized when it is:

Options :

A : Realized and Earned

B : Fictitious and Earned

C : Realized and Evidenced

D : All of the above

Answer: A

Question 4

__________ is required if and when officers, executives or other persons in trusted positions become subjects of a criminal indictment.

Options :

A : Conflict of interest

B : Turnaround sale or flip

C : Disclosure

D : Resource diversion

Answer: C

Question 5

A voucher is:

Options :

A : a file that includes the purchase order that was send to the vendor, the vendor invoice listing the cost and quantity of items purchased, and the internal receiving reports that verify the purchased items have been delivered

B : a figure that includes the sale order that was send to the dealer, the vendor invoice listing the cost and quantity of items sold, and the internal receiving reports that verify the purchased items have been delivered.

C : a report that includes the purchase order that was send to the vendor, the vendor invoice listing the quality and quantity of items purchased, and the external receiving reports that verify the items have been sold.

D : a mammogram that includes the purchase order that was send to the purchaser, the purchaser invoice listing the benefits and quantity of items purchased, and the internal receiving reports that verify the purchased items have been sold.

Answer: A