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

Which of the following is NOT a component of the fraud triangle?

Opportunity

Segregation of duties

Incentive/Pressure

Rationalization

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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. The three components are Opportunity, Incentive/Pressure, and Rationalization.

Opportunity refers to the circumstances that allow fraud to occur, such as weak internal controls or lack of oversight.

Incentive/Pressure refers to the motivation or need that drives an individual to commit fraud, such as financial difficulties or personal gain.

Rationalization is the justification or reasoning that the fraudster uses to make their actions seem acceptable or less unethical.

Segregation of duties is not a component of the fraud triangle. Instead, it is a control mechanism used to reduce the opportunity for fraud by dividing responsibilities among different individuals to prevent unauthorized actions.