Evaluate the difficulties associated with preventing and detecting payroll fraud.
Q: Question 4 of 18 Which of the following is net an acceptable balance sheet presentation of receivabl...
A: Receivables are shown in asset side of balance sheet. Mostly, they are classified as current assets....
Q: What is commercial risk?
A: In financial terms, risk is defined as the possibility that the real profits from an outcome or inve...
Q: equivalent
A:
Q: During the first five years after incorporation, the entity did not declare dividends and funnels mo...
A: Dividend refers to the return provided by the company to its shareholders as a consideration for cap...
Q: The following information on actual and projected costs and revenues is available for Carson Enterpr...
A: Budgets are made to forecast the expenses and revenue. They also forecast the cash position (deficit...
Q: Jeniffer Fly Shop applies overhead at a rate of $5.50 per direct labor hour. At the end of the month...
A: Formula: Manufacturing overhead = Direct labor hours x Per direct labor hour
Q: tems 15 to 17 are based on the following information: You are engaged to perform an audit of the acc...
A: Sales- The revenue created by a company through selling its goods and services to clients is referre...
Q: How much is the income tax payable on the 4th quarter?
A: Solution:- Given, ABC Corporation's RCIT, MCIT, excess MCIT and excess withholding taxes from prior ...
Q: Tech Co. and Robotics Co. are joint operators in the development of Super OS, a mobile phone operati...
A: Lets understand the basic. Joint operation is an arrangement in which two or more parties contribute...
Q: The business owner uses personal funds to purchase common stock in his company, what is the journal ...
A: Lets understand the basics. Journal entry is required to make to record event or transaction occur d...
Q: Saved Help Save & Exit Subr Check my wor Pablo Management has five employees, each of whom earns $25...
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.
Q: Which lists the financing options from less to more risky? * A. Preference shares, Ordinary shares ...
A: The funds generated by the sale of stock are referred to as Equity financing. The primary benefit of...
Q: On January Ist, 2009, an entity's balance sheet showed a total asset of $850 and total liabilities o...
A: Lets understand the basics. As per balance sheet equation, total asset is always equal to total equi...
Q: On January 2, year 1, ABC Company purchased 75% of XYZ's outstanding common stock. On that date, the...
A: The question is related to the Consolidation. The details are as under ABC Company Share in XYZ = ...
Q: Catalina Corporation begins the year with a $195 balance in Retained Earnings and a $320 balance in ...
A: Introduction: Balance sheet: All Assets , liabilities and owners equity are shown in Balance sheet. ...
Q: Pronghorn Company uses the periodic inventory method and had the following inventory information ava...
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts fo...
Q: e. Complete the formulas in cells provided for revenues* for 2020. 2020 revenues have Increased by ¾...
A: Total expenses and losses shall be inclusive of all the expenses be it a direct or indirect expense ...
Q: Question 10 of 18 Which of the following increases the reported receivables in the financial stateme...
A: Financial Statements are the statements presented to provide the information about the company’s fin...
Q: Amount Percent Amount Per $ 148,000 100.00 S 148,000 10 88,800 60.00 44,400 34
A: MOS is the dollar amount in which actual sales volume exceeds the break-even sales volume. The margi...
Q: ABC has profits of P100,000, P200,000, P250,000 and P200,000 during the last four quarters. It paid ...
A: The correct option with proper explanation are as follows.
Q: X Company Y Company Amount Percent Amount Percent Sales $ 148,000 100.00 $ 148,000 100.00 Variable c...
A: Break even sales = Fixed costContribution margin ratio = $70,20070% = $100,286
Q: Hyrule Motors, a motorcycle repairs and maintenan January 1. The owner, Link, invested P1,000,000 ca...
A: In this question we have to calculate cash flow it helps in determining the inflow and outflow of ca...
Q: ABC Company had purchased a $7,500, 24-month insurance policy for a vehicle on November 1 with the c...
A: Lets understand the basis. Prepaid expense entry is required to make to record the correct amount of...
Q: 1.) On February 2019, AOT Corporation authorized 20,000 preference shares at P 125 par value per sha...
A: The answer for the multiple choice question and relevant explanation are presented hereunder. The jo...
Q: Calculate the corporation’s tax liability using the following corporate tax slabs:
A: Tax liability is the liability which the company is having by way of the tax charges due by the comp...
Q: In October, Dean Company exchanged an old packing machine costing P240,000 and 50% depreciated, for ...
A: Whenever a property is sold more than its carrying amount or value, a profit or gain on the sale of ...
Q: Summarized data for Walrus Co. for its first year of operations are: Sales (90,000 units) $4,500,00...
A: Income statement under Absorption costing Income statement under Variable costing
Q: Dennis Lamenti wants to buy a new car that costs $15,326.72. He has two possible loans in mind. One ...
A: In this question, we have to find out the monthly payment of loan
Q: Garrulous Company insured the life of the president for P2,000,000, the entity being the beneficiary...
A: Solution A journal is a company's official book in which all business transaction are recorded in ch...
Q: Sales price $91 Direct material per unit 31 Direct labor per unit 16 Variable manufacturing overh...
A: Flexible Budget means a Budget which is changes on the basis of Production.If production increases o...
Q: Factory overhead for the period amounted to P1,200,000. Normal production of the finished goods is 5...
A: Overheads are the estimated cost which are not directly related with production. In simple, it is ag...
Q: Jeff Boyer, of Rainking Company, designs and installs custom lawn and garden irrigation systems for ...
A: 1. Job costing is a cost accounting methodology which is used to allocate the cost to different jobs...
Q: Prepare the necessary journals for the given transactions 1. Cash paid to Sara BD 600 2. Sold Furnit...
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
Q: On January 2, year 1, ABC Company purchased 75% of XYZ's outstanding common stock. On that date, the...
A: The question is related to the Consolidation. The details are as under ABC Company Share in XYZ = ...
Q: VI From the following information prepare a cost sheet for the month of December-2013. On December 1...
A: In the process of Cost Accounting, the Cost Sheet is an important document that has to be prepared. ...
Q: Required 1. Compute the residual income for each of the opportunities. 2. Compute the divisional res...
A: "Here student asked for multi sub part question we will solve first three sub part question for you....
Q: PROFITABILITY RATIOS Gross Margin= Gross Profit/Net Sales Net Profit Margin= Net Profit/ Net Sales ...
A: * As per Bartleby policy, in case question have multiple subparts then answer first three only. Gro...
Q: Cash $320,000 Petty Cash Short-term paper due 2/27/20 Short-term paper due 6/30/20 Short-term paper ...
A: Cash or cash equivalent means company's assets that are cash or other assets can be immediately conv...
Q: Mrs. Kimberly deposited P 300, 000 in an account earning 8% compounded every 6 months. On the 2th ye...
A: Compound interest: Compound interest denotes an interest computed on the total initial deposits and ...
Q: nstructions (a) Compute the direct labour rate and efficiency variances. (b) Compute the dire...
A: Actual.Qty 23875 Standard Qty Per Unit Standard Rate Unit Material 0.15 $ ...
Q: In its December 31, year 1 consolidated balance sheet, what amount should ABC report as common stock...
A: Common Stock under Consolidated Balance Sheet will be the Common Stock of Parent Entity.
Q: On January 1, year 1, ABC Corporation purchased 80% of XYZ Corporation's P10 par common stock for P9...
A: The question is related to Business Combination. The details are as under ABC Corporation Share = 8...
Q: margin of safety
A: Particular Jakarta Maldives SALES 400,000 6,610,000 (-) variable Costs (240,000) (3,...
Q: Palladium Inc. produces a variety of household cleaning products. Palladium's controller has develop...
A: Overhead Budget has been developed to anticipate and show all estimated expenses associated with the...
Q: The sales and cost data for two companies in the transportation industry are as follows: X Com...
A: Formula: Break even sales value =Fixed cost / Contribution margin ratio
Q: An entity sells goods either on cash basis or on 6-month installment basis. On January 1, 20x1, good...
A: A sale is said to be on installment basis if the cash related to sales is received over more than on...
Q: efore the year began, the following static budget was developed for the estimated sales of 100,000. ...
A: In this question, we have to calculate the flexible budget.
Q: Exclusive Souvenirs Hut does customize, hand-crafted memorabilia for hotels, in which each batch of ...
A: Solution Working notes - Manufacturing overhead = 147150-(40875+94275) = 12000. Cost of good sold ...
Q: A resident citizen has the following data for a taxable year: Ordinary income P300,000 Ordinary loss...
A: Short term capital loss can be set off only against capital gain( firstly towards short term capital...
Q: Exercise 5-21 (Algo) Asset Impairment [LO 5-2] In the current year, the bulding occupled by Sunshine...
A: Extraordinary loss means loss from activities they should occur only rarely and transaction is not r...
- Evaluate the difficulties associated with preventing and detecting payroll fraud.
Step by step
Solved in 2 steps
- What are solutions a company can take to protect itself against any employees committing fraud through the payroll system?For the purpose of internal control, the same person who prepares payroll checks should also distribute them. True or False True FalseList the supporting documents and records the auditorwill examine in a typical payroll audit in which the primary objective is to detect fraud
- below presents the payroll procedures of XYZ Limited. We discussed various aspects of such payroll procedures. In the light of that discussion, identify the potential frauds possible in the payroll system of XYZLimited. Also, discuss the control techniques to avoid these fraudsAdvise the college on the weakness in its systems and procedures due to payroll fraud.Question: List and breifly explain any Two Types of Payroll Fraud. briefly explain
- Answer the following questions and give an example for each case: What category does inventory related fraud fall into? What documents does a perpetrator use to commit billing fraud? What are the three categories in payroll fraud? How is skimming scheme fraud carried out? In which areas can the embezzlement scheme be identified? What can cause fraud to be committed in the presentation of financial statements?Figure below presents the payroll procedures of AAA Limited. We discussed various aspects of such payroll procedures. In the light of that discussion, identify the potential frauds possible in the payroll system of AAA Limited. Also, discuss the control techniques to avoid these frauds. [What is the purpose of the following control procedures (i.e., what threats is it designed to mitigate)? e. Cross-footing the payroll register
