1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Alina [70]
3 years ago
12

A client heard through its hotline that John, the purchases journal clerk, periodically enters fictitious acquisitions. After Jo

hn creates a fictitious purchase, he notifies Alice, the accounts payable ledger clerk, so she can enter them in her ledger. When the payables are processed, the payment is mailed to the nonexistent supplier’s address, a post office box rented by John. John deposits the check in an account he opened in the nonexistent supplier’s name.
Required
a. Define fraud, fraud deterrence, fraud detection, and fraud investigation.
b. List four personal (as opposed to organizational) fraud symptoms, or red flags, that indicate the possibility of fraud. Do not confine your answer to this example.
c. List two procedures you could follow to uncover John’s fraudulent behavior. (CIA Examination, adapted)
Business
1 answer:
velikii [3]3 years ago
5 0

Answer: See explanation

Explanation:

a. Fraud is a criminal deception by someone which is done for either personal or financial gain.

Fraud deterrence is when the likely causes of fraud are identified and removed so as to prevent fraud from occuring.

Fraud detection are the activities that are done so as to prevent money or any other thing from being gotten by false pretenses.

Fraud investigation has to do with using investigative skills and accountability in order to know if fraud has taken place.

b. Fraud symptoms that indicate the possibility of fraud include:

1. Accounting and analytical anomalies

2. Tips and complaint

3. Extravagant lifestyle

4. Unusual behavior

c. The procedures that could be done to uncover John’s fraudulent behavior are:

• Stock reconciliation: This will help show the fictitious acquisitions. Since no receipt are given for the goods, this will help in the detection of the fraud.

• Alice should verify the details such as the address, phone number and name attached to the purchase and find a way of tracking it.

You might be interested in
Harrison Corp. wants to raise its level of service to enhance customer experience. The board of directors send out an email cont
bearhunter [10]

Answer:

Downward communication

Explanation:

Within an organization, downward communication refers to any communication that starts in a higher level of the organization and flows to a lower level of the organization.

In this case, since the board of directors is the highest level of a corporation, any communication that is sent to other parts of the corporation will always be downward communication.

5 0
3 years ago
Question 10 (5 points)
natka813 [3]

The correct answer is C. Application

Explanation:

When employers pre-screen job candidates they verify basic information about candidates such as background, education, skills, experience, etc. to determine if a candidate is suitable for a job and he/she should be interviewed or continue in the process of selection for the job.

In this context, the two main tools used by employers are the resume and the job application. These two documents provide information about the candidate's education, experience, skill, and similar but in the case of the application the information es concise and very specific, while resumes are more detailed and the candidate can include as much information as she/he wants. Thus, the two prescreening tools for job candidates are the resume and the application.

6 0
3 years ago
Tom Tom LLC purchased a rental house and land during the current year for $150,000. The purchase price was allocated as follows:
Agata [3.3K]

Answer:

2273

Explanation:

In this question, we are asked to calculate Tom Tom’s maximum depreciation for this first year.

The term maximum depreciation is accounting principle talks about to what extent has the value of an asset been used.

To calculate his maximum depreciation, we need to be conversant with some conventions. The mid-month convention is what we need to understand here. What the convention assumes is that an asset which is placed into service during a given month is assumed to have been placed into

Such service at the middle of such month in question. Also, it is also assumed that disposing an asset at the beginning of one month or any other time of the month is same as disposing the said asset at the middle of the month. This is what the mid month convention is talking about.

It must also be noted that Residential property has a 27.5-year recovery period. The depreciation is thus $2,273 ($100,000 x 2.273%). This gives us the value of the maximum depreciation

6 0
3 years ago
Exercise 11-6 Net present value LO P3 A new operating system for an existing machine is expected to cost $520,000 and have a use
Citrus2011 [14]

Answer:

NPV of investment 1: $509,131

NPV of investment 2: $269,513

Explanation:

initial investment -$520,000

6 year useful life, depreciation per year = ($520,000 - $10,000) / 6 = $85,000

free cash flow per year = $150,000 + $85,000 = $235,000

free cash flow last year = $235,00 + $10,000 = $245,000

NPV = -$520,000 + $235,000/1.1 + $235,000/1.1² + $235,000/1.1³ + $235,000/1.1⁴ + $235,000/1.1⁵ + $245,000/1.1⁶ = -$520,000 + $213,636 + $194,215 + $176,559 + $160,508 + $145,917 + $138,296 = $509,131

initial investment -$380,000

8 year useful life, depreciation per year = ($380,000 - $20,000) / 6 = $60,000

free cash flow per year = $60,000 + $60,000 = $120,000

free cash flow last year = $120,00 + $20,000 = $140,000

NPV = -$380,000 + $120,000/1.1 + $120,000/1.1² + $120,000/1.1³ + $120,000/1.1⁴ + $120,000/1.1⁵ + $120,000/1.1⁶ + $120,000/1.1⁷ + $140,000/1.1⁸= -$380,000 + $109,091 + $99,174 + $90,158 + $81,962 + $74,501 + $67,737 + $61,579 + $65,311 = $269,513

5 0
3 years ago
What is the minimum value of the box-and-whisker plot?
natka813 [3]

Answer:

A;36

Explanation:

So lets recall the different parts of a box and whisker plot.

The dot at the very right end of it is the maximum, where the largest number is.

After that, the box to the right is the upper quartile.

On the left, the box on the left is the lower quartile.

In between the right and left of the box is the median, which seperates the upper quartile by the lower quartile.

Finally, we have the dot farthest to the left, which is the minimum.

So on our box and whisker chart, lets look at the dot farthest to our left, since thats the minimum.

<u>This should be 36.</u>

Hope this helps! ;)

8 0
3 years ago
Other questions:
  • School band members need to raise money for new uniforms. Some members want to sell energy drinks at a football game, but others
    6·2 answers
  • Everything Looks Like a Nail, Inc. is a manufacturing company that produces hammers. The company faces a number of different fix
    12·1 answer
  • A statement of what a company brought in and paid out is called an
    10·1 answer
  • Sanders Enterprises arranged a revolving credit agreement of $9,000,000 with a group of banks. The firm paid an annual commitmen
    9·1 answer
  • Rug Designs Inc, a manufacturer of large area rugs, markets its products throughout the United States using a network of regiona
    13·1 answer
  • The adjusted trial balance of Antoine Corporation at December 31 shows that sales revenue for the year was $ 520 comma 000 and o
    15·1 answer
  • CWN Company uses a job order costing system and last period incurred $89,000 of actual overhead and $100,000 of direct labor. CW
    5·1 answer
  • ABC Corporation owns a factory. They are selling the factory to Amalgamated Corp. The lawyer for ABC Corporation writes the deed
    10·1 answer
  • You have just won ​$20,000 in the state​ lottery, which promises to pay you ​$1,000​ (tax free) every year for the next
    13·1 answer
  • M. K. Gallant is president of Kranbrack Corporation, a company whose stock is traded on a national exchange. In a meeting with i
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!