The Fraud Triangle Is Used to Show the Connection of the Factors

question 45

True/False

The fraud triangle is used to show the connection of the factors necessary to commit fraud by or against an organization.

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Definitions:

Payday

Payday refers to the specific day on which an employer distributes wages or salaries to employees.

Fiscal Period

A specific period of time used by governments and businesses for accounting and financial reporting purposes.

Expired Insurance

Refers to insurance policies that have reached the end of their coverage period and are no longer in effect.

Adjusting Entry

A journal entry made in an accounting period to adjust income or expense accounts to accurately reflect the revenues earned and expenses incurred during that period.