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

A person who knowingly makes a false claim to the government may be subject to:

Only a warning letter from the government

A reduction in future tax rates

No consequences if the claim is not paid

Criminal and civil penalties for fraud

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Verified step by step guidance

Understand the context of the problem: The question pertains to the consequences of knowingly making a false claim to the government, which is a legal and ethical issue tied to fraud in financial accounting.

Clarify the concept of fraud: Fraud involves intentional deception to secure unfair or unlawful gain. In financial accounting, this can include falsifying records, misrepresenting financial information, or making false claims.

Identify the consequences of fraud: Fraudulent actions, especially those involving the government, can lead to both criminal and civil penalties. Criminal penalties may include fines or imprisonment, while civil penalties may involve monetary damages or restitution.

Eliminate incorrect options: Review the provided choices and rule out options that do not align with the legal and ethical consequences of fraud. For example, 'Only a warning letter' and 'A reduction in future tax rates' are not appropriate consequences for fraud.

Select the correct answer: Based on the understanding of fraud and its consequences, the correct answer is 'Criminal and civil penalties for fraud.' This reflects the seriousness of knowingly making a false claim to the government.