Which of the following is the most common type of financial statement fraud?
A) understatement of losses
B) overvaluation of reserves
C) overstatement of revenues
D) undervaluation of liabilities
C
Explanation: C) The most common type of financial statement fraud is overstatement of revenues.
Business
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Which of the following organizations would most likely not use time-and-material pricing?
a) Automobile repair company b) Engineering firm c) Public accounting firm d) Custom furniture manufacturer
Business
As credit standards are tightened, sales are expected to ________ and the investment in accounts receivable is expected to ________
A) increase; increase B) increase; decrease C) decrease; decrease D) decrease; increase
Business