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3 years ago

When assessing fraud risk,

Business

1 answer:

PilotLPTM [1.2K]3 years ago

8 0

Answer:

The correct answer is B. the auditor's assessment of fraud risk should be ongoing throughout the audit.

Explanation:

As a consequence of the constant corporate scandals linked to corruption as well as the emergence of new regulations worldwide, many executives recognize that the risk of fraud and irregular behaviors inevitably integrates their agendas, and they are fully aware of the need to create specific measures aimed at its timely and effective management. At KPMG we assist you in your continuous effort to prevent, detect and respond to these risks, through the design, implementation and evaluation of anti-fraud programs and controls.

Effective fraud risk management gives organizations the tools to manage risk in accordance with regulatory requirements, as well as with the needs of the business, the organization and market expectations.

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A process that produces computer chips has a mean of .04 defective chip and a standard deviation of .003 chip. The allowable var

Anarel [89]

Answer:

a) 0.667

b) Yes

Explanation:

Data provided in the question:

Mean = 0.04

Standard Deviation = 0.003

Upper Specification Limit, USL = 0.046

Lower Specification Limit, LSL = 0.034

Now,

a) Capability Index is given as:

Cp = $\frac{(USL-LSL)}{(6\sigma)}$

Cp = $\frac{(0.046-0.034)}{(6\times0.003)}$

Cp = 0.667

Also,

Cpk = min( $\frac{(USL-Mean)}{(3\sigma)},\frac{(Mean-LSL)}{(3\sigma)}$

Cpk = min( $\frac{(0.046-0.04)}{(3\times0.003)},\frac{(0.04-0.034)}{(3\times0.003)}$

Cpk = min( 0.667 , 0.667 )= 0.667

Since,

Cp and Cpk are same in this case

therefore, it is ideal condition and process is capable

b) yes

6 0

3 years ago

In a Chapter 11 bankruptcy, a class of creditors is considered to have accepted the bankruptcy plan when: Group of answer choice

anygoal [31]

Answer:

In a Chapter 11 bankruptcy, a class of creditors is considered to have accepted the bankruptcy plan when:

one-half of the class in number and two-thirds of the class in dollar amount agree.

Explanation:

In a Chapter 7 bankruptcy, the business assets are liquidated to pay the creditors. In a Chapter 11 bankruptcy, the business assets are not liquidated. Instead, the business is refinanced as the assets and debts are reorganized, making it possible for the continued existence of the business. This is the reason the agreement of the creditors are usually paramount in the decision to undergo a Chapter 11 bankruptcy, unlike a Chapter 7 bankruptcy.

7 0

3 years ago

If a company incorrectly records cash received for services to be provided in the future with a debit to cash and a credit to sa

Helen [10]

There will be inadequate liabilities.

What Does Sales Revenue Mean?

Sales revenue is the money a business makes from selling products or offering services. Sales and revenue can, and frequently are, used interchangeably to refer to the same thing in accounting. It is significant to remember that revenue does not always equate to money received. One part of sales revenue may be paid in cash, and the other part may be paid on credit using methods like accounts receivable.

Either the gross revenue total or the net revenue amount can be used to represent sales revenue on the income statement. All deductions for product returns, the potential for undelivered items, and the cost of bad debt are all included in net revenue.

to know more about sales revenue

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8 0

2 years ago

Identify and explain 2 reasons why a business such as AEC could not be successful without other firms providing natural resource

julia-pushkina [17]

Answer:

AEC needs rubber to make its seals too. Oil is needed to produce rubber and, like coal and iron ore, oil is a natural resource. Without oil, AEC would have no rubber for seals. Natural resources are declining over time + coal reserves, especially, are running out.

4 0

3 years ago

Read 2 more answers

Consider the following financial statement information for the Hop Corporation:

EastWind [94]

Answer: Operating cycle = 84.70 days

Cash cycle = 41 days

Explanation:

Beginning inventory = $11,100

Ending Inventory = $12,100

Average inventory = ($11100 + $12100)/2 = 11600

Average Accounts receivable = (6,100 + 6,400)/2 = 6250

Average Accounts payable = (8,300 + 8,700)/2 = 8500

Day sales in inventory = Average inventory × 365 / Cost of goods sold

= 11600 × 365 / 71000 = 59.63 days

Average collection period = Average receivable × 365 / Credit sales

= 6250 × 365 /91000 = 25.07 days

Average payment period = 43.70 days

Therefore, operating cycle will be:

= Day sales in inventory + Average collection period

= 59.63 days + 25.07 days

= 84.70 days

Cash cycle = Operating cycle - Average payment period

= 84.70 - 43.70

= 41 days

7 0

3 years ago