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 of the following is NOT one of the three elements of the fraud triangle?

Opportunity

Rationalization

Systematic liquidation

Pressure

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Verified step by step guidance

Understand the concept of the fraud triangle, which is a model used to explain the factors that lead to fraudulent behavior in accounting and finance.

The fraud triangle consists of three elements: Opportunity, Pressure, and Rationalization. These elements are necessary for fraud to occur.

Opportunity refers to the ability to commit fraud due to weak internal controls or lack of oversight.

Pressure refers to financial or personal stress that motivates an individual to commit fraud.

Rationalization is the justification or reasoning an individual uses to convince themselves that their fraudulent actions are acceptable. Systematic liquidation is not part of the fraud triangle.