The Type of Fraud Committed by Employees of an Entity

question 159

Multiple Choice

The type of fraud committed by employees of an entity who steal money from the company and cover it up through erroneous entries in the books is called:

• A) misappropriation of assets.
• B) fraudulent financial reporting.
• C) embezzlement.
• D) collusion.

Identify and correct common errors in accounting records and adjusting entries.

Grasp the process of preparing and understanding the components of a classified balance sheet.

Comprehend the concept and necessity of reversing entries in accounting.

Recognize the various steps in the accounting cycle, including journalizing and posting closing entries.

---

Definitions:

Polar Head Group

The part of a molecule (e.g., in a phospholipid) that is hydrophilic due to its electronegativity, leading to interactions with water.

Nonionic Detergent

Detergents that do not carry a charge, making them effective in solubilizing membranes and proteins without affecting their charge.

Molecular Features

The specific structural attributes of a molecule, including shape, functional groups, and bonding patterns.

Phospholipid

A type of lipid molecule that is a major component of cell membranes, consisting of two fatty acids, a phosphate group, and a glycerol backbone.