Misappropriation of assets is the most common fraud but is the most expensive fraud in fraudulent financial reporting.
What is the most common type of accounting fraud?Wrong timing of revenue recognition is the most not unusual sort of accounting fraud the Securities and exchange fee (SEC) has taken motion in opposition to beneath its whistleblower software, say lawyers who work with employees who've come ahead.
Forms of fraud encompass tax fraud, credit score card fraud, twine fraud, securities fraud, and financial disaster fraud. Fraudulent interest may be achieved by one individual, more than one person, or an enterprise firm as a whole.
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On december 29, 2021, patel products, inc. , sells a delivery van that cost $20,000. the equipment had accumulated depreciation of $16,000 at december 31, 2020. annual depreciation on this equipment is $2,000 computed using straight-line depreciation.
The appropriate journal entry to record the transaction using straight-line depreciation is: Debit Depreciation expense $2,000; Credit Accumulated depreciation $2,000
DepreciationIf the annual depreciation on this equipment is the amount of $2,000. The correct journal entry to record the transaction using straight-line depreciation is:
December 31 2020
Debit Depreciation expense $2,000
Credit Accumulated depreciation $2,000
(To record depreciation expenses)
Therefore the entry is: Debit Depreciation expense $2,000; Credit Accumulated depreciation $2,000.
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At which of the levels of market efficiency does the efficient market hypothesis support the technical analysis approach to future share price determination?
The efficient market hypothesis supports the technical analysis approach to future share price determination at Neither weak nor semi-strong efficiency.
What is Market Efficiency?
Market efficiency is the degree to which the market prices reflect all available information. It can also be known as an efficient-market hypothesis.
When an efficient market supports the technical analysis approach, it would be at neither weak nor semi-strong efficiency when determining the future price.
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The amount of a product an organization expects to sell during a certain period of time, based on a specified level of marketing effort, is called a:.
A sales forecast is the volume of merchandise that an organization anticipates selling over a given period of time, based on a predetermined level of marketing activity.
What exactly do you mean by marketing?
Marketing describes the actions a business does to encourage the purchase or sale of a good or service. Advertising, selling, and delivering goods to customers or other firms are all included in marketing.
Sales forecasting is the act of determining how much a sales unit—which can be a single salesperson, a sales team, or an entire company—will sell over the course of the upcoming week, month, quarter, or year.
Thus, organizing expectations for sales during a given period of time refers to the sales forecasts.
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Determine whether each cash receipts procedure is an internal control strength or weakness reciepts are only given to customers for sales that are above $20
The internal control procedures are categorized as follows:
These refer to processes in the accounting process or other aspects of the business that are instituted to prevent or eliminate fraud or errors.
Full question:
Determine whether each cash receipts procedure is an internal control strength or weakness.
The record keeper of cash transactions is also in charge of depositing cash receipts in the bank.One employee with many years of experience is solely in charge of opening cash receipts received by mail.All sales transactions, even those for less than $1, are recorded on a cash register.Two employees are tasked with opening mail that contains cash receipts.Cash registers have a permanent, locked-in electronic record of each transaction.The clerk who has access to cash in the register cannot access the accounting records to change transaction deals.Receipts are only given to customers for sales that are above $20Learn more about internal controls at;
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What is not true about dod travel policy?
What is not true about dod travel policy is: An AO can approve payment for items not addressed by the JTR.
DoD travel policyDoD which full meaning is Department of Defense travel policy is a policy that tend to payback the expense incurred when a staff travel due to official assignment.
Based on the policy an AO cannot approve expenses reimbursement for things that are not address by the JTR.
Therefore the statement is false.
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Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows:
Inventory Purchases Sales
Dec. 1 310 units at $88 Dec. 10 144 units at $90 Dec. 12 240 units
Dec. 20 240 units at $96 Dec. 14 166 units
Dec. 31 200 units
Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit.
Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column.
The cost of sales and the inventory balance at the given dates are:
Date Cost of sales Inventory Balance
Dec 12 $21,120 214
Dec 14 $14,800 48
Dec 31 $22,752 14
What is FIFO?FIFO means first in, first out. It means that it is the first purchased inventory that is the first to be sold.
The items sold on Dec 12 would be taken from the beginning inventory.
Inventory left = (310 - 240) + 144 = 214
Cost of goods sold = 88 x 240 = $21,120
The items sold on Dec 14 would be taken from the beginning inventory and the items bought on Dec 10.
Inventory left = 214 - 166 = 48
Cost of goods sold = (88 x 70) + [(166 - 70) x 90] =
6160 +8640 = $14,800
The items sold on Dec 31 would be taken from the inventory purchase on Dec 10 and 20.
Inventory left = (48 + 240) - 200 = 88
Cost of good sold = (48 x 90) + [(240 - 48) x 96) =
4320 + 18,432 = $22,752
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a a perfectly competitive industry faces a horizontal straight line demand curve whereas a monopoly faces a downward sloping demand curve.
It is true that a perfectly competitive industry faces a horizontal straight line demand curve whereas a monopoly faces a downward sloping demand curve.
What is competitive market?A perfect competitive market has a straight line graph on the demand of goods and services this means that the goods are sold at the market price. Monopoly market price are not regulated hence the curve is not straight.
Therefore, It is true that a perfectly competitive industry faces a horizontal straight line demand curve whereas a monopoly faces a downward sloping demand curve.
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Explains why it may take up to two years for a currency depreciation to make significant reductions in a nation’s trade deficit
It may take up to two years for currency depreciation to make significant reductions in a nation’s trade deficit. This is further explained below.
What is currency depreciation?Generally, Depreciation occurs when a currency's exchange rate declines in relation to other currencies.
In conclusion, Currency depreciation may have a major impact on a country's trade imbalance, but it may take up to two years to see those results.
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Consumers usually buy a(n) _____ only after comparing several brands or stores on style, practicality, price, and lifestyle compatibility
Consumers usually buy a shopping product only after comparing several brands or stores on style, practicality, price, and lifestyle compatibility
Who are consumers?Consumer are individual or group of people who are willing to pay for a particular products or services they need.
Consumer often go around to compare prices and custom relations after which they decide who to buy from.
Therefore, Consumers usually buy a shopping product only after comparing several brands or stores on style, practicality, price, and lifestyle compatibility
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identify the functions of an enhancer in transcription.
We can actually deduce here that the functions of an enhancer in transcription is:
A cis-regulatory element that regulates gene transcription in specific tissues or cells.Regulates transcription by catalyzing the formation of an enhanceosome, activating transcription.What is an enhancer?An enhancer in genetics refers to be a region of DNA that actually increases the chances of a transcription of a gene to occur. They are proteinous and usually referred to as transcription factors.
We can see here that the above are identified as functions of an enhancer in transcription.
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what do i say to "tell me about yourself" in a job interview
(20 pts)
Answer:
1- Mention past experiences and proven successes as they relate to the position. ...
2- Consider how your current job relates to the job you're applying for. ...
3- Focus on strengths and abilities that you can support with examples. ...
4- Highlight your personality to break the ice.
Explanation:
Karla Salons leased equipment from Smith Co. on July 1, 2021, in a finance lease. The present value of the lease payments discounted at 8% was $58,000. Ten annual lease payments of $8,000 are due each year beginning July 1, 2021. Smith Co. had constructed the equipment recently for $53,000, and its retail fair value was $58,000. What amount of interest revenue from the lease should Smith Co. report in its December 31, 2021, income statement
Smith Co. should report $4,900 amount of interest revenue from the lease in its December 31, 2021, income statement.
What is interest revenue?Interest revenue is the earnings that an entity receives from any investments it makes, or on debt it owns.
Explanation:- 6 month depreciation expense on leased equipment (July 1 to Dec 31) = Fair value of equipment / Estimated useful life *6/12
= $58,000/10 *6/12
= $2,900
Interest expense up to Dec 31, 2021 = (Total present value of lease payment - Lease payment on July1, 2021) *8% *6/12
= ($58,000 - $8,000) * 8% * 6/12
= $2,000
Hence, the total decrease in earnings in income statement would be $4,900( 2,900 depreciation + 2,000 interest expenses)
Therefore, the answer is $4,900.
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Which type of decision maker over-analyzes a given piece of information?
Agonizer is the type of decision maker over-analyzes a given piece of information.
What is decision in the organization?Decision is the important factor in the organization as the organization go on the decision take the people work in a firm. The decision can make or break the company and the good decision always beneficial for the company.
The options are missing in the question
A. Mystic
B. Agonizer
C. Submissive
D. Fatalist
Thus, option B is correct.
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Fixed expenses are $531,000 per month. The company is currently selling 4,000 units per month. The marketing manager would like to cut the selling price by $14 and increase the advertising budget by $35,000 per month. The marketing manager predicts that these two changes would increase monthly sales by 500 units. What
The overall effect on the company's monthly net operating income of this change is A. decrease of $18,000.
What is break-even analysis?The break-even analysis is an accounting tool to determine the point at which cost and income are equal and there is neither profit nor loss.
Using the break-even technique, companies can evaluate production and sales decisions to arrive at optimal decisions.
Data and Calculations:Fixed costs per month = $531,000
Sales units per month = 4,000 units
Reduction in selling price = $14
New selling price = $186 ($200 - $14)
New fixed costs = $566,000 ($531,000 + $35,000)
News Sales units per month = 4,500 units (4,000 + 500)
New Contribution margin per unit = $146 ($186 - $40)
New Contribution margin ratio = 78.5% ($146/$186 x 100)
Determination of Change in Net Operating Income:Old New Difference
Total Contribution $640,000 $657,000 $17,000
($160 x 4,000) ($146 x 4,500)
Fixed costs 531,000 566,000 -$35,000
Net operating income $109,000 $91,000 -$18,000
Question Completion with Answer Options:Data concerning Pellegren Corporation's single product appear below:
Per Unit Percent of Sales
Selling price $200 100%
Variable expenses 40 20%
Contribution margin $160 80%
What should be the overall effect on the company's monthly net operating income of this change?
A. decrease of $18,000
B. increase of $38,000
C. decrease of $38,000
D. increase of $58,000
Thus, the overall effect on the company's monthly net operating income of this change is A. decrease of $18,000.
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A decision that involves doing a little more or a little less of something is called a:.
Answer:
Marginal decision.
Your goals tend to set the tone for your investment program, and they play a major role in determining how conservative or aggressive you're likely to be in making investment decisions. Group of answer choices True False
The given statement is true, that the goals set the tone for any investment program and help to determine how conservative or aggressive, the person is likely to be making the investment decisions.
What is the investment decision?
Mainly, the Investors and investment managers execute investment decisions. These decisions are based on the disclosure of investigation tools that are based on data about the establishments. The goals are made to set the tone for any investment program.
Investors oftentimes conduct investment analysis using fundamental analysis, technical analysis, and it also helps to determine how conservative or aggressive the person making the investment decisions.
Therefore, the given statement is true.
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A disadvantage of extending credit to customers is that the cost may ______ the additional sales revenue received through credit transactions.
Answer:
Exceed is the answer
Suppose a firm is allowed to operate as a monopoly due to the presence of large economies of scale. Social welfare can potentially gain if Multiple choice question. price is regulated at the socially efficient level. profits are regulated at the socially efficient level. the HHI exceeds 1,800. profits are forced to be negative
Even if the company is allowed to operate as a monopoly, there can still be social welfare gain if price is regulated at the socially efficient level.
How can a monopoly benefit society?Monopolies are able to charge high prices because they are the only supply. This harms consumer surplus, and therefore reduces social welfare.
If the prices that the monopoly charges can be limited to a socially efficient amount, then the society would benefit.
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Dvds are an example of a product in the _______ stage. the demand for dvds has now been surpassed by the demand for blu-ray discs and online streaming of content. this stage is governed by the change in consumer tastes and the rate at which new products enter the market.
Dvds are an example of a product in the decline stage in which the demand for dvds has now been surpassed by the demand for blu-ray discs and online streaming of content.
What is a product life cycle?A product's life cycle refers to the process a product goes through right from its introduction to the market, until it declines or people stop buying it.
It is to be noted that no matter how amazing a product is, it must follow the product life cycle.
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Globalization as an apparent universal civilization revolves around the emergence and spread of common systems, including but not limited to, political relations, economic transactions, technology creation / transfer, and
Globalization is an apparent universal civilization that revolves around the emergence and spread of common systems that include, but are not limited to, political relations, economic transactions, technology creation/transfer, and Cultural Influence.
What is Globalization?Globalization refers to the process of spread of financial products, goods, technology, information, and jobs across national borders and cultures.
It is the growing interdependence of the world's economies, cultures, and populations that is brought by cross-border trade in goods and services.
It has increased the interconnection of local and nationalistic economies across the world.
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How does risk management differ from quality managemtn
A risk management differs from quality management because the risk management identifies areas of operational and financial loss.
What is a risk management?This refers to the layer of protection at the beginning of the process to identify hazards before production even begins.
What is quality management?This is the section involved in overseeing all activities that must be accomplished to maintain a desired level of excellence in a firm.
In conclusion, the risk management differs from quality management because the risk management identifies areas of operational and financial loss.
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Abe Wilson works as a city councilman in large city on the east coast. As part of his duties, he negotiated the purchase of some land in order to build a new water treatment plant for the city. The land was sold to the city by Jake Bryan for terms that were favorable to the city. After the sale was finalized, Bryan treated Abe and his wife to an all-expenses-paid Alaskan cruise. This type of fraud is known as:
This type of fraud by Abe Wilson is known as c. An illegal gratuity.
What is an illegal gratuity?An illegal gratuity results from the giving and acceptance of a gift in response to an action or decision by a public official.
Illegal gratuity is not the same as bribery or economic extortion, which are usually pre-agreed in exchange for performance or decision.
Like bribery and economic extortion, illegal gratuity creates a conflict of interest for the public official.
Question Completion with Answer Options:a. A conflict of interest
b. Bribery
c. An illegal gratuity
d. Economic extortion
Thus, this type of fraud by Abe Wilson is known as c. An illegal gratuity.
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irs guidelines require specific information to substantiate deductible automobile expenses. which 3 items are included in the substantiation requirements?
The three items that are included in the substantiation requirements are:
Date Placed in ServiceThe total mileage; andVehicle Type.What is IRS guidelines?Internal Revenue Service Guidelines are guidelines that individuals and corporates must follow in order to be compliant with the requirements of the IRS.
Thus, it is correct to indicate that according to the IRS Guidelines, the three items that are included in the substantiation requirements are:
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g The international Fisher effect: Group of answer choices is an example of absolute PPP focuses on changes over time in the relative price of traded baskets of goods and services between two countries none of the answers is correct is the difference in nominal interest rates across countries reflecting the difference in expected rates of inflation in those countries explains how the financial market prices one country's currency in terms of another's
The international Fisher effect is the difference in nominal interest rates across countries reflecting the difference in expected rates of inflation in those countries.
What does the Fisher effect show?It shows that the nominal rate of interest in a nation usually follows the inflation rate because an inflation-adjusted rate needs to be formed.
This then leads to a change in exchange rates between countries because the difference in nominal rates shows the difference in inflation which is what devalues or appreciates a currency.
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Blank include long term investments such as real estate and retirement savings
A capital market is the market that include long term investments such as real estate and retirement savings.
What is a capital market?This refers to financial system that is particularly concerned with raising capital by dealing in shares, bonds, and other long-term investments.
Hence, because real estate and retirement savings forms part of long-term investments, they are part of capital market.
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Answer: Nonliquid assets
Explanation:
a(n) ______ team is a group of experienced people from different areas of business who join together to form a managerial team with the skills needed to develop, make, and market a new product.
Entrepreneurial team is a group of experienced people from different areas of business who join together to form a managerial team with the skills needed to develop, make, and market a new product.
What is Entrepreneurial team?Entrepreneurial team serves as the team that come together to form a team of managers so that can carry out research to work on a new product.
They are usually from different areas of business with necessary skills for the work.
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A corporate financial analyst must calculate the value of an asset which produces year-end annual cash flows of $0 the first year, $2,000 the second year, $3,000 the third year, and $2,500 the fourth year. Assuming a discount rate of 15 percent, what is the value of this asset?.
Based on the year-end annual cash flows and the discount rate, the value of the asset is $4,914.22.
What is the asset's value?The asset value can be found by summing the present values of the cash flows:
= 0/(1 + 15%) + (2,000 / (1 + 15%)² + (3,000 / (1 + 15%)³) + (2,500 / (1 + 15%)⁴)
= 1,512.2873 + 1,972.548697 + 1,429.38311
= $4,914.22
In conclusion, the asset value is $4,914.22.
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How could U.S. currency lose value?
A.) is torn or dirty . B.)
It lacks the new security features.
C.)Too many legal bills are printed and in circulation. D.)Too many people are counterfeiting print money and using it.
Answer:
C.) Too many legal bills are printed and in circulation
Explanation:
If more money was printed there would be an artificial overabundance of money, but the supply of goods would not increase. This would lead to inflation which would lower the currency value.
Answer: Too many legal bills are printed and in circulation.
Explanation:
Managing the Economy with Monetary Policy In this exercise you will be evaluating the economic condition of the country and making decisions in order to keep the economy level. The amount of money in circulation has a tremendous effect on the economy and inflation. Imagine if you found $100,000 in cash floating around your front yard. What would you do with it
The inference if one finds $100,000 in cash floating around your front yard is to take it to the police.
What is an inference?It should be noted that an inference simply means the conclusion that can be deduced based on the information given in a literary work.
In this case, the inference if one finds $100,000 in cash floating around your front yard is to take it to the police. This is essential to locate the owner.
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Costs and price differences among competing companies can have origins in activities performed by a. the company's internally performed activities (its own value chain) compared to the cost structure of the internally performed activities of rival companies. b. value chains of the company's suppliers. c. value chains of a company's distributors and retail dealers and forward channel allies. d. the company's internally performed activities (its own value chain), but also on costs in the value chain of its suppliers and distribution channel allies. e. whether the company has a longer or shorter value chain than its close rivals.
Costs and price differences among competing companies can have origins in activities performed by the company's internally performed activities (its own value chain), but also on costs in the value chain of its suppliers and distribution channel allies.
What is value chain?Value chain is a process in which a company analyzes and examine its activities to find the competitive advantage to add value to its products and services.
Hence, costs and price differences among competing companies can have origins in activities performed by the company's internally performed activities (its own value chain), but also on costs in the value chain of its suppliers and distribution channel allies.
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