According to a Recent Survey Taken by the Association for Certified

question 147

Multiple Choice

According to a recent survey taken by the Association for Certified Fraud Examiners (ACFE) , occupational fraud and abuse results in losses equal to approximately ________ of total business revenue.

• A) 45%
• B) 10%
• C) 6%
• D) an unknown amount

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Definitions:

Proprietary Concept

A financial accounting principle where the business is considered separate from its owners, focusing on the owner's perspective in accounting records.

Proportional Consolidation Method

An accounting method used when a parent company jointly controls a business entity, consolidating only their proportionate share of the entities' assets, liabilities, and operations.

Consistent

refers to the uniform application of accounting policies and procedures in financial reporting across periods.

Entity Concept

An accounting principle that treats a company as a separate legal and accounting entity distinct from its owners or other companies.