Staff in an IT department are experts in managing specific technology, but none of them know what services are offered to the business. What imbalance does this represent?

Which of the following financial statements is concerned with the company at a point in time?

a. Balance sheet. b. Income statement. c. Retained Earnings statement. d. Statement of cash flows.

Elaine, a dealer in antique furniture, falsifies the age of a wooden cabinet when selling it to a customer and, in the process, charges him more than twice its actual price. In this example, what fraudulent act has Elaine committed?

A) forgery B) defalcation C) false token D) false pretenses