Answer:
1. A) Gold coins
2. B) food stamp
3. Gold coins
Funds in a checking account
Funds in a savings account
100 shares of Google stock
Grocery Store Coupons
Food stamps
Explanation:
Money is legal tender that is generally acceptable for transaction within a geographical location mostly a country.
Gold coins is a form of money that is accepted it can be use for transaction immediately.
Funds in checking and savings accounts :-money is available but not in cash or coin, a card is needed to make of the money.
100 shares of google stock:- this is an investment that will yield dividend over a period of time, its not available for use at the moment.
Grocery store coupons is restricted to a specific grocery store and has no value outside.
Food stamp is not generally acceptable outside the designated points.
Answer:
- This type of fraud is check tampering
- It amounts to 20.1% of fraud cases in small businesses, and 8.4% of fraud in large businesses
- This type of fraud can be prevented by rotating employees that handle check issuance to vendors, review of budget versus actual expenditure, monitoring of audit trail to see if beneficiary was changed, daily statement download for reconciliation, and restriction of functions for example a employee that issues checks should not also reconcile bank statement.
Explanation:
Check tampering is a very common fraud that involves changing the beneficiary of a valid check so that funds can be diverted.
In the given scenario the accounts payable clerk was able to change checks to his name in order to divert $10,000. This was only discovered by chance when an employee noticed the change in name.
Various internal control measures can be taken to prevent this and they are listed above
Answer:
Change in liabilities = $33,300
Explanation
<em>According to the accounting equation, assets is equal to liabilities + equity. And this equation can be re-written as:</em>
Liabilities = assets - equity
Liabilities at the end of the period = assets at the end - equity at the end
Assets at the end= 117,000 + 56,700= 173,700
Equity at the end = 88,500 + 23,400 = 111,900
Liabilities at the end = 173,700 - 111,900=61800
Change in liabilities = Liabilities at the end - Liabilities at the beginning
Change in liabilities = 61,800 - 28,500= $33,300
Answer:
The correct answer is letter "A": Shareholder's equity is the residual value of a firm.
Explanation:
Shareholders' equity is a measure of a company's net worth. I can be calculated by subtracting the company's total liabilities from its assets. It is also understood as the <em>funds remaining after all creditors and debts are paid</em> that is why we could say it is the residual value of the firm.
The amount of a service cannot change. But the quality of a service can change positively or negatively
