All of the Following Are Possible Ways to Commit Fraud

question 46

Multiple Choice

All of the following are possible ways to commit fraud by using a payroll scheme EXCEPT:

• A)overstating expenses.
• B)falsifying hours worked.
• C)creating ghost employees.
• D)producing false worker compensation claim.

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Definitions:

Partnership Authority

The legal power granted to a partner to act on behalf of and bind the partnership in business transactions.

Unlimited Personal Liability

A legal condition in which an individual can be held entirely responsible for the debts or obligations of a business entity, without limit to the value of that individual's assets.

Partnership Agreement

A contract among business partners detailing the operational and financial arrangements of the partnership.

Management Duties

Responsibilities and tasks that managers are expected to perform in order to ensure the efficient operation of an organization.