Question

1. In the crazy Eddie case, what financial statement fraud scheme did Eddie commit? a. fictitious...

1. In the crazy Eddie case, what financial statement fraud scheme did Eddie commit?

a. fictitious revenues

b. overstatement of inventory

c. all of these

d. Improper disclosures

2. which of the following accounting areas were involved in the financial statement fraud at health south?

a. Accounts Receivable

b. Mergers

c. Capitalized Assets

d. all of these

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Answer #1

Answer:-

1.In the crazy Eddie case,what financial statement fraud scheme did Eddie commit?---c.all of these.

Explanation:-Crazy Eddie's management reported fictitious revenues and profits.Also inventory was also overstated.Disclosures were not correct and proper in the financial statements.

2.d.all of these i.e.,accounts receivable,Mergers,Capitalized assets were involved in the financial statement fraud at health south.

Explanation:- Mr. Richard Scrushy,founder added non existent earnings and inflated assets in its financials.Also, auditors found out that Accounts receivable on money owed to Health South was booked as income.

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