In the Fraud Triangle, Fraudulent Financial Reporting and Misappropriation of Assets

question 32

Multiple Choice

In the fraud triangle, fraudulent financial reporting and misappropriation of assets:

• A)share little in common.
• B)share most of the same risk factors.
• C)share the same three conditions.
• D)share most of the same conditions.

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Definitions:

Federal Unemployment Taxes

Taxes imposed on employers to fund the federal government’s oversight and support of state unemployment insurance programs.

Filed And Remitted

Filed and remitted refers to the submission and payment of taxes or other obligations to the appropriate authorities.

State Unemployment Taxes

Taxes imposed by state governments on employers based on the taxable wages paid to employees, funding unemployment compensation programs.

Contingent Liability

A potential financial obligation that may arise depending on the outcome of a future event.