Accounting fraud: Accounting is an art; a single change in the journal entry may make a difference. An accounting error may change the result of statements to be prepared. Adjusting entries are made at the end of the year of accounting to make the accounting up to date following the accrual concept. There may be some non required entries made by management or accountant to mislead the results for personal purposes. Such non required changes can be called as accounting frauds. It is easy to catch a mistake in accounting, but it is hard to find the fraud in accounting. To determine: 1. The effect of change in journal entry on net income.3 2. Gain or loss due to the change in the journal entry.

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Answer 1

Question

Chapter 2, Problem 2.1FC

To determine

Accounting fraud:

Accounting is an art; a single change in the journal entry may make a difference. An accounting error may change the result of statements to be prepared. Adjusting entries are made at the end of the year of accounting to make the accounting up to date following the accrual concept. There may be some non required entries made by management or accountant to mislead the results for personal purposes. Such non required changes can be called as accounting frauds. It is easy to catch a mistake in accounting, but it is hard to find the fraud in accounting.

To determine:

1. The effect of change in journal entry on net income.3

2. Gain or loss due to the change in the journal entry.

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Answer 2

Question

Chapter 2, Problem 2.1FC

To determine

Accounting fraud:

Accounting is an art; a single change in the journal entry may make a difference. An accounting error may change the result of statements to be prepared. Adjusting entries are made at the end of the year of accounting to make the accounting up to date following the accrual concept. There may be some non required entries made by management or accountant to mislead the results for personal purposes. Such non required changes can be called as accounting frauds. It is easy to catch a mistake in accounting, but it is hard to find the fraud in accounting.

To determine:

1. The effect of change in journal entry on net income.3

2. Gain or loss due to the change in the journal entry.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 2, Problem 2.1FC

To determine

Accounting fraud:

Accounting is an art; a single change in the journal entry may make a difference. An accounting error may change the result of statements to be prepared. Adjusting entries are made at the end of the year of accounting to make the accounting up to date following the accrual concept. There may be some non required entries made by management or accountant to mislead the results for personal purposes. Such non required changes can be called as accounting frauds. It is easy to catch a mistake in accounting, but it is hard to find the fraud in accounting.

To determine:

1. The effect of change in journal entry on net income.3

2. Gain or loss due to the change in the journal entry.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 2, Problem 2.1FC

To determine

Accounting fraud:

Accounting is an art; a single change in the journal entry may make a difference. An accounting error may change the result of statements to be prepared. Adjusting entries are made at the end of the year of accounting to make the accounting up to date following the accrual concept. There may be some non required entries made by management or accountant to mislead the results for personal purposes. Such non required changes can be called as accounting frauds. It is easy to catch a mistake in accounting, but it is hard to find the fraud in accounting.

To determine:

1. The effect of change in journal entry on net income.3

2. Gain or loss due to the change in the journal entry.

Expert Solution & Answer

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Answer 5

Chapter 2, Problem 2.1FC

To determine

Accounting fraud:

Accounting is an art; a single change in the journal entry may make a difference. An accounting error may change the result of statements to be prepared. Adjusting entries are made at the end of the year of accounting to make the accounting up to date following the accrual concept. There may be some non required entries made by management or accountant to mislead the results for personal purposes. Such non required changes can be called as accounting frauds. It is easy to catch a mistake in accounting, but it is hard to find the fraud in accounting.

To determine:

1. The effect of change in journal entry on net income.3

2. Gain or loss due to the change in the journal entry.

Answer 6

Chapter 2, Problem 2.1FC

To determine

Accounting fraud:

Accounting is an art; a single change in the journal entry may make a difference. An accounting error may change the result of statements to be prepared. Adjusting entries are made at the end of the year of accounting to make the accounting up to date following the accrual concept. There may be some non required entries made by management or accountant to mislead the results for personal purposes. Such non required changes can be called as accounting frauds. It is easy to catch a mistake in accounting, but it is hard to find the fraud in accounting.

To determine:

1. The effect of change in journal entry on net income.3

2. Gain or loss due to the change in the journal entry.

Answer 7

Chapter 2, Problem 2.1FC

To determine

Accounting fraud:

Accounting is an art; a single change in the journal entry may make a difference. An accounting error may change the result of statements to be prepared. Adjusting entries are made at the end of the year of accounting to make the accounting up to date following the accrual concept. There may be some non required entries made by management or accountant to mislead the results for personal purposes. Such non required changes can be called as accounting frauds. It is easy to catch a mistake in accounting, but it is hard to find the fraud in accounting.

To determine:

1. The effect of change in journal entry on net income.3

2. Gain or loss due to the change in the journal entry.

Answer 8

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Answer 9

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Answer 10

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Answer 11

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