The cheque will not be affected if the date of issuing it is not mentioned. O False O True
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- The Accounting department sent a letter enclosing the purchase invoice, to the seller of their product. In the letter they mentioned Cc: Sales Manager, which means: a. The sales manager will receive a copy of this letter b. The accounting department is not responsible for the invoice. c. The sales manager has to carefully file the invoice d. The sales manager is responsible to send the invoiceWhite 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 schemeWith a banker’s acceptance, certain conditions, such as delivery of the merchandise, may be specified before payment is made; True or False
- Michael built a calculator (which graphs) using plans Michael found posted on the internet, but he unreasonably didn’t follow the plans when he constructed the calculator. Michael then sold the calculator to Jack who was injured when the calculator exploded because it hadn’t been built according to the plans. After the explosion Jack was taken to the Hospital emergency room (“ER”) where he signed a consent form authorizing Dr. Joe, the ER doctor, to perform a surgical procedure called Surgery X. But, instead Dr. Joe performed Surgery Y, a different procedure than Surgery X. A. What cause(s) of action should Jack use if he sues Michael for Jack’s injuries. Discuss. B. Has Joe, the ER doctor, committed any intentional torts? If so, discuss.What is the correct procedure when you have been notified that a cheque from a tenant, which has been deposited into the trust account, has been dishonoured - 1)Make a note on the tenant file NOT to accept future cheques drag_ 2)If this can't be done immediately, cancel the receipt and reverse the transaction drag_ 3) Contact the tenant immediately to replace the dishonoured cheque amount drag_ 4) If needed, contact the landlord and advise them of the situationWhite, an employee of ABC Corporation, intentionally issued two payments for the same invoice.After the disbursements had been mailed, White called the vendor and explained that a doublepayment had been made by mistake. She asked the vendor to return one of the checks to herattention. When the vendor returned the check, White took it and cashed it. This is an example of: a. A pass-through scheme b. A pay and return scheme c. A shell company scheme d. A receivables skimming scheme
- Having recently made a fortune by inventing and selling a new piece of software, Matt heardthat his friend, Lois, was having a hard time obtaining a bank loan. Matt therefore generously promised the bank that he would be responsible for the debt if Lois failed to repay a loan. That promise will be enforceable against Matt if A) he provides a notarized copy to the bank B) Lois repeats Matt's promise in a document that she signed. C) either Lois or the bank provides some positive benefit to Matt personally D) the promise is contained in a document that Lois and the bank signed. E) he provides it to the bank in a signed document.Khabua books for a hotel facility and pays in advance. The hotelier tells him nothing more than the issue of a receipt. Khabua takes occupancy of the room only to read a list of DONTS posted at the back of the door of his room. The following day he returned from breakfast in the hotel to find that his wrist watch which he left on the table of the room was missing. He spoke to the receptionist at the reception desk on the loss but they referred him to an exclusion clause on the door. He seeks your advice. Advise Khabua.A guaranty type contract, where a 3rd party guarantees the payment for another, must be in writing. True False
- On a recent trip to Hongkong, Brian Santos, sales manager of Micro- electronic Devices, took his wife at company expense. Erika Tan, vice- president of sales and Santos' boss, thought his travel and entertainment expenses seemed excessive. Tan approved the reimbursement, however, because she owed Santos a favor. Tan, well aware that the company president routinely reviewed all expenses recorded in the cash disbursements journal, had the accountant record Santos' wife's expenses in the general journal as follows: Sales Promotion Expense 35,000 Cash 35,000 What is the ethical issue in this situation? What role does accounting play in the ethical issue?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.Electronic bill presentment and payment is one of the ways of making electronic payments. () a) True () b False