DEVRY ACCT 574 Final Exam – NEW 2016

DEVRY ACCT 574 Final Exam – NEW 2016
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1.(TCO A) COSO defines "internal controls" as a
process, effected by an entity's board of directors,
management, and other personnel, designed to
provide reasonable assurance regarding the
achievement of objectives in the following categories
except
2. (TCO A) Which of the following is a type of brainstorming?
3. (TCO A) Implementing a code of ethics is a Sarbanes-Oxley requirement related
to which component of the management process?
4. (TCO A) Which statement is false?
5. (TCO A) Under the "KPMG" categories of fraud, what would probably not be an
external fraud?
6. (TCO A) An AICPA committee in 1986 broke forensic accounting into two broad
areas:

7. (TCO A) Peremptory refers to:
8. (TCO B) Which is a unique factor for solving a white-collar crime?
9. (TCO B) You are told that a company has a 30% profit margin and the
discovered fraud has caused $2,400,000 more needed revenue to cover the fraud.
How much was stolen?
10. (TCO B) Which would not be a direct IRS method for reconstructing taxable
income?
11. (TCO B) Lapping is defined as:
12. (TCO B) Which statement is false?
13. (TCO B) Money launderers prefer to establish business relationships with a
company whose operations are characterized by:
14. (TCO B) Which one of the following is the easiest to falsify?
15. (TCO B) Which of the following activities would not be considered a likely "red
flag" to possible money laundering activities?
16. (TCO B) One of the most important legislative acts restricting the activities of
money launderers in recent years is the:
17. (TCO C) Which statement is false?
18. (TCO C) Which of the following is not an example of demonstrative evidence?
19. (TCO C) Which would not be a type of evidence?
20. (TCO C) Which statement is false?
21. (TCO C) Which statement is false?
22. (TCO C) Which is an inductive approach?
23. (TCO C) Which statement is false about Benford's Law?
24. (TCO D) In tort cases, damages are determined based on the concept that:
25. (TCO D) In order to win damages in a case, generally a plaintiff must prove:
1. (TCO D) Beth Company sold assets to Karen Company with an alleged value of
$2,400,000. Beth Company paid $2,100,000 for the assets. The actual value of the

assets was $1,700,000. Using the "benefit-of-the-bargain" damage loss rule, the
fraud damages would be:
2. (TCO D) Jones Lumber had an exclusive five-year supply agreement with Wood
Construction. The contract called for lumber sales of $2,000,000 per year. After
two years, Wood Construction canceled the contract without cause. The court
found Wood Construction liable under the contract. Jones Lumber had average
gross margins of 45% and average net income of 10% of sales. Jones Lumber's
operating expenses average 60% fixed. The damages from the loss of this
contract would be:
3. (TCO D) Georgetown Company's weekly store operating costs for a 10-week
period had a high value of $300,000 and a low value of $260,000. Sales volumes
for the two weeks were $4,000,000 and $3,200,000 respectively. The estimated
variable cost per dollar of sales using the high-low method is:
4. (TCO D) Antitrust laws were enacted to:
5. (TCO D) The present value of the damages in a wrongful death case:
6. (TCO D) In determining damages in a wrongful discharge case, the concept of
mitigation of wages refers to:
7. (TCO E) What are the dates found on an electronic file?
8. (TCO E) Datagrams are
9. (TCO E) When a suspect's PC is disconnected, all the following data is lost,
except
10. (TCO E) The Securities and Exchange Commission recommended the internal
control framework used by which of the following organizations?
11. (TCO E) For forensic accountants, it is important to understand the Internet's
protocols so that they:
12. (TCO E) To trace an IP address back to its source address, which of the
following tools would be best to use?
13. (TCO E) Actually "deleting" data from a hard drive means:
14. (TCO F) Unavailability losses occur because of:
15. (TCO F) Of the following losses from a cyber attack on electronic systems,
which is likely to be the most costly to a software company?

16. (TCO F) A zone transfer allows the hacker to get a list of:
17. (TCO F) In real option analysis, there needs to be a(n):
18. (TCO F) BassFishing.com had its website shut down for two days due to a
cyber attack. During that period, it is estimated that 300 customers were
permanently lost. Registered customers visit once a month, on average, spend
$15 on each visit, and remain registered for three years. What is the sales loss for
BassFishing assuming a cost of capital of 6%?
19. (TCO F) Determine the value of the option for the Bayer Company by delaying
its investment for one year. Consider the value of the option is the difference
between traditional present value analysis and real option analysis. The initial
investment is for $700,000, but the investment will not be made until next year.
The investment is being delayed so that Bayer's management can better
determine the market for its product. There are two alternatives for sales in the
next year of $1,000,000 or $800,000. Each sales level has an occurrence
probability of 50%. The cost of capital for Bayer is 8%. If traditional present value
analysis shows that the net present value of the project is $75,000, what is the
value of the option (the ability to wait one year before executing or abandoning
the project)?
20. (TCO G) One/some of the most important IRS guidelines for gift and estate tax
purposes:
21. (TCO G) The "cost approach" to business valuation involves:
22. (TCO G) The Indy Company experiences the following annual incomes over
the last five years: $60,000, $70,000, $110,000, $150,000, $160,000 (from oldest to
most current). A firm like Indy Company commands a 10% discount rate and a
price earnings ratio of 10. Using a non-weighted earnings model, what is the
value of the firm?
23. (TCO G) "Equitable distribution" in divorce cases is driven by:
24. (TCO G) A 100% controlling interest in a business:
25. (TCO G) Goodfood Products produces breakfast cereal. The company's
weighted average cost of capital is 15%. The company forecasted the following
free cash flows for the next 20 years.
Year...............................Free Cash Flows
1.................................... $10,000,000
2.......................................15,000,000
3.......................................20,000,000
4.......................................22,000,000

5.......................................25,000,000
6-10..................................20,000,000 per year
11-20................................15,000,000 per year
Use the discounted cash flow approach to value the Goodfood Products
Company. Note - you will need a present value table or a financial calculator to
solve this problem.
1. (TCO F) Define a real option. Why is there any value attributed to a real option?
2. (TCO G) Why would a forensic accountant need to perform a business
valuation? Can people not just look up the value at a particular date on the
appropriate stock exchange? Explain.
3. (TCO D) What three elements must be proven to win in a fraud dispute?
Explain.
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