Reasons for Committing a Fraud Include Living Beyond One's Means,having

question 44

Multiple Choice

Reasons for committing a fraud include living beyond one's means,having heavy debts,or unusually high bills.Such a motivator for committing a fraud is commonly known as a

• A)spark.
• B)pressure.
• C)flash-point.
• D)catalyst.

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Definitions:

Journal

A detailed record where all financial transactions of a business are initially recorded before transfer to accounts in the general ledger.

Ledger

A book or other collection of financial accounts of a particular type.

Prepaid Insurance

The portion of insurance premiums that have been paid in advance and are recorded as an asset on the balance sheet until the coverage period expires.

Umbrella Insurance Policy

An insurance policy designed to provide additional coverage beyond the limits of the insured's homeowners, auto, and watercraft personal insurance policies. It supplements existing insurance by offering protection against claims that may exceed other policies' limits.