Practice Quiz

Forensic Accounting

Category - Specialized Forensic Knowledge

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Which of the following constitutes the misstatement of financial statements?
  1. Fraudulent financial reporting
  2. Misappropriation of assets
  3. Manipulation of accounting standards
  4. All of the above
Explanation
Answer: D - Fraudulent financial reporting, misappropriation of assets, and manipulation of accounting standards constitutes financial statement misstatement. Fraudulent financial reporting and misappropriation of assets both constitute fraud. Manipulation of accounting standards also alters the financial statements, hence, paving the way for misstatement.
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