Tangible Frauds Include

question 180

Multiple Choice

Tangible frauds include

• A) asset misappropriation.
• B) false pretenses.
• C) counterfeiting.
• D) all of these answer choices are correct.

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Definitions:

FIFO

An inventory valuation method that assumes that the first items placed in inventory are the first sold, thus costs of the oldest inventory are used in the cost of goods sold calculation.

Controls

Mechanisms or policies implemented to regulate processes and ensure the accuracy, reliability, and integrity of financial and operational information.

Clothing Store

A clothing store is a retail business establishment that specializes in selling garments and accessories to consumers.

FOB Destination

A shipping term indicating that the seller bears all costs and risks of loss until the goods are delivered to the buyer's specified location.