Answered: The difference between fraud and errors…

The difference between fraud and errors is: a. the timing of the transaction b. the materiality of the value involved. c. intent of those involved. d. whether it affects owners’ equity or not.

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

The difference between fraud and errors is:

the timing of the transaction

the materiality of the value involved.

intent of those involved.

whether it affects owners’ equity or not.

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