Upon Committing Fraud, What Do Most People Do with Excess

question 58

Multiple Choice

Upon committing fraud, what do most people do with excess funds?

• A) Put them in savings
• B) Spend them on extravagant items
• C) Donate them to charities
• D) Slowly give them back to the company

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Definitions:

Net Income

The amount of earnings after all expenses and taxes have been deducted from revenue.

Ending Inventory

The cumulative worth of merchandise ready for purchase at the closure of a financial period.

LIFO Method

Last In, First Out method; an inventory valuation technique where the latest items added to the inventory are the first to be sold.

Cost of Merchandise Sold

The total cost incurred to purchase or produce the goods sold by a company during a specific period.