Table of contents

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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

Which element of the fraud triangle is most directly addressed by implementing software to detect fraud in consumer phone cards?

Pressure

Rationalization

Collusion

Opportunity

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Verified step by step guidance

Understand the fraud triangle, which consists of three elements: Pressure, Rationalization, and Opportunity. These elements explain the factors that lead individuals to commit fraud.

Recognize that 'Opportunity' refers to the ability of an individual to commit fraud due to weaknesses in internal controls or systems.

Consider how implementing software to detect fraud in consumer phone cards strengthens internal controls and reduces the chance for fraudulent activities to occur.

Analyze how the software directly addresses 'Opportunity' by identifying and preventing fraudulent transactions, thereby closing gaps in the system.

Conclude that the element of the fraud triangle most directly addressed by implementing fraud detection software is 'Opportunity,' as it minimizes the ability to exploit weaknesses in the system.