Description Term or Phrase 1. Examines whether financial statements are prepared using GAAP. 2. Procedures set up to protect company property and equipment, ensure reliable accounting, promote efficiency, and encourage adherence to policies. 3. A less expensive and more effective means to stop fraud. 4. Three factors push a person to commit fraud: opportunity, pressure, and rationalization. 5. Beliefs that distinguish right from wrong.

1. Audit

2. Internal control

3. Prevention

4. Fraud triangle

5. Ethics

Explanation:

1. Audit: it involves the process of examining whether financial statements are prepared using the Generally Accepted Accounting Principles (GAAP).

2. Internal control: they are procedures set up to protect company property and equipment, ensure reliable accounting, promote efficiency, and encourage adherence to policies.

Internal controls can be defined as the policies, set of rules, and procedures implemented or put in place by an organization to protect its assets, boost efficiency, enhance financial accountability, enforce adherence to company policies and prevent fraudulent behaviors among the employees.

The main purpose of internal controls is to guarantee that loss is eliminated by ensuring that there is an accurate and reliable accounting system.

3. Prevention: it's a less expensive and more effective means to stop fraud.

4. Fraud triangle: three factors push a person to commit fraud: opportunity, pressure, and rationalization.

5. Ethics: beliefs that distinguish right from wrong.

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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