Intermediate Accounting Test 2 The accountant of Weatherspoon Shoe Co. has compiled the following information from the company’s records as a basis for an income statement for the year ended December 31‚ 2012. | Rental revenue | $29‚000 | | Interest expense | 18‚000 | | Market appreciation on land above cost | 31‚000 | | Wages and salaries-sales | 114‚800 | | Materials and supplies-sales | 17‚600 | | Income tax | 30‚600 | | Wages and salaries-administrative | 135‚900 |
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to act ethically. When an individual is asked to do something that they may even suspect would be detrimental to their livelihood‚ then they have all the rights given to them to not follow through with that action. In the case of Betty Vinson of WorldCom‚ while she had the clear understanding that her actions were wrong‚ she clearly kept personal financial safety ahead of her moral and ethical standards. This eventually translated into an even more detrimental result‚ which was jail time. She clearly
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in the competitive long-distance telephone industry. It was headquartered in Washington‚ D.C.[1] Founded in 1963‚ it grew to be the second-largest long-distance provider in the U.S. It was purchased by WorldCom in 1998 and became MCI WorldCom‚ with the name afterwards being shortened to WorldCom in 2000. WorldCom’s financial scandals and bankruptcy led that company to change its name in 2003 to MCI Inc.. The MCI name disappeared in January 2006 after the company was bought by Verizon. As of May
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Managerial Accounting‚ 3e (Braun/Tietz) Chapter 2 Building Blocks of Managerial Accounting 1) Service companies must carry a large amount of inventory to meet consumer demand. Answer: FALSE Diff: 1 LO: 2-1 EOC: E2-1 AACSB: Reflective Thinking Learning Outcome: Define and use cost-volume-profit analysis to analyze the effects of changes in costs and volume on a company’s profits 2) Manufacturing companies usually have three types of inventory. Answer: TRUE Diff: 1 LO: 2-1 EOC:
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Financial Accounting 2 Quiz 15-03008FA Name: ____________________________________________ Course & Section: __________________ General Direction: Write your answer on a separate yellow paper. Pass the test paper and answer sheet after completing the exam. Part 1 – Theories – Multiple Choice. 1. Transaction whereby a debtor and creditor may negotiate the terms of a financial liability with the result that the liability is fully or partially extinguished by the debtor issuing equity instruments
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1 Fraud Fraud can be defined as any activity that leads to the obtaining of financial advantage of causing of loss by implicit or explicit deception. It is the mechanism through which the fraudster gains an unlawful advantage or causes unlawful loss. There are many different types of fraud‚ I would like to mention some of the well known fraud types in the area of the Internet‚ which is an area where more than one billion peole are in touch with everyday. Fraud Terminology • Auction Fraud : involves
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Medicare Fraud | Ms. Iris Hobson- Introduction to Logic | Atinuke Adumatioge | Medicare Fraud Healthcare today is one of the most lucrative businesses in America and many people are trying to take advantage of that. One of the reasons in the transition of street crimes is how much safer it is compared to the drug business. If we take a look at South Florida‚ we can see hundreds of people living the “high life”. The truth is rarely anybody sells drugs and more than half of those people
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approach of detecting fraud is anonymous tips and complaints. An organization like business entity should guide employees to provide useful information and to provide various ways and methods for individuals to contribute such kind of information. On the other hand‚ when the organization received the information provided‚ it should have an effective and efficient way to collect and process these complaints‚ dissatisfaction and information. 2. One of the important thing in fraud investigation is timing
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"Corporate Fraud" when you hear those words the first‚ most recent incident‚ many think of is The Enron Scandal. This same scandal produced the Public Company Accounting Reform and Investor Protection Act of 2002. This much needed act created the Public Company Accounting Oversight Board under the Security Exchange Commission ’s supervision. This board sets accounting standards and investigates Certified Public Accountants and companies to ensure they are following the guidelines set forth. This
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Health Care Fraud 1. Types of Health Care Fraud A. Health insurance B. Drug Fraud C. Punishment 2. Entities involved in Health care fraud A. Social a. Individuals B. Political a. Oversight b. Supreme Court input C. Cultural 3. Technology and health Care Fraud A. Billing Procedures B. Unbundling 4. Ethics involved with Fraud/Economic Impact a. Effects on Health Care b. Monitor outgoing monies
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