ACCT 4120 Chapter 1 Flashcards
someone who commits a fraud
perpetrator
someone who is the target of a fraud
victims
an area of legal responsibility
jurisdictions
the world’s largest anti-fraud organization
ACFE
Association of Certified Financial Examiners
income
revenue
an entity’s income minus expenses
net income
tricking someone out of their assets
fraud
how much out of every dollar a company actually keeps in earnings
profit margin
a prescribed financial report (could be a balance sheet, income statement, statement of cash flows, etc.) that provides meaningful disclosures of where a company has been, where it is currently or where it is going
financial statement
employees deceive employers by taking company assets
employee embezzlement
fraud that doesn’t fall into one of three specific categories and isn’t necessarily for financial gain
miscellaneous fraud
an overcharge for purchased goods, the shipment of inferior goods, or the nonshipment of goods even though payment is made
vendor fraud
customers do not pay for goods purchased, they pay too little, or they get something for nothing
customer fraud
top management’s deceptive manipulation of financial statements
management fraud
fraudulent and usually worthless investments are sold to unsuspecting investors
investment fraud
