Which of the Following People Is Most Likely to Have

question 30

Multiple Choice

Which of the following people is most likely to have opportunities to commit fraud?

• A) Rob is a convicted bank robber who has been out of jail for 7 years
• B) Jane is a recent high school graduate who loves going shopping.
• C) Steve was just hired by his company but he is always acting suspicious
• D) 62 year old Dave has loyally worked up his company's corporate ladder for the past 24 years

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Definitions:

Owner's Equity

Owner's equity represents the owner's claim to the assets of a business, calculated as the business's total assets minus its total liabilities.

Salvage Value

is the estimated residual value of an asset at the end of its useful life.

Depreciation Expense

The allocated amount of an asset's cost expensed over its useful life to account for wear and tear, obsolescence, or decline in value.