uring the past year, Jim Hunt, CEO of KMP Corporation, read about several different frauds occurring...

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Accounting

uring the past year, Jim Hunt, CEO of KMP Corporation, readabout several different frauds occurring in his industry. As aresult of these recent frauds, Jim would like to know if fraud ispresent in his company. As Jim's new assistant, he has asked you tohelp him determine whether or not fraud is occurring. Inpreparation for the investigation, Jim has asked you to create alist of five types of fraud symptoms and briefly define and discusseach type.

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1 Financial statement fraud Although its less common most damaging to a company Overstating revenue earnings and assets along with understating liabilities or just plain concealing them are the most common activities found with this type of fraud 2 Asset misappropriation Some of the more common types of fraud fall into the category of asset misappropriation which closelyheld businesses are most susceptible to Skimming of cash and cash See Answer

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