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1 year ago

Identify a recent business trend that could be contributing to the increased number of collusive frauds.

1 answer:

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Supplier alliances are occurring more frequently, and suppliers and customers are getting to know one another better.

Fraud Collusion Dangers.

The standard acknowledges the dangers of collusion as well as the increased risk for the auditor in expressing an incorrect opinion, or "audit failure."

The issues with asset misappropriation and financial statement misstatement are brought up by the amended standard for auditors to consider.

Employees, suppliers, customers, and other parties must enlist the help of their co-conspirators in the first type of fraud, or at the very least work together to plan it. This is not a simple task, as it will be discussed below; in an asset theft scheme, coordination and recruitment demand a certain level of risk from the participants.

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Assume a contract for the sale of goods specifies that payment is to be made 15 months after delivery of a product. The seller i

Ede4ka [16]

Answer:

The correct Answer is B.

The seller is likely to recognize interest revenue.

Explanation:

What is interest revenue?

Interest revenue is the earnings that an entity receives from any investments it makes, or on debt it owns.

The Logic here posits that for every money invested or loaned out, some interest should accrue. The goods which have been taken delivery of to the buyer becomes a debt which normally should be paid with no strings attached.

However, because of the term in the contract which stipulates, that the payment will be made after 15 months, the concept of the <em>Time Value of Money</em> which is the bedrock of the Principle of Interest Revenue engages.

The Time Value of Money is a basic financial concept that holds that money in the present is worth more than the same sum of money to be received in the future. This is true because money that you have right now can be invested and earn a return, thus creating a larger amount of money in the future.

It therefore follows that if a party in a business transaction is being asked to forfeit the time value of money then it ought to be compensated for such, hence Interest Revenue.

Cheers!

8 0

3 years ago

Total itemized deductions must be ____ to reduce your tax liability.

Lynna [10]

<span>Total itemized deductions must be “greater than the standard deduction” in order to reduce the tax liability.

Itemized deductions are the personal expenditures which can be deducted from the adjusted gross income (AGI) when the taxable income is determined.

Standard deduction is a blanket deduction which depends on the tax-payer’s age, filing status and other factors. It is taken by a taxpayer whose itemized deductions are comparatively small.

To avoid the itemizing deductions, an individual can chose to take the standard deduction, which is a flat amount. </span>

8 0

3 years ago

Flipco signed a 15-year note payable on January 1, 2018, of $900,000. The note requires annual principal payments each Decemb

MrMuchimi

Answer:A debit to interest expense for $36,000

Explanation:

interest expense= 800,000-80,000 = 720,000 5% 12/12

3 0

3 years ago

You are starting a family pizza parlor and need to buy a motorcycle for delivery orders. You have two models in mind. Model A co

harina [27]

The equivalent annual costs of each model are as follows:

Model A Model B

Equivalent annual costs $2,389.26 $3,008.47

Data and Calculations:

Model A Model B

Costs of motorcycle $8,200 $13,600

Expected years of usage 7 years 9 years

Annual maintenance costs $760 $740

Cost of capital = 9%

Annuity factor 5.03295 5.99524

PV of annual maintenance $3,825.04 $4,436.48

Total NPV of costs $12,025.04 $18,036.48

Equivalent annual costs $2,389.26 $3,008.47

($12,025.04/5.03295) ($18,036.48/5.99524)

Thus, the equivalent annual costs of each model are the dividend of the Total NPV costs divided by the Annuity Factor.

Learn more about the equivalent annual costs (EAC) here: brainly.com/question/25343720

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2 years ago

Business Solutions's second-quarter 2018 fixed budget performance report for its computer furniture operations follows. The $159

taurus [48]

Answer: Check attachment

Explanation:

Some of the information provided in the attachment are explained below:

Total unit budgeted = 136

Budgeted selling price = 1320

Total budgeted desk sales = 136 × 1320 = $179520

Flexible budget units = 142

Budgeted selling price = 1320

Flexible budget sales = $187440

Total unit budgeted = 69

Budgeted selling price = $540

Total budgeted chair sales = $37260

Flexible budget units = 77

Budgeted selling price = 540

Flexible budget sales = $41580

Total units budgeted = 136

Budgeted Variable expenses per desk = 770

Total budgeted Variable cost for desk = 136 × 770 = 104720

Flexible budget units = 142

Budgeted Variable expenses per desk = 770

Flexible budget variable expense for desks = 142 × 770 = 109340

Total units budgeted = 69

Budgeted Variable expenses per chair = 320

Total budgeted Variable cost for chair = 69 × 320 = 22080

Flexible budget units = 77

Budgeted Variable expenses per chair = 320

Flexible budget variable expense for chair =77 × 320 = 24640

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3 years ago