In One Sentence Each, Define Misstatements Arising from Fraudulent Financial

question 22

Essay

In one sentence each, define misstatements arising from fraudulent financial reporting and misstatements arising from misappropriation of assets.

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Definitions:

Fiscal Year

A twelve-month period used for accounting purposes and financial reporting by businesses, which may not align with the calendar year.

December 31

Commonly used in finance and accounting to signify the end of the fiscal or calendar year.

Unadjusted Trial Balance

A preliminary list of all accounts and their balances used in financial reporting before adjustments are made for accruals and deferrals.

Adjusted

Modified or changed for a more accurate or fair representation.