Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

6. Internal Controls and Reporting Cash

Fraud and the Fraud Triangle

Financial Accounting

6. Internal Controls and Reporting Cash

Fraud and the Fraud Triangle

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Multiple Choice

In a business setting, which of the following practices is most likely to be considered unethical?

Providing accurate financial statements to stakeholders

Implementing internal controls to prevent errors

Falsifying financial records to conceal company losses

Conducting regular audits as required by law

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Verified step by step guidance

Step 1: Understand the concept of ethical practices in financial accounting. Ethical practices involve honesty, transparency, and compliance with laws and regulations in financial reporting and business operations.

Step 2: Review each option provided in the problem. Analyze whether each practice aligns with ethical standards in financial accounting.

Step 3: Evaluate the option 'Providing accurate financial statements to stakeholders.' This is an ethical practice as it ensures transparency and honesty in reporting financial information.

Step 4: Evaluate the option 'Implementing internal controls to prevent errors.' This is also an ethical practice as it helps maintain the integrity of financial records and prevents fraud or inaccuracies.

Step 5: Evaluate the option 'Falsifying financial records to conceal company losses.' This is unethical because it involves deliberate deception, violates accounting principles, and can lead to legal consequences. Compare this with the other options to identify it as the unethical practice.