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Part 1: Risks in Sales Cycle
The sales cycle has historically been the area where most fraud has been committed. In an effort to recognize high levels of revenue and net income, companies have resorted to aggressive revenue recognition schemes. Use the South University Online Library or the Internet to research revenue recognition and the opportunity for fraud in the sales cycle. Answer the following questions with regard to this high risk cycle:
Part 2: Financial Statements
Financial statements are a formal record of the financial activities of a business. There are typically four basic financial statements. Use the South University Online Library or the Internet to research financial statements. Based on your research and understanding, answer the following questions:
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