Question 27 In asset fraud, assets are most often: understated. overstated. recorded as liabilities. recorded as revenues. Question 28 When does inadequate disclosure occur? When a company attempts to overstate assets to make their financial position look better When management makes statements that are wrong in its annual report or any other media When assets are not written down to their appropriate values because insufficient depreciation is recorded When a company understates its liabilities and overstates its revenues and net income