CORRECT TEXT ______________ is required not only for theft, but for procedures to detect errors, avoid waste and insure a proper amount of inventory is maintained.

Another way to eliminate competition in the solicitation phase of the selection process is to:

A. Solicit bid from fictitious suppliers

B. Solicit transaction from fictitious vendors

C. Solicit bid-splitting from fictitious vendors

D. None of the above

Employees with the authority to grant discounts in order to skim revenues may use which authority?

A. False discounts

B. Recording a discount on sale procedure

C. Internal discount sales audits

D. None of the above

Which of the following method is NOT used to detect conflicts of interest?

A. Tips and Complaints

B. Review of vendor ownership files

C. Underbillings of assets

D. Interviews with purchasing personnel

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

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.

Most of the shell company schemes involve the purchase of goods rather than services.

A. True

B. False

A person is said to be in ________ act, when the business which he transacts, or the money or property which he handles, is not for his own benefit, but for another person:

A. Fiduciary Capacity

B. Embezzlement

C. Conversion

D. None of the above

___________ should be examined to see that all are properly documented and that inappropriate payments have not been made to employees.

A. Payable cash

B. Cash advances

C. counterfeit checks

D. Payable checks

Maintain the presence of a manager or supervisor near the area of the cash register as a deterrent to theft is a prevention for:

A. Fraudulent statement scheme

B. Asset misappropriation scheme

C. Larceny scheme

D. Register disbursement scheme

Persuasive evidence of an arrangement does not exist when:

A. Revenue and corresponding expenses doesn't match each other.

B. No written or verbal agreement exists.

C. Timings not meet properly

D. Capitalized expenses and Liabilities will not be up to satisfied level