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ACT 205 CSU EXAM 2 2025 QUESTIONS AND ANSWERS
ACT 205 CSU EXAM 2 2025 QUESTIONS AND ANSWERS
Course:
CSU
Institution:
CSU
ACT 205 CSU EXAM 2 2025 QUESTIONS AND ANSWERS
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| Uploaded on: | September 8, 2025 |
| Last updated: | September 8, 2025 |
| Number of pages: | 22 |
| Written in: | 2025/2026 |
| Type: | Exam (elaborations) |
| Contains: | Questions & Answers |
| Tags: | ACT 205 CSU EXAM 2 2025 QUESTIONS AND ANSWERS |
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ACT 205 CSU EXAM 2 2025 QUESTIONS AND ANSWERS Reasons for incorrect financial statements - ....ANSWER ...-errors fraud Occupational fraud - ....ANSWER ...-the use of one's occupation for personal enrichment through the deliberate misuse or misapplication of the employer's resources. -2 parts: misuse of resources and financial statement manipulation Fraud triangle - ....ANSWER ...-three elements present in fraudulent activity= opportunity, financial pressure, rationalization Internal controls - ....ANSWER ...-a company's formal procedures to: -safeguard assets from robbery, employee theft, and misuse of company resources -improve accuracy and reliability of accounting information by detecting accidental errors and financial statement manipulation Enron - ....ANSWER ...-avoided reporting billions in debt/losses ....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1
