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Which of the following misstatements represents misappropriation of assets as defined in auditing standards? A. Taking cash from a sales transaction and inventory items from
Which of the following misstatements represents misappropriation of assets as defined in auditing standards?
A. Taking cash from a sales transaction and inventory items from the stores.
B. Clerical mistakes in the accounting data underlying the financial statements.
C. Intentional overstatement of sales near balance sheet date to increase reported earnings.
D. Overlooking older raw materials in determining the lower of cost or market for inventory.
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