In internal auditing, detection of fraud is an important objective. The auditors will best be able to detect frauds if they are knowledgeable in the most common methods of fraud.
Which THREE of the following are common methods of fraud?
Accounting standards and company law both influence how assets and liabilities ate classified and presented in financial statements
An amount owing at the year end, due for repayment more from one year from the date that the statement of financial position is being prepared, will be
classified under which of the following headings?
The balance on LMN's cash account at 31 December 20X6 is $108,000 (debit) On performing the monthly bank reconciliation the following is discovered.
• a payment of $2,000 made to a supplier has not yet appeared on the bank statement,
• an automated receipt from a customer for $5,000 has not yet been recorded in the cash book, and
• a pigment to a supplier of $1,500 was incorrectly recorded in the cash book as $1,050
The balance showing on the bank statement at 31 December 20X6 is
Andrew is valuing the closing inventory at the lower of cost and net realizable value.
Which of the following concepts dictates his choice?
TESTED 21 Nov 2024
