you're right denttiger, i would have missed that on the test. lipases, ubiquitos in the body and some made by the pancreas, break down stored triglycerides and those from the diet by lipolysis into glycerol and fatty acids. glycerol is converted to glyceraldehyde phosphate used in glycolysis through an oxidation reaction in the cell. fatty acids either go through ketogenesis or beta oxidation indirectly or directly, respectively, becoming acetyl Co A. ketogenesis occurs in the liver by ??? beta oxidation occurs in the mitochondria to form acetyl co a.