According to the 2012 Report to the Nation on Occupational

question 42

True/False

According to the 2012 Report to the Nation on Occupational Fraud and Abuse, frauds are more likely to be detected by audits or internal controls than through tips.

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Definitions:

Depreciable Cost

The cost of a tangible asset minus its estimated salvage value, over which depreciation is calculated.

Depreciation Expense

An accounting method allocating the cost of a tangible asset over its useful life, reflecting its consumption, wear and tear, or obsolescence.

Expected Useful Life

The estimated length of time a fixed asset will be used in normal operations.

Placed in Service

Refers to the point in time when an asset begins to be used by a business for its intended purpose, marking the start of depreciation.