Inventory accounting can often be used for unethical or fraudulent behavior. Discuss the accounting principles and practices as they relate to inventory, and list one or more way(s) that fraudulent activity can take place

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15-09-2022
Mathematics

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Inventory accounting can often be used for unethical or fraudulent behavior. Discuss the accounting principles and practices as they relate to inventory, and list one or more way(s) that fraudulent activity can take place

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bharathparasad577 bharathparasad577 · Answer 1 · 2022-09-22T01:48:33-04:00

One way to reduce the risk of fraudulent activity is to assign two persons to check the inventory.

Accounting principles lay out the basic guidelines and ideas and create the foundation upon which specific accounting standards are built.

Inventory-related accounting principles and procedures might be applied unethically. For instance, many teachers in my field who are required to gather and check-in inventory do so while keeping the inventory for themselves. Having two persons check off the inventory is one method to lower the risk.

Accounting fraud is the illegal modification of a company's financial statements in an effort to hide earnings or losses or to manipulate the company's appearance of health. Accounting fraud can be committed in a variety of ways, including overstating revenue, failing to record expenses, and misrepresenting assets and liabilities.

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The complete question is mentioned below:

Inventory accounting can often be used for unethical or fraudulent behavior. discuss the accounting principles and practices as they relate to inventory, and list one or more way(s) that fraudulent activity can take place. be as detailed as possible, and if appropriate, include a personal experience you have encountered. next, discuss at least one way to reduce the risk of fraudulent practices such as this from taking place in a business.