Which is an example of fraud and exemplifies the kind of fraud committed?

I. Unrecorded liabilities is part of Fraudulent Financial Reporting

II$.$ Recording fictitious sales is part of a Misappropriation of Assets

III. Theft of inventory by employees or others is part of a Misappropriation of Assets

IV$.$ Using a company credit card for personal use is part of Fraudulent Financial Reporting

Select answer from the options below

II and III are correct.

II and IV are correct.

Only I is correct.

I and III are correct.