During the accounting cycle, there are a number of steps that must be accurately completed in order to produce complete financial statements and accounting records. The following is another view of this cycle:

1. Analyze transactions
2. Record journal entries
3. Post journal entries to respective ledger accounts
4. Create unadjusted trial balance
5. Record adjusting entries
6. Post adjusting entries to respective ledger accounts
7. Creat adjusted trial balance
8. Construct financial statements
9. Record closing entries
10. Create post-closing trial balance

However, there are many steps along the way that can lead to the issue of fraud or significant errors.

REQUIRED

Based on your knowledge of the accounting cycle and the various steps that must be performed during this cycle,answer the following questions:

1. What are some incorrect or fraudulent actions that can be performed, in at least 3 of the steps above, that would cause the accounting data to be inaccurate?In other words, select 3 of the steps above and indicate at least 1 incorrect or fraudulent action that could be performed (i.e. recording a false journal entry, or incorrect mathematics being performed on a trial balance or financial statement).
2. For each of the errors or fraudulent actions noted in question 1 above, what would you do to prevent or detect this?