1) Using the categories included in the professional standards, inappropriately and intentionally failing to expense expired amounts of the prepaid insurance is an example of     a)misappropriation of assets. b)other illegal acts. c)fraudulent financial reporting. d)direct effect illegal act   2)A financial statement audit should be designed to obtain reasonable assurance that the financial statements are free of material misstatement due to:   a)misappropriation of assets only. b)fraudulent financial reporting only.c)neither fraudulent financial reporting nor misappropriation of assets. d)both fraudulent financial reporting and misappropriation of assets

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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1) Using the categories included in the professional standards, inappropriately and intentionally failing to expense expired amounts of the prepaid insurance is an example of     a)misappropriation of assets. b)other illegal acts. c)fraudulent financial reporting. d)direct effect illegal act

 
2)A financial statement audit should be designed to obtain reasonable assurance that the financial statements are free of material misstatement due to:   a)misappropriation of assets only. b)fraudulent financial reporting only.c)neither fraudulent financial reporting nor misappropriation of assets. d)both fraudulent financial reporting and misappropriation of assets
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