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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:

4 0

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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Rowan Co. purchases 200 common shares (40%) of JBI Corp. as a long-term investment for $600,000 cash on July 1. JBI Corp. paid $

aleksley [76]

Answer:

1. Jul-01

Dr Investment in JBI Corp $ 600,000

Cr Cash $ 600,000

2. Nov-01

Dr Cash $ 5,000

Cr Investment in JBI Corp $ 5,000

3. Dec-31

Dr Investment in JBI Corp $ 100,000

Cr Investment revenue $ 100,000

Explanation:

1. Preparation of Rowan's entries to record the purchase of JBI shares

Jul-01

Dr Investment in JBI Corp $ 600,000

Cr Cash $ 600,000

[To record investment in common shares of JBI Corporation]

2. Preparation of Rowan's entries to record the receipt of its share of JBI dividends

Nov-01

Dr Cash [12,500*40%] $ 5,000

Cr Investment in JBI Corp $ 5,000

[To record receipt of dividends]

3. Preparation of Rowan's entries to record the December 31 year-end adjustment for its share of JBI net income

Dec-31

Dr Investment in JBI Corp [$250,000*40%] $ 100,000

Cr Investment revenue $ 100,000

[To record share of net income for the year]

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3 years ago

Which of the following best describes the "invisible hand" concept? Group of answer choices Ample regulation of business by the

Nostrana [21]

Answer:

Self-interest in a market system will automatically promote the public interest as well.

Explanation:

An economy is a function of how money, means of production and resources (raw materials) are carefully used to facilitate the demands and supply of goods and services to meet the unending needs or requirements of the consumers.

Hence, a region's or country's economy is largely dependent on how resources are being allocated and utilized, how many goods and services are to be produced, what should be produced, for whom they are to be produced for and how much money are to be spent by the consumers to acquire these goods and services.

A free-enterprise system also referred to as capitalism or free market can be defined as a type of economy in which prices, products and services are being determined by the market rather than the government. Thus, a free-enterprise system is devoid (free) of government regulations, interference or control because the market (enterprises) are the ones who are saddled with the responsibility of determining the market forces.

Simply stated, a free-enterprise system is a type of economy that is completely driven by demand and supply of goods and services.

The "invisible hand" concept asserts that the self-interest by producers and suppliers of resources in a market system will automatically promote the public interest as well.

This ultimately implies that, public and private interest will always coincide assuming there exist competition in a free market system.

In conclusion, the invincible hand concept is a metaphorical description of the unforeseen forces that typically moves a free market system or economy.

4 0

3 years ago

45.18

jeka94

Congress gave and lay the order to collect taxes

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3 years ago

Sam's Dog toys sells a Red toy and a Blue toy. The contribution margin for the Red toy is $5 and for the Blue toy is $10. The ex

DENIUS [597]

Answer:

500 units

Explanation:

The computation of the sales units in volume to achieve the desired profit is shown below:

= (Fixed cost + target profit) ÷ (contribution margin per unit)

= ($3,000 + $500) ÷ ($5 × 60% + $10 × 40%)

= $3,500 ÷ 7

= 500 units

Hence, the sales units in volume to achieve the desired profit is 500 units

The above formula should be applied to determine the sales units

hence, the same would be considered

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3 years ago

Bayou Financial Corporation holds a security interest in property owned by Cajun Farms. Perfection of this security interest may

gayaneshka [121]

Answer:

Explanation:

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3 years ago