The chance to commit a fraud, conceal it, and avoid punishment is an example of:
A) realization.
B) perceived opportunity.
C) rationalization.
D) perceived pressure.
B) perceived opportunity.
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Which one of the following is an assumption made in the preparation of financial statements?
a. Financial statements are prepared for a specific entity that is distinct from the entity owners. b. Financial statements are prepared assuming that inflation has a distinct effect on the monetary unit c. Preparation of financial statements for a specific time period assumes that the balance sheet covers a period of time. d. Market values are always assumed to be irrelevant when preparing financial statements.
Which of the following types of audit evidence is the least reliable?
a. Evidence from the client's organization. b. Evidence derived from a well-controlled system. c. Evidence from independent outside sources. d. Original documents.
________ bonds are characterized by interest payments that are required only when earnings are available
A) Floating rate B) Income C) Mortgage D) Junk
On June 1, a civic club made an offer of $500 to a beer distributor to have six kegs delivered to the city park for a July 4th fund-raising event. On June 30, the city passed a new law prohibiting consumption of alcohol in the city park. The civic club's offer is terminated on June 30
Indicate whether the statement is true or false