Which of the following is an example of a perceived opportunity that can lead to financial statement fraud?
a. Inability to compete with other companies
b. Independent audit and a strong board of directors
c. Thinking that fraud is good for the company
d. Inadequate internal controls
d
FEEDBACK: a. Incorrect. This is an example of perceived pressure.
b. Incorrect. This is way to eliminate perceived opportunity.
c. Incorrect. This is an example of rationalization.
d. Correct. This is an example of perceived opportunity.
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In September of 2018, Michelle sold shares of qualified small business stock for $1,000,000 that had a basis of $200,000. She had held the stock for 17 months. Forty-five days after the sale she purchased other qualified small business stock for $1,100,000. What is the basis in the new stock she purchased?
A. $300,000 B. $800,000 C. $1,100,000 D. $200,000
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A) Passing an examination prepared by the AICPA. B) Having experience in wordprocessing, electronic spreadsheets and databases. C) Acquiring college education in accounting. D) All of these are requirements for obtaining a CPA certificate.
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