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Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663

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Section
BuyFindarrow_forward

Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663
Chapter 1, Problem 4TIF
Textbook Problem
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Communication

There are two common causes of business and accounting fraud:

  • a failure of individual character, and
  • a culture of greed or ethical indifference within an organization.

Write a brief memo describing how these two factors could lead to accounting fraud.

To determine

Write a brief memo describing how these two factors could lead to accounting fraud.

Explanation of Solution

Memo

From

   XYZ

To

   ABC

January 4, 2018

Sub: The two common causes of business and accounting fraud.

The accounting frauds refer to the intentional fabrication of the accounting records, and this is done for the personal gain of either an individual or an organization. The business fraud refers to business activities which are done in a fraudulent, illegal manner. The two common causes for the business and accounting frauds are either the failure of an individual character or a culture of greed or ethical indifference within the organization.

In the failure of an individual character, the individual shall act in personal gain and indulge in perfidious activities. They may use the funds of the business for personal use and overstate the expenses. If the culture of greed or ethical indifference is present within the organization, then the business activities may be devoid of moral values...

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Chapter 1 Solutions

Financial And Managerial Accounting
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