Which of the following is NOT a justifiable reason to depart from generally accepted accounting principles (GAAP)?

• A.The expected costs associated with following GAAP would exceed the expected benefits of compliance.
• B.It is likely that assets would be understated and liabilities would be overstated.
• C.A transaction is considered immaterial and therefore irrelevant to the accurate interpretation of financial statements.
• D.The application of GAAP could produce misleading financial statements.

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In which of the following process, all bidders are legally supposed to be placed on the same plane of equality, bidding on the same terms and conditions?

• A.Competitive bidding
• B.Bid solicitation
• C.Kickbacks
• D.Bid-rigging

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Which of the following ratios can be used to determine the efficiency with which a company uses its assets?

• A.Quick ratio
• B.Receivable turnover ratio
• C.Asset turnover ratio
• D.Debt-to-equity ratio

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Fraudsters use the accounting system as a tool to generate the results they want in ___________ approach:

• A.Organized accounting
• B.Playing the accounting
• C.Beating accounting
• D.All of the above

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According to the recommended methodology for responding to cybersecurity incidents, which of the following activities should occur during the preparation step?

• A.Creating an incident response plan
• B.Restoring control of the affected systems
• C.Limiting the damage caused by the attack
• D.Identifying all incidents of breach that occurred

Correct Answer: A

Explanation/Reference: https://www.exabeam.com/incident-response/steps/

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