Define Fraud

question 40

Essay

Define fraud.

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Definitions:

Income Statement Columns

The structured format in financial reporting that shows a company's revenues, expenses, and profitability over a specific time period.

Worksheet

An informal document used by accountants to prepare and adjust financial statements, summarizing a period's transactions, adjustments, and accounts.

Net Loss

The amount by which total expenses exceed total revenues, indicating a company is spending more than it is earning.

Net Income

A company's overall earnings once expenses and taxes are removed from its revenue.