Question 1

Definition of Inventory under MFRS 102 is held for sale in the ordinary course of business, in the process of production for such sale and in a form of material or supplies to be consumed in the production process or in the rendering of service

Accepted Answer

true

Answer

false

Question 2

Below are some of the most common inventory related financial statement fraud schemes EXCEPT?

Accepted Answer

Re-dating or refreshing transactions

Answer

Cut off problem

Answer

Double Counting

Answer

Overestimating inventory

Question 3

Which of the following is not an inventory-related documentary symptom?

Accepted Answer

Duplicate purchase orders

Answer

Missing inventory during inventory counts

Answer

All of the above are inventory-related documentary symptoms

Answer

Unsupported inventory sales transactions

Question 4

Lifestyle symptoms are most effective with:

Accepted Answer

Employee frauds

Answer

Accounts payable financial statement frauds

Answer

Inventory-related financial statement frauds

Answer

Revenue-related financial statement frauds

Question 5

When looking inventory fraud, an important question to ask is :

Accepted Answer

All are important questions to ask

Answer

What is the saleability of inventory?

Answer

What is the age of inventory?

Answer

What is the nature of inventory?

Related quizzes

Related quizzes