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Schach [20]
3 years ago
5

While auditing a client, the CEO asks you to look carefully at cash flows. You notice that cash flows have decreased every year.

Upon learning of your findings, the CEO remarks, "I seem to bring in more customers every year, but the cash is not there." You tell him that fraud may be occurring, and he asks you to investigate. The two of you agree that the most likely place for a fraud to be occurring is cash collections, and the CEO provides the names of three employees involved in the cash collection process. The CEO then asks how you plan to begin the investigation. Investigations should usually begin by interviewing the prime suspect or suspects, in this case the three employees who handle cash collections.
a. Trueb. False
Business
1 answer:
Vikki [24]3 years ago
5 0

Answer:

The answer is: FALSE

Explanation:

Documents are the most significant evidence in most fraud cases. Those who commit fraud will generally try to manipulate documentary evidence. Investigating the company's databases and accounting records are the best way to get documentary evidence. Also, documentary evidence is considered to be more reliable than eyewitness testimony.

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Early in 2022, Stevenson Incorporated switched to a JIT (just-in-time) inventory system. Financial information for the two most
gregori [183]

Answer:

3.8 times

Explanation:

Inventory turnover indicates how many times a company sells and replaces its stock of goods during a particular period. The formula for inventory turnover ratio is the cost of goods sold divided by the average inventory for the same period.

$ 320,000 / 63,000 = 5.1 times in 2022

$283,500 / 32,000 = 8.9 times in 2023

Therefore inventory turnover increase as a result of the switch to the JIT system by 8.9 times - 5.1 times = 3.8 times

5 0
2 years ago
Selling. general, and administrative expenses were $80,000, net sales were $390,000, interest expense was $16.000: research and
elixir [45]

Answer:

<u>The correct answer is C. US$ 30,000</u>

Explanation:

1. What was the operating income for the period?

Operating income = Net sales - Cost of goods - Operational expenses

Operational expenses on this question are:

  1. Selling. general, and administrative expenses
  2. Interest expenses
  3. Research and development expenses
  4. Income tax expense

According to the information provided, we have then:

Operating income = 390,000 - 220,000 - 80,000 - 16,000 - 34,000 - 10,000

Operating income = 390,000 - 360,000

Operating income = 30,000

<u>The correct answer is C. US$ 30,000</u>

<u></u>

8 0
3 years ago
9,432 written verbal is?
LenKa [72]

Answer:

Poetry?????????????????

8 0
3 years ago
Read 2 more answers
A college graduate in 1972 found a job paying $7,200. The CPI was 0.418 in 1972. A college graduate in 2005 found a job paying $
11111nata11111 [884]

Answer:

D. Less; Less

Explanation:

Given that

CPI in 2005 = 1.68

Wage in 1972 = 7200

Wage in 2005 = 30,000

CPI in 1971 = 0.418

Therefore,

Real wage in 1972 = wage in 1972/CPI in 1972

= 7200/0.418

= $17,224.88

Real wage in 2005 = wage in 2005/CPI in 2005

= 30000/1.68

=$17,857.14

Thus, from the given data 1972 job paid LESS in nominal terms (7200 < 30000) and LESS in real terms (17,244.88 < 17,857.14) than the 2005 job.

6 0
3 years ago
Whereas marketing and financial careers have been transformed by the growth in information systems, thus far managerial position
AlladinOne [14]

Answer and Explanation:

B. False

6 0
3 years ago
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