In this brief case‚ a long-time and trusted employee of the Los Angeles Dodgers engaged in a large scale payroll fraud to embezzle funds from the organization. Over a period of several years‚ this fraudulent scheme cost the owners of the Dodgers several hundred thousand dollars. Contributing to the success of the fraud was the laxity of the Dodgers’ internal controls. Eventually‚ the fraud was exposed when the individual who masterminded the scheme was hospitalized on an emergency basis and
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companies operating activities. Cash flow from operating activities is considered a healthy sign for a company. Chemalite‚ Inc. has not lost $145‚000; rather it has invested it in the following: $7‚500 for legal fees‚ charter costs and printing expenses $62‚500 building machinery to produce commercial models $75‚000 worth of plastics and chemicals Stockholders were told at the end of June 2003‚ that Alexander was hoping to be producing chemalites by the end of August. Sure enough‚ by the last
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identify two kinds of information which is can categorized to accounting information and non-accounting information. Accounting Information Accounting Information is a set of financial data indicating an organization’s resources‚ revenues‚ debts or expenses. Information about accounting information system is responsible for providing timely and accurate financial and statistical reports for internal management decision making‚ and for external parties such as investors. In case of Kim Fuller’s‚ the
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According to the double entry accounting system‚ a business transaction affects at least two accounts and the debit and credit amounts recorded for the affected accounts must be balanced. These transactions will be recorded in the appropriate books of accounts. Business entities develop a chart of accounts‚ a list of account titles with their corresponding account codes that the business will use in recording and posting in the books of accounts and in reporting in the financial statements. Double
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CONFIDENTIAL BM/APR 2003/ACC100/ 107/111/114/115 UNIVERSITI TEKNOLOGI MARA FINAL EXAMINATION COURSE FINANCIAL ACCOUNTING COURSE CODE ACC100/107/111/114/115 DATE 25 APRIL 2003 TIME 3 HOURS (2.45 p.m - 5.45 p.m) FACULTY Business and Management / Administration and Law Office Management and Technology Information Technology and Science Computer SEMESTER December 2002 - May 2003 PROGRAMME/CODE Diploma in Business Studies/BM111 Diploma in Banking /
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1. What are the primary business risks associated with UST Inc.? What are the attributes of UST Inc.? Evaluate from the viewpoint of credit analyst or bond holder. UST Inc. is a smokeless tobacco company with a long tradition and a recognizable brand name. A strong brand name can have lots of associations with high quality‚ revenues‚ soundness‚ growth‚ etc. But‚ this is one of the characteristics that can be like two edged sward. On one side‚ company with long tradition is expected to
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Case 27-2: Rock Creek Golf Club Submitted by: Adam Kessler Submitted to: Dr. Alan Czyzewski Submitted for: MBA 613 Submitted on: Wednesday‚ 4/11/12 Question 1 An amortization table has been completed regarding the potential loan that RCGC would need to obtain in order to fund the purchase of 40 gasoline-powered golf carts. RCGC would need to obtain a loan for $89‚600 at an eight percent interest rate for five years with a payment due at the end of each year in order to fund the purchase
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CHAPTER 9 ALTERNATE PROBLEMS Problem 9.1A Determining the Cost of Plant Assets Podunk College recently purchased new exercise equipment for its gym. The following information refers to the purchase and installation of this equipment: 1. The list price of the equipment was $180‚000; however‚ Podunk College qualified for an “educational discount” of $30‚000. It paid $20‚000 cash for the equipment‚ and issued a 3-month‚ 12% note payable for the remaining balance. The note‚ plus accrued
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Asset‚ liability‚ and equity accounts should have carry-over balances‚ but Income and Expense accounts should have zero balances. Of course‚ if you’re starting a new business‚ you won’t have a previous trial balance. Then you just enter any balances you might have in your cash accounts‚ any assets your business may own as it starts up‚ and any liabilities that your business may already owe relating to startup expenses. You also add any
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Hampton Machine Tool Company 1. Why can’t a profitable firm like Hampton repay its loan on time and why does it need more bank financing? What major developments between November 1978 and August 1979 contributed to this situation? A/ Hampton Machine Tool Company was unable to repay its loan on time due to several factors. One of such factors is the fact that the stock repurchase‚ for which the loan was initially requested‚ was a major cash disbursement of $3 million. In the period between November
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