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2 years ago

The difference between errors in the financial statemetns as compared to fraud is

1 answer:

4 0

Hello there!

There is quite a HUGE difference between these both. When being frauded or making a fraud, this would also be known as stealing money.

But when making a mistake in a statement, they can be things resolved faster than if a person were to steal money. When making this mistake, you could resolve this by explaining why this was a mistake and also what could you do to fix it as well.

Both of these kind of acts are seriously two major different things, they have nothing in common.

You might be interested in

Which type of marketing intermediary are sales representatives of manufacturers and wholesalers?

Len [333]

Answer:

C. Agents

Explanation:

They are sales representatives for manufacturers or wholesalers and usually are hired on a commission basis.

6 0

2 years ago

Both you and your older brother would like to have $28,000 in 13 in years. Because of your success in this class, you feel that

DerKrebs [107]

Answer:

$693.16

Explanation:

Calculation to determine How much less than your brother will you have to deposit today

Using this formula

FV= Present value × (1 + interest rate)^number of years

Let plug in the formula

First step

$28,000 = Present value × (1 + 0.112)^13

PV= $28,000 ÷ 1.112^13

PV= $28,000 ÷ 3.97522975235

PV= $7,043.618

Second step

$28,000 = Present value × (1 + 0.104)^13

PV= $28,000 ÷ 1.104^13

PV= $28,000 ÷ 3.61907808993

PV= $7,736.777

Now let calculate how much less than your brother will you have to deposit today

Deposit today= $7,736.777-$7,043.618

Deposit today= $693.159

Deposit today=$693.16 (Approximately)

Therefore How much less than your brother will you have to deposit today will be $693.16

5 0

2 years ago

The fact that the equilibrium quantity of loanable funds may increase along with an increase in the real rate of interest A. ass

joja [24]

Answer:A. assumes that demand for loanable funds increases with supply remaining unchanged

Explanation:

Loanable funds is the sum total of all the money people and entities in an economy have decided to save and lend out to borrowers as an investment rather than use for personal consumption. ... One way to make an investment is to lend money to borrowers at a rate of interest.

7 0

2 years ago

The Town of McHenry has $13,000,000 in general obligation bonds outstanding and maintains a single debt service fund for all deb

VLD [36.1K]

Answer:

Dr Cash $13,000,000

Cr Other financing source- refunding of existing debt $13,000,000

Dr Other financing uses - refunding of existing debts $13,000,000

Cr Cash $13,000,000

Explanation:

Preparation of the Journal entries to record the transaction on the books of the debt service fund.

Based on the information given we were told that the Town of McHenry has the amount of $13,000,000 in general obligation bonds outstanding in which On July 1, 2017, a current refunding of the amount of $13,000,000 took place which means that the Journal entries to Record the transaction on the books of the service debt fund will be :

Dr Cash $13,000,000

Cr Other financing source- refunding of existing debt $13,000,000

Dr Other financing uses - refunding of existing debts $13,000,000

Cr Cash $13,000,000

4 0

2 years ago

1. If money is deposited in a bank that pay's simple interest of 4.5 %, bow much will have to be deposited to earn $90 of intere

TiliK225 [7]

The amount of 3000 will have to be deposited to earn $90 of interest for 8 months, if money is deposited in a bank that pay's simple interest of 4.5%.

Explanation:

The given is,

Simple interest of 4.5 %

Earn $90 of interest for 8 months

Step:1

Formula to calculate the simple interest method,

$F=P(1+iN)$ ...................................(1)

Where,

F - Future amount

P - Initial investment

i - Rate of interest

N - Number of years

From given,

i - 4.5%

Let, X - Initial investment, P = X

F = P + Interest amount

F = X + 90

From the equation (1),

$(X+90)=X(1+(0.045)(0.667))$

(∵ N = 8 months = $\frac{8}{12}$ = 0.667 year )

$(X+90)=X(1+(0.03))$

$(X+90)=X(10.03)$

$(X+90)=1.03 X$

$90=1.03X-X$

$90=0.03X$

$= \frac{90}{0.03}$

= 3000

P = X = $ 3000

From the X value.

F = P + 90

= 3000 + 90

F = $ 3090

Result:

The amount of 3000 will have to be deposited to earn $90 of interest for 8 months, if money is deposited in a bank that pay's simple interest of 4.5%.

4 0

2 years ago