This question will be sent to your instructor for grading. Financial Statement Misstatements resulting from errors and fraud [7 scenarios @ 2 marks each = 14 marks total; approx. 20 mins] This is an exercise concerning financial reporting misstatements Required: . Give an example of an error or fraud that would misstate financial statements to affect the accounts in the scenarios that follow, take one case at a time. (Note: "Overstate" means the account has a higher value than would be appropriate under GAAP, and "understate" means it has a lower value.) . Be specific in your explanation and provide Illustration of the accounts that would be affected, . An example for the first one has been provided below. Students should provide their own new example for [1] EXAMPLE: [1] Overstate an asset; understate another asset This could be an example of fraud where the employee at the bank that is responsible for authorizing new loans receivable creates fictitious loans to repay previously created false loans DR Loan Receivable - FAKE Customer B CR Loan Receivable - FAKE Customer A [1] Overstate an asset; understate another asset. [2] Overstate an asset; overstate shareholder equity.