Document (6) (7)

(please correct answer and question information)

Subject: accounting

3. With respect to foreclosure, give the reason you agree or disagree with the statements below: a. A foreclosure sale eliminates the outstanding debt(s) of the individual being foreclosed. b. Proceeds of a foreclosure sale are distributed to those holding a lien on the property on the basis of the percentage of total debt each is owed. c. Foreclosure means the senior mortgage loan lender automatically takes ownership of the property.

1. Reinstatement of a life insurance policy requires an insured to take all of the following actions EXCEPT: A. provide evidence of insurability B. make collateral assignment to the insurer C. pay back interest on any outstanding policy loa D. pay all past-due premiums

Independent Activity 2. Writing a Withdrawal Slip. On January 1, 2017, Puppi's Treats opened a current account with a CA# 0715-0010-36 at SunOne Bank. In May 15, 2017 the owner of Puppi's needed to withdraw P57,800 to pay Sunrise Miller in cash for the flour delivered. Unfortunately, the owner cannot go to the bank and sent Leah Son (the secretary) instead. Help fill out Puppi's withdrawal slip. WITHDRAWAL SLIP SunOne Bank DETAILS/BREAKDOWN TELLER NO CASH DENOMINATION ACCOUNT NAME: PIECES AMOUNT ACCOUNT NUMBER: DATE: OSAVINGS D KURRENT OPESO ODOLLAR MACHINE VALIDATION TOTAL WITHDRAWAL FOR WITHDRAWAL THROUGH REPRESENTATIVE NAME AND SIGNATURE OF REPRESENTATIVE AMOUNT OF (IN WORDS): SIGNATURE OF DEPOSITOR SIGNATURE OF DEPOSITOR/S RECEIVED BY: VERIFIED BY: 1. 2. APRROVED BY

1. Assuming the Accused K was prosecuted for violation of Anti-Bouncing Checks Law, what defense under the law may she offer to escape criminal liability? A. No written notice of dishonor of the check was received by the drawer or maker from the drawee bank, the holder of the check, or the offended party. B. The check in issue is merely a memorandum check. C. The person whose signature appears on the check is merely an employee of a corporation, induced by her employer to countersign the check in blank, without knowing the name of the payee. D. The drawer, within 5 banking days from receipt of the notice of dishonor, tried to make arrangements for the partial payment of the check granted limited funds with the payee refusing to accede to such scenario.   2. K, an employee of a growing BPO earns a salary which is just a bit more than what he needs for a comfortable living. He maintains a P10,000 savings account, a P20,000 checking account, a P30,000 money market…

On March 3rd 2009, the Fraud Examination Team, a department of the Bureau of Fraud Examination, received a call from Anton Valukas, chairman of the Chicago law firm Jenner & Block LLP. In early 2009, a bankruptcy court in New York assigned Valukas to investigate and report on the causes of Lehman Brothers Holdings Inc (LBHI)[1]’s 2008 bankruptcy. During this investigation, Valukas came across “Repo 105” and “Repo 108” transactions that Lehman used from 2001 to 2008. A “repo” or repurchase agreement is a form of short-term borrowing, whereby one party agrees to temporarily “sell” securities to another party at a specified price, while also committing to repurchase them at a future date, and at a usually higher preset price by the same buyer. While “repo” transactions are legal and are frequently used by investment banks as a means of obtaining short-term financing, Valukas stated that given the period of the fiscal year when these transactions were mostly conducted, as well as how…

White booked a flight for a business trip with his company’s travel agent. He filled out two expense reports for this trip,and on each report, he requested reimbursement for the cost of the ticket. On one report,he attached his airline stub as support for the expense. On the other report, he attached the travel agency’s invoice as support.What kind of scheme was White attempting? a. A false billing scheme b. A mischaracterized expense scheme c. An overstated expense scheme d. A multiple reimbursement scheme

Explain the effect of extensive misstatements found in the prioryear’s audit on inherent risk, planned detection risk, and planned audit evidence.

The difference between fraud and errors is: a. the timing of the transaction b. the materiality of the value involved. c. intent of those involved. d.  whether it affects owners’ equity or not.

On January 1, 20X4, Gold Company purchased a computer with an expected economic life of five years. On January 1, 20X6, Gold sold the computer to TLK Corporation and recorded the following entry Consolidation Worksheet Entries Cash Accumulated Depreciation Computer Equipment Gain on Sale of Equipment Debit 39,000 Credit 16,000 40,000 15,000 TLK Corporation holds 60 percent of Gold's voting shares. Gold reported net income of $ 45,000 including the gain on the sale of equipment, and TLK reported income from its own operations of $ 85,000 for 20x6. There is no change in the estimated economic life of the equipment as a result of the intercompany transfer. In the preparation of the 20X6 consolidated balance sheet, computer equipment will be Multiple Choice Credited for $24,000. O Debited for $1,000. Debited for $15,000 Debited for $ 40,000

explain the right as well as the wrong options briefly

Pls help ASAP

Sunland Company owns equipment that cost $1,017,000 and has accumulated depreciation of $429,400. The expected future net cash flows from the use of the asset are expected to be $565,000. The fair value of the equipment is $452,000. Prepare the journal entry, if any, to record the impairment loss. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Account Titles and Explanation Debit Credit

“One of the ways in which fraud upon the bankruptcy system occurs is when debtors intentionally conceal assets from the bankruptcy process. Indeed, reported bankruptcy court decisions are rife with examples of debtors attempting to hide or shield assets from their creditors. Debtors who are discovered concealing assets are subject to certain civil remedies, such as the dismissal of their bankruptcy case or the denial of the discharge of their preexisting indebtedness”. Required: Critically explain three common ways that fraud perpetrators conceal and transfer assets/ income during bankruptcy.

PLS HELP ASAP

PLS HELP ASAP

the purpose of coinsurance clause is to? require the insurer to pay the losses in full encourage the insured to insure property to full value c)allow the insured to choose any amount of coverage d) permit other insurance on the same property

t is the exploitation by the taxpayer of legally permissible alternative tax rates or methods ofassessing taxable property or income in order to avoid or reduce tax liability.a. Capitalization b. Shiftingc. Evasiond. Avoidance

7 which of the following statements is correct about an ordinary life policy A premium payment can be increased or decrease at the discretion of the premium payer B the beneficiary designation can be changed to another person only if that person a medical examination C the policy owner may borrow against the cash value of the policy D The named beneficiary must submit evidence of continuing insurable interest in the life of the insured

Which of the following statements about the Securities Act of 1933 is not true?(1) The third-party user does not have the burden of proof that she/he relied on thefinancial statements.(2) The third party has the burden of proof that the auditor was either negligent orfraudulent in doing the audit.(3) The third-party user does not have the burden of proof that the loss was causedby the misleading financial statements.(4) The auditor will not be liable if he or she can demonstrate due diligence inperforming the audit.

explain in detail the penalty for failure to furnish a return or statement (section 182) and penalty for concealement of income (section 184)

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The cheque will not be affected if the date of issuing it is not mentioned, " O False True

Blue, an insurance agent, was paid a percentage of the sales he generated on behalf of his company. Blue wrote policies to fictitious customers in order to increase his sales totals for the month. This is an example of: a. An expense reimbursement scheme O b. A commission scheme c. A false billing scheme O d. A falsified hours and salary scheme

Distinguish among a payroll master file, a W-2 form, and apayroll tax return. Explain the purpose of each.