Checklist of Accounting Fraud: How Fraud Occurs-Understating Liabilities / Expense Fraud

November 16th, 2009 Comments off
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Example of such Accounting Fraud

AREAS AND COMMON METHODS USED TO FRAUD

Enron

 

AREA: UNDERSTATING LIABILITIES/EXPENSE FRAUD

  • Not recording accounts payable
  • Not recording accrued liabilities
  • Recording unearned revenues as earned
  • Not recording warranty or service liabilities
  • Not recording loans or keep liabilities off the books
  • Not recording contingent liabilities

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Financial Accounting

 
 

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