his is a two part question. Six liability understatement fraud schemes are listed below. Part...
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Accounting
his is a two part question. Six liability understatement fraud schemes are listed below.
Part (a) Describe three (3) of the fraud schemes listed below.
Part (b) Also, provide a short explanation why liability understatement may be difficult to detect.
Understatement of accounts payable
Understatement of accrued liabilities
Recognizing unearned revenue (a balance sheet credit) as earned revenue
Understatement of future obligations
Understatement/failure to record long-term debt
Omission of contingent liabilities
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