Main Roadblocks to Fraud Detection Are

question 34

Multiple Choice

Main roadblocks to fraud detection are

• A)weak internal controls
• B)auditor's lack of understanding of the client's system
• C)management override of internal controls
• D)lack of separation of duties
• E)collusion
• F)both A and B
• G)both B and D
• H)Both C and E

---

Definitions:

Ending Inventory

The total value of goods available for sale at the end of an accounting period, calculated as beginning inventory plus purchases minus cost of goods sold.

Balance Sheet

A document detailing a business's resources, financial obligations, and the equity of its shareholders at a given time.

LIFO

An accounting method for valuing inventory that assumes the most recently acquired items are sold first, with costs of older inventory used for valuation.

Ending Inventory Balance

The value of unsold goods that a company holds at the end of an accounting period.