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WGU C254 Topic 4 Questions | Questions with 100% Correct Answers | Verified | Latest Update
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Which are the two most commonly manipulated to perpetrate financial statement fraud? - Revenues and Accounts Receivable SAS 99 requires auditors to assume there are material misstatements in revenue, though realizing there are situation-specific methods to recognize revenue and interpret the associated rules. - True Barry Minkow (a convicted fraudster) said: "Receivables are a wonderful thing - you create a receivable and you have ________________." - Revenue Stuffing distribution channels with promises to take back excess inventory free of charge directly violates GAAP revenue recognition rules. - True Understating the Allowance for Doubtful Accounts allows fraudsters to - Overstate Receivables and Net Income
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Institution
Western Governors University
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WGU C254
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WGU C254
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