Answer:
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.
Answer:
$17,877
Explanation:
initial outlay = ?
net cash flows years 1 to 5 = $3,000 - $400 = $2,600
net cash flows years 6 to 10 = $3,000 - $800 = $2,200
assuming that the discount rate is 6%, we need to determine the maximum amount of initial investment that would result in the NPV = 0
in order to do this we have to calculate the present value of the future cash flows:
PV = $2,600/1.06 + $2,600/1.06² + $2,600/1.06³ + $2,600/1.06⁴ + $2,600/1.06⁵ + $2,200/1.06⁶ + $2,200/1.06⁷ + $2,200/1.06⁸ + $2,200/1.06⁹ + $2,200/1.06¹⁰ = $17,877
that means that the maximum amount that can be invested = $17,877, and that way the NPV = 0
The option that's true about Padraig’s gross pay and total employee benefits is "His total employee benefits are 12.5% of his annual gross pay of $64,000"
His annual gross pay is $64,000, his employment benefits will be:
= 12.5% × $64000
= 12.5/100 × $6400
= 0.125 × $64000
= $8000
Therefore, the annual compensation will be:
= $64000 + $8000
= $72000
In conclusion, the correct option is C.
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Answer:
A) Broker commission
Explanation:
-Broker commission is the amount of money that the broker charges for selling a property.
-Prepaid rent is an amount of money paid in advance when you move into a new house.
-Property tax are the taxes you have to pay when you have a real state.
-Mortgage interest in the interest you have to pay on a loan used to buy a property.
According to this, the answer is that all the items are subject to being prorated except broker comission because this is amount you have to pay to the broker for the job done and it is not a cost associated to the property and because of that it can't be prorated.
The other options are not right because those are costs that are associated to the property and because of that, they are prorated at the closing as the ownership is passed to someone else and that person would be responsible for the costs from that point.
Answer:
Option C is correct. Both of option A and B are correct.
Explanation:
The inventory cost flow assumptions addresses issues which include the selling of inventory to determine the cost to check whether the inventory is obsolote or not. It also addresses the issues which arises due to multiple prices charged by vendor. These issues are addressed by the inventory cost flow model.