Question: 6. Which is a fraud scheme to overstate inventory? Understatement of goods on consignment Phantom inventory Understatement of cost of goods sold Overstatement of sales

6. Which is a fraud scheme to overstate inventory?

Understatement of goods on consignment Phantom inventory Understatement of cost of goods sold Overstatement of sales

7. Which is a red flag indicating improper asset valuation?

Using lower of cost or market to value inventory Using historical cost to value investments Improperly capitalizing plant assets Unusual increase in gross margin

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