An advance fee scheme occurs when the victim pays money to someone in anticipation of receiving something of greater value.
What do you mean by Advance fee payment?
Advance fee payment is the money that you pay to a person or company before receiving something such as a loan or investment.It can be in the form of taxes or lottery.
A business is only to keep the payments you've made in advance or ask you to pay a cancellation charge if it's fair .
Hence , An advance fee scheme occurs when the victim pays money to someone in anticipation of receiving something of greater value.
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Answer: $2,027,087.791
Explanation:
Given that,
Lottery commission = $100,000
Remaining 19 payments annually = $100,000
Compounded payment = 7%
Total compounded payment till end:
Where,
A0 = Compounded payment at first deposit = $7,000
t = Total time in years = 20 years
n = No. of compounding periods per year = 1
r = Nominal annual interest rate expressed as a decimal = 0.07
Therefore,
= 7,000 × 3.8696
= $27,087.79
After 20 years,
Total amount deposited will be = $20,00,000 + $27087.79
= $2,027,087.791
Answer:
According to IAS 36 Impairment of Assets says that impairment must be launched when it is clear that the carrying value of the asset is higher than fair value less cost to sell or value in use.
In this question, we can see that the carrying value which is $18.64m is higher than $11.6m by $7.04m (18.64-11.6).
Dr. Impairment Loss $7.04m
CR. Accumulated Impairment Loss $7.04
The (Dr.) impairment Loss Should be Reported in the statement of comprehensive income as an Expense and (CR.) Accumulated Impairment Loss would reduce the Carrying Amount of the Respective Asset in the balance sheet.
Answer:
Solution attached in picture
Explanation:
Answer:
A) Infrastructure costs
Explanation:
Small companies are usually not able to compete with large firms due to the Infrastructure weakness.