Answer:
a) T
b) T
c) T
d) T
Explanation:
All the statements are true. So, all the mentioned scenarios made the fraud difficult to detect.
Depreciation Expense $ 4
<h3>What is
Depreciation?</h3>
Depreciation in accounting refers to two aspects of the same concept: First, the actual decrease in the fair value of an asset, such as the annual decrease in the value of factory equipment.
The claim for depreciation on assets used by the assessee for the purpose of business or profession during the previous year. If an asset has been in use for more than 180 days, depreciation of 50% is allowable in that year.
Depreciation in Action - If a company purchases a delivery truck for Rs. 100,000 and expects to use it for 5 years, the company may depreciate the asset at a rate of Rs. 20,000 per year for a period of 5 years.
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Answer: True.
Explanation:
The business model of a company is a business organization's plan to operate business. The business model covers the product the company intends to sell, the customers their products are aimed towards and the budgeted cost of running the business.
Answer:
Please see answers below.
Explanation:
A. Three important Items to double check before submitting a loan application to underwriting.
• Completeness of data : One has to be sure that all important details are captured hence none is left out. It means that there are no missing information on the application.
• Calculations performed accurately: This means that calculations such as borrower's income, qualifying ratios are calculated accurately and also double checked for the purpose of the loan underwriting.
• Documentations required by the loan programme. All Documentations required by the loan programme must be double checked before submitting a loan application to underwriting.
B. List at least two things you would be sure to tell a borrower in preparation for closing
• I will seek clarity in terms of the money borrower would be bringing to the closing table.
• The date,time,venue of closing are essential for the closing hence will be communicated to the borrower. Also, there are no right or wrong answers that may be asked or given by the borrower during the closing.
C. List at least three calculations that are typically used during the course of mortgage loan transaction.
• Income calculation
• Front end and back end ratio (DTI ratio)
• Monthly payment.
Answer:
The correct answer is the option C: Because the effect of compounding allows growth to build upon previous growth.
Explanation:
To begin with, the term of <em>"Compounding"</em> in economics refers to the situation in which an assets' earnings are reinvested to generate more additional earnings over the pass of time and therefore that in an economy when there is a small growth the investors take advantage of the effect that the compounding has over the situation and use it in order to generate more earning in the future and that is why that the the effect of compounding allows growth to build only upon previous growth.
