5. Which of the following is an objective of the data collection stage in an accounting information system? a. Data collected are valid, complete, and free from material errors. b. Collection procedures are designed to collect data only once so to avoid data redundancy. c. Only relevant data are collected so that it can be made available to multiple users. d. All the above are objectives of the data collection stage. 6. Fraud is most difficult to detect when it a. is perpetrated at a management level where internal controls can be circumvented b. involves collusion on the part of key members of management c. involves misappropriating assets in a series of complex transactions involving third parties d. involves misstating financial statements 7. One characteristic of employee fraud is that the fraud a. is perpetrated at a level to which internal controls do not apply b. involves misstating financial statements c. involves the direct conversion of cash or other assets to the employee's personal benefit d. involves misappropriating assets in a series of complex transactions involving third parties 8. Which of the following statements is not true regarding audit trails? a. As systems have become more automated, there is no longer a need for clearly defined audit trails. b. Audit trails enable the tracing of account balances contained in the financial statements back to the source documents and economic events that created them. c. Audit trails are comprised of source documents, special journals, subsidiary ledgers, journal vouchers, and the general ledger and financial statements. d. Audit trails are useful to external auditors, as well as to the internal users of accounting information systems. 9. Which of the following best describes skimming? a. Inflating bank balances by transferring money among different bank accounts. b. Expensing an asset that has been stolen. c. Applying cash receipts to a different customer's account in an attempt to conceal previous theft of funds. d. Stealing cash before it is recorded on the books and records