Question: 1. WorldCom committed the largest fraud in U.S. history. What was the primary method WorldCom's management used to carry out the fraud?
2. What are the two major categories of long-term assets? How do these two categories differ?
3. Explain how we initially record a long-term asset.
4. If University Hero initially records an expense incorrectly as an asset, how does this mistake affect the income statement and the balance sheet?