The correct option, the option which describes the element of fraud triangle due to weak internal control system

Question

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Answer 1

Question

Chapter 4, Problem 1QC

To determine

To find: The correct option, the option which describes the element of fraud triangle due to weak internal control system

Expert Solution & Answer

Answer to Problem 1QC

The correct option is (c).

Explanation of Solution

Fraud: Fraud is a deliberate and deceptive action of an employee to obtain unlawful gain from the employer.

The following are three factors of fraud triangle, which collectively contribute for employee fraud:

Motive
Opportunity
Rationalization

Justification for correct answer: The three factors of fraud triangle are motive, opportunity, and rationalization. This is the chance an employee takes advantage of, to commit fraud successfully, when the workplace fails to identify and detect the fraud. So, opportunity is the element of fraud triangle due to weal internal controls in a company. Hence, the correct answer is option (c).

Justification for incorrect answers:

Option (a) is incorrect answer because motive element emphasizes on the constant compulsion an employee is under, to satisfy luxuries, and to overcome his downtrodden financial status, and to mislead investors by misrepresenting financial statements.
Option (b) is incorrect answer because attitude is not an element of fraud triangle.
Option (d) is incorrect answer because rationalization element focusses on the justification provided by an employee and find reasons to support the unethical behavior.

Conclusion

Hence, the correct answer is option (c).

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Students have asked these similar questions

Bon Jovi Sports Ltd. manufactures athletic gear. One of its products is a cycling helmet that requires specialized plastic. During the quarter ending September 30, the company manufactured 4,500 helmets, using 2,500 kilograms of plastic. The plastic cost the company $16,250. According to the standard cost card, each helmet should require 0.55 kilograms of plastic at a cost of $6.80 per kilogram. Required: 1. What is the standard quantity of kilograms of plastic (SQ) that is allowed to make 4,500 helmets? 2. What is the standard materials cost allowed (SQ × SP) to make 4,500 helmets? 3. What is the material's spending variance? 4. What is the material's price variance and the material's quantity variance?

Langford Corporation provided the following financial data: • Net Income = $27,600 Assets at the Beginning of the Year = $198,000 = Assets at the End of the Year = $242,000 Find the return on assets (ROA) in percentage.

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Answer 2

Question

Chapter 4, Problem 1QC

To determine

To find: The correct option, the option which describes the element of fraud triangle due to weak internal control system

Expert Solution & Answer

Answer to Problem 1QC

The correct option is (c).

Explanation of Solution

Fraud: Fraud is a deliberate and deceptive action of an employee to obtain unlawful gain from the employer.

The following are three factors of fraud triangle, which collectively contribute for employee fraud:

Motive
Opportunity
Rationalization

Justification for correct answer: The three factors of fraud triangle are motive, opportunity, and rationalization. This is the chance an employee takes advantage of, to commit fraud successfully, when the workplace fails to identify and detect the fraud. So, opportunity is the element of fraud triangle due to weal internal controls in a company. Hence, the correct answer is option (c).

Justification for incorrect answers:

Option (a) is incorrect answer because motive element emphasizes on the constant compulsion an employee is under, to satisfy luxuries, and to overcome his downtrodden financial status, and to mislead investors by misrepresenting financial statements.
Option (b) is incorrect answer because attitude is not an element of fraud triangle.
Option (d) is incorrect answer because rationalization element focusses on the justification provided by an employee and find reasons to support the unethical behavior.

Conclusion

Hence, the correct answer is option (c).

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Answer 3

Question

Chapter 4, Problem 1QC

To determine

To find: The correct option, the option which describes the element of fraud triangle due to weak internal control system

Expert Solution & Answer

Answer to Problem 1QC

The correct option is (c).

Explanation of Solution

Fraud: Fraud is a deliberate and deceptive action of an employee to obtain unlawful gain from the employer.

The following are three factors of fraud triangle, which collectively contribute for employee fraud:

Motive
Opportunity
Rationalization

Justification for correct answer: The three factors of fraud triangle are motive, opportunity, and rationalization. This is the chance an employee takes advantage of, to commit fraud successfully, when the workplace fails to identify and detect the fraud. So, opportunity is the element of fraud triangle due to weal internal controls in a company. Hence, the correct answer is option (c).

Justification for incorrect answers:

Option (a) is incorrect answer because motive element emphasizes on the constant compulsion an employee is under, to satisfy luxuries, and to overcome his downtrodden financial status, and to mislead investors by misrepresenting financial statements.
Option (b) is incorrect answer because attitude is not an element of fraud triangle.
Option (d) is incorrect answer because rationalization element focusses on the justification provided by an employee and find reasons to support the unethical behavior.

Conclusion

Hence, the correct answer is option (c).

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Answer 4

Question

Chapter 4, Problem 1QC

To determine

To find: The correct option, the option which describes the element of fraud triangle due to weak internal control system

Expert Solution & Answer

Answer to Problem 1QC

The correct option is (c).

Explanation of Solution

Fraud: Fraud is a deliberate and deceptive action of an employee to obtain unlawful gain from the employer.

The following are three factors of fraud triangle, which collectively contribute for employee fraud:

Motive
Opportunity
Rationalization

Justification for correct answer: The three factors of fraud triangle are motive, opportunity, and rationalization. This is the chance an employee takes advantage of, to commit fraud successfully, when the workplace fails to identify and detect the fraud. So, opportunity is the element of fraud triangle due to weal internal controls in a company. Hence, the correct answer is option (c).

Justification for incorrect answers:

Option (a) is incorrect answer because motive element emphasizes on the constant compulsion an employee is under, to satisfy luxuries, and to overcome his downtrodden financial status, and to mislead investors by misrepresenting financial statements.
Option (b) is incorrect answer because attitude is not an element of fraud triangle.
Option (d) is incorrect answer because rationalization element focusses on the justification provided by an employee and find reasons to support the unethical behavior.

Conclusion

Hence, the correct answer is option (c).

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Answer 5

Chapter 4, Problem 1QC

To determine

To find: The correct option, the option which describes the element of fraud triangle due to weak internal control system

Expert Solution & Answer

Answer to Problem 1QC

The correct option is (c).

Explanation of Solution

Fraud: Fraud is a deliberate and deceptive action of an employee to obtain unlawful gain from the employer.

The following are three factors of fraud triangle, which collectively contribute for employee fraud:

Motive
Opportunity
Rationalization

Justification for correct answer: The three factors of fraud triangle are motive, opportunity, and rationalization. This is the chance an employee takes advantage of, to commit fraud successfully, when the workplace fails to identify and detect the fraud. So, opportunity is the element of fraud triangle due to weal internal controls in a company. Hence, the correct answer is option (c).

Justification for incorrect answers:

Option (a) is incorrect answer because motive element emphasizes on the constant compulsion an employee is under, to satisfy luxuries, and to overcome his downtrodden financial status, and to mislead investors by misrepresenting financial statements.
Option (b) is incorrect answer because attitude is not an element of fraud triangle.
Option (d) is incorrect answer because rationalization element focusses on the justification provided by an employee and find reasons to support the unethical behavior.

Conclusion

Hence, the correct answer is option (c).

Answer 6

Chapter 4, Problem 1QC

To determine

To find: The correct option, the option which describes the element of fraud triangle due to weak internal control system

Expert Solution & Answer

Answer to Problem 1QC

The correct option is (c).

Explanation of Solution

Fraud: Fraud is a deliberate and deceptive action of an employee to obtain unlawful gain from the employer.

The following are three factors of fraud triangle, which collectively contribute for employee fraud:

Motive
Opportunity
Rationalization

Justification for correct answer: The three factors of fraud triangle are motive, opportunity, and rationalization. This is the chance an employee takes advantage of, to commit fraud successfully, when the workplace fails to identify and detect the fraud. So, opportunity is the element of fraud triangle due to weal internal controls in a company. Hence, the correct answer is option (c).

Justification for incorrect answers:

Option (a) is incorrect answer because motive element emphasizes on the constant compulsion an employee is under, to satisfy luxuries, and to overcome his downtrodden financial status, and to mislead investors by misrepresenting financial statements.
Option (b) is incorrect answer because attitude is not an element of fraud triangle.
Option (d) is incorrect answer because rationalization element focusses on the justification provided by an employee and find reasons to support the unethical behavior.

Conclusion

Hence, the correct answer is option (c).

Answer 7

Chapter 4, Problem 1QC

To determine

To find: The correct option, the option which describes the element of fraud triangle due to weak internal control system

Answer 8

Expert Solution & Answer

Answer to Problem 1QC

The correct option is (c).

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Fraud: Fraud is a deliberate and deceptive action of an employee to obtain unlawful gain from the employer.

The following are three factors of fraud triangle, which collectively contribute for employee fraud:

Motive
Opportunity
Rationalization

Justification for correct answer: The three factors of fraud triangle are motive, opportunity, and rationalization. This is the chance an employee takes advantage of, to commit fraud successfully, when the workplace fails to identify and detect the fraud. So, opportunity is the element of fraud triangle due to weal internal controls in a company. Hence, the correct answer is option (c).

Justification for incorrect answers:

Option (a) is incorrect answer because motive element emphasizes on the constant compulsion an employee is under, to satisfy luxuries, and to overcome his downtrodden financial status, and to mislead investors by misrepresenting financial statements.
Option (b) is incorrect answer because attitude is not an element of fraud triangle.
Option (d) is incorrect answer because rationalization element focusses on the justification provided by an employee and find reasons to support the unethical behavior.

Answer 12

Conclusion

Hence, the correct answer is option (c).

Answer 13

Ch. 4 - Prob. 1QC Ch. 4 - Prob. 2QC Ch. 4 - Prob. 3QC Ch. 4 - Prob. 4QC Ch. 4 - Prob. 5QC Ch. 4 - Prob. 6QC Ch. 4 - Prob. 7QC Ch. 4 - Why does cash require some specific internal...Ch. 4 - Prob. 9QC Ch. 4 - Prob. 10QC

The correct option, the option which describes the element of fraud triangle due to weak internal control system

Concept explainers

To find: The correct option, the option which describes the element of fraud triangle due to weak internal control system

Answer to Problem 1QC

Explanation of Solution

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Chapter 4 Solutions