Fraud Examination
6th Edition
ISBN: 9781337619677
Author: Albrecht, W. Steve, Chad O., Conan C., Zimbelman, Mark F.
Publisher: Cengage,
expand_more
expand_more
format_list_bulleted
Question
error_outline
This textbook solution is under construction.
Students have asked these similar questions
21)Granny Apples has worked for Bubba Inc. for 20 years without taking a vacation. An internal control feature that would address this situation would be
a)human resource controls. b)physical controls.
c)documentation procedures. d)establishment of responsibility.
25)Receivables are
a)always the result of revenue recognition.
b)shown on the income statement.
c)one of the most liquid assets and thus are always considered current assets.
d)claims that are expected to be collected in cash.
28)Which of the following expressions is incorrect?
a)Net income + Operating expenses = Gross profit
b)Gross profit - Operating expenses = Net income
c)Operating expenses - Cost of goods sold = Gross profit
d)Sales revenue - Cost of goods sold - Operating expenses = Net income
21.
Deerpark Corporation recently borrowed $70,000 cash from its bank. Which of the following was unaffected by this transaction?
Assets.
Liabilities.
Owners' equity.
Cash.
22.
In which of the following situations would Daystar Company record unearned revenue in May?
In April, Daystar Company received payment from a customer for services that are performed in May.
Daystar Company completes a job for a customer in May; payment will be received in June.
Daystar Company is paid on May 25 for work done in the first two weeks of May.
Daystar Company receives payment in May for work to be performed in June and July.
23.
The order of presentation of activities on the statement of cash flows is
operating, investing, and financing.
operating, financing, and investing.
financing, operating, and investing.
financing, investing, and operating.
24.
Which of the following are the owners of a…
i am doing chart of accounting general journal,
question is
4/30 Reimbursed one of the employees for $25 gas used to run business errands.
4/30 Received $150 from a walk-in client for the preparation of their tax return.
4/30 Billed Mack Moving Company $3,800 for preparing their company tax return.
4/30 Received the company telephone bill for April $64, but will not pay it until May.
4/30 The owner withdrew $800 cash from the business so she could pay her personal rent.
and not sure with puting categories into general journal as debit and credit side
Knowledge Booster
Similar questions
- Ethics and professional conduct in business Tonya Latirno is a certified public accountant (CPA) and staff accountant for Kennedy and Kennedy, a local CPA firm. It had been the policy of the firm to provide a holiday bonus equal to two weeks salary to all employees. The firms new management team announced on November 15 that a bonus equal to only one weeks salary would be made available to employees this year. Tonya thought that this policy was unfair because she and her coworkers planned on the full two-week bonus. The two-week bonus had been given for 10 straight years, so it seemed as though the firm had breached an implied commitment. Thus, Tonya decided that she would make up the lost bonus week by working an extra six hours of overtime per week over the next five weeks until the end of the year. Kennedy and Kennedys policy is to pay overtime at 150% of straight time. Tonyas supervisor was surprised to see overtime being reported, because there is generally very little additional or unusual client service demands at the end of the calendar year. However, the overtime was not questioned, because firm employees are on the honor system in reporting their overtime. Discuss whether the firm is acting in an ethical manner by changing the bonus. Is Tonya behaving in an ethical manner?arrow_forwardEthics and professional conduct in business Tonya Latirno is a certified public accountant (CPA) and staff accountant for Kennedy and Kennedy, a local CPA firm. It had been the policy of the firm to provide a holiday bonus equal to two weeks salary to all employees. The firms new management team announced on November 15 that a bonus equal to only one weeks salary would be made available to employees this year. Tonya thought that this policy was unfair because she and her co- workers planned on the full two-week bonus. The two-week bonus had been given for 10 straight years, so it seemed as though the- firm had breached an implied commitment. Thus, Tonya decided that she would make up the lost bonus week by working an extra six hours of overtime per week over the next five weeks until the end of the year. Kennedy and Kennedys policy is to pay overtime at 150% of straight time. Tonyas supervisor was surprised to see overtime being reported, because there is generally very little additional or unusual client service demands at the end of the calendar year. However, the overtime was not questioned, because firm employees are on the honor system in reporting their overtime. Discuss whether the firm is acting in an ethical manner by changing the bonus. Is Tonya behaving in an ethical manner?arrow_forwardbrenda, an accounts payable employee, is going out on maternity leave for three months. susan, another member of the accounting department who is responsible for bank reconciliations and filing, has given her two weeks’ notice. their departures leave just your three existing members of the accounting department. what is your plan to cover their responsibilities? write a memo to the ceo of your company, from a controller’s perspective, considering the need for internal controls.arrow_forward
- Ethics in Action Tonya Latirno is a staff accountant for Cannally and Kennedy, a local CPA firm. For the past 10 years, the firm has given employees a year-end bonus equal to two weeks salary. On November 15, the firm's management team announced that there would be no annual bonus this year. Because of the firm's long history of giving a year end bonus. Tonya and her coworkers had come to expect the bonus and believed that Cabbally and Kennedy had breached an implicit agreement by discontinuing the bonus. As a result, Tonya decided that she would make up for the lost bonus by working an extra six hours of overtime per week for the rest of the year. Cannally and Kennedy's policy is to pay overtime at 150% of striaght time. Tonya's Supervisor was surprised to see overtime being reported, there is generally very little additional or unusual client service demands at the end of the calendar year. However, the overtime was not questioned, because employees are on the "honor system" in…arrow_forwardAccounting Ethics Case: Andy Frame and his supervisor are sent on an out-of-town assignment by their employer. At the supervisor’s suggestion, they stay at the Spartan Inn, across the street from the Luxury Inn. After three days of work, they settle their lodging bills and leave. On the return trip, the supervisor gives Andy what appears to be a copy of a receipt from the Luxury Inn for three nights of lodging. Actually, the supervisor indicates that he prepared the Luxury Inn receipt on his office computer and plans to complete his expense reimbursement request using the higher lodging costs from the Luxury Inn.Required: What are the ethical considerations that Andy faces when he prepares his expense reimbursement request and how often do you think this happens in the real world?arrow_forward6 Becky and Carl work for a marketing firm. The two accountants discuss the organization’s financial performance. Carl asks Becky, “What’s the bottom line?” Becky reviews a financial report that shows the firm’s profitability over the last quarter. The document Becky reviews is called the Multiple Choice tax return. ledger. audit. income statement. 7 Diedre works at Sally’s Autobody Workshop. Her main job responsibility is to record the routine, day-to-day business transactions of the firm. Based on this information, Diedre is a Multiple Choice tax accountant. forensic accountant. bookkeeper. CMA. 8 A new fitness company called Jump Athletics receives a trademark for its brand name. The trademark received by Jump Athletics is a Multiple Choice return on asset. current asset. liquid asset. fixed asset. 9 Rowena, a senior manager at Top of the Line Publishing, wants a quick snapshot of the company’s financial position before she goes to a manager’s meeting. In this case, which of the…arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
Financial & Managerial AccountingAccountingISBN:9781285866307Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Accounting (Text Only)AccountingISBN:9781285743615Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
Financial & Managerial Accounting
Accounting
ISBN:9781285866307
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Accounting (Text Only)
Accounting
ISBN:9781285743615
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning