Question

What is the violation of the organization's defined procedures and/or accounting practices?

1) Fraud
2) Error
3) Misappropriation of assets
4) All of the above

Answer 1

Fraud, error, and misappropriation of assets are all examples of violations of an organization's defined procedures and/or accounting practices.

Step-by-step explanation:

The violation of the organization's defined procedures and/or accounting practices is called:

1. Fraud: Fraud is a deliberate act of deceiving others for personal gain. It involves intentional misrepresentation of facts and can have serious legal consequences.
2. Error: Errors are unintentional mistakes made in recording or reporting financial information. These can be caused by oversight, carelessness, or lack of knowledge.
3. Misappropriation of assets: Misappropriation of assets refers to the unauthorized use or theft of an organization's resources. This can include stealing cash, inventory, or valuable assets.

Therefore, the correct answer is option 4) All of the above.