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3 years ago

Connie works in the Human Resource department of a company and is

Business

1 answer:

GenaCL600 [577]3 years ago

8 0

Answer:

Explanation:

A This scenario describes a payroll fraud ; This is a form of fraud where an employee or an employer manipulates the payroll system in order to fraudulently receive an un earned wages.

B The employees that Connie was paying to their account that she controls are called Ghost employees. These are fictitious person put on a payroll for fraud purposes.

C The fact that it took the company 5 years to discover the fraudulent practice indicates a weak internal control environment

Some of the actions that the company failed to do are
No proper authorization in place before employees are added to payroll
No segregation of duties as Connies appears to have been the person that add employees to payroll , approve and also disburse salary
There has been no headcount of employees for a long time
The entire payroll system has not been audited and reviewed for a long time

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1 year ago

Tanner-UNF Corporation acquired as a long-term investment $240million of 6% bonds, dated July 1, on July 1, 2018. The marketinte

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Answer:

Journal Entry

01 July Debit Investment $240 million Credit Bank $200 million Credit Discount on investment $40 million

31 Dec Debit Bank $7,2 Million Debit Discount on Bond $0.8 million Credit Interest Income $8 million

Debit Fair Value loss on investment $30 million Credit Investment $30 million

Explanation:

Interest is received semiannually

6%/2 = 3%

interest = $240 million * 3% =7,200,000

8%/2 = 4%

Interest market $200 million * 4% =8,000,000

Fair value loss = 240 million - 210 million

= 30 million loss because cost is greater than fair value

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3 years ago

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3 years ago

From June 2008 oil was at a high of $144.78 per barrel. During the period from April 2011 until July of 2014, the price of oil h

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2 years ago

Corner Market Inc. is a supermarket chain. Due to strong competition from other stores in the industry, Corner Market has aggres

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Answer:

The correct answer is a monopolistic competition.

Explanation:

Monopolistic competition is a form of market in which there are a large number of buyers and sellers. The sellers are providing differentiated products which are close substitutes.

There is a high degree of competition in the market. The entry and exit in the market are relatively easier than a monopoly market.

To increase their market share and earn more profits, the firms take the help of branding and advertising.

In the given example, the supermarket chain is operating in monopolistic competition as it has to face a high degree of competition and is using branding, etc to create a niche for itself.

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3 years ago