Fraud Is Deception That Includes All of the Following Except

question 48

Multiple Choice

Fraud is deception that includes all of the following except:

• A) False representation
• B) Tricky and/or cunning tactics
• C) Confidence in the perpetrator
• D) Unintentional Errors

Recognize the principles and effects of different inventory costing methods including LIFO, FIFO, and specific identification.

Grasp the concept and application of the lower-of-cost-or-market rule.

Understand the impact of inventory management on gross profit and net income.

Know the proper accounting for goods out on consignment and goods in transit.