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3 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

Pizza is a normal good if the demand Group of answer choices

levacccp [35]

Answer:

Option A, For Pizza rise when income rises.

Explanation:

Option A is correct because the income of the consumer and the demand for normal goods are positively related. So when consumer's income increases then the demand for normal goods also increases. If the income falls then the demand for normal goods also falls. Therefore, the movement in the same direction shows that there is a direct relationship between normal goods and the income of the consumer.

5 0

4 years ago

In its cash flow statement for the current year, Ness Co. reported cash paid for interest of $70,000. Ness did not capitalize an

Iteru [2.4K]

Answer:

C. $ 76,000

Explanation:

a) Accounting Entry of Cash Paid for Interest

Debit: Interest expense $ 70,000

Credit: Cash $ 70,000

b) Accounting entry of decrease in Accrued Interest Payable

Debit: Interest Payable $ 17,000

Credit: Interest Expense $ 17,000

C) Accounting Entry of Decrease in Prepaid Interest

Debit: Interest Expense $ 23,000

Credit: Prepaid Interest $ 23,000

If interest expenses of above mentioned 3 accounting entries are accumulated then answer will be as follows;

Interest Expense: $70,000-$17,000+$23,000= $ 76,000

4 0

3 years ago

Monopolistic competitors in the food industry will often include a recyclable symbol on packaging used for their product as a me

solong [7]

It means to differentiate their product. Monopolistic competition is a sort of blemished rivalry with the end goal that numerous makers offer items that are separated from each other and subsequently are not impeccable substitutes.
Harmony under monopolistic competition. In the short run, supernormal benefits are conceivable, however, over the long haul, new firms are pulled in into the business, as a result of low boundaries to the passage, great learning and a chance to separate.

6 0

4 years ago

Palladia specializes in the production of beef and produces beef more efficiently than any other country. It buys wheat, which i

SashulF [63]

Answer:

Comparative advantage

Explanation

Comparative advantage is a theory that refers to the ability to produce products at a lower opportunity costs than others. This concept means that if a country is better than other producing two products, specialization still can happen as the second country can produce one of the products better and it will specialize as it has a comparative advantage and like that each country focuses on what they can produce more efficiently.

6 0

3 years ago

There are 6 cities (1-6) in Araxi County. The county must determine where to build fire stations. The county wants to build the

nikdorinn [45]

Answer:

Look at the two attached figures please. The decision variables is the choice to build a fire station in which city.

So there are six decision variables each taking a value of either 0 or 1.

D1 = decision to build fire station in city 1, (1 denotes yes and 0 denotes no)

D2 = decision to build fire station in city 2, (1 denotes yes and 0 denotes no)

D3 = decision to build fire station in city 3, (1 denotes yes and 0 denotes no)

D4 = decision to build fire station in city 4, (1 denotes yes and 0 denotes no)

D5 = decision to build fire station in city 5, (1 denotes yes and 0 denotes no)

D6 = decision to build fire station in city 6, (1 denotes yes and 0 denotes no)

Please look at attachment

C .

The figure 1 denotes the problem formulation in excel and shows all the formulas.

In first step, a matrix is prepared to denote all cities which are within 15 minutes by 1 and others by zero

A array of decision variables for selecting the city is shown. A 1 in cell implies that city is selected and 0 means the city is not selected.

A product of the selection variable and the value in the within 15 minutes matrix is calculated as shown by the formula.

The constraint is to ensure that all cities have at least one fire station mapped within 15 minutes.

The problem is solved in Excel using integer programming and the solution is that City 2 and 4 should be selected for building fire stations and thus total no of fire stations are two with every city within 15 minutes.

Explanation:

3 0

3 years ago