would Morr’s capital account be credited ? a/ 32500 c/ 50‚000 b/ 40000 d/ 72‚500 5/ Pavin and abdel share gains and losses in the ratio of 2:1 . After selling all assets for cash ‚ dividing the losses on realization ‚ and paying liabilities ‚ the balances in the capital accounts were as follows : Pavin ‚ 10000 Cr ‚ abdel ‚ 2000 Cr. How many of the cash of 12000 would be distributed to Pavin? a/ 2000 c/ 10000 b/ 8000 d/ 12000 chapter 13: 1/ which of the following
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Any contract for the sale of goods that exceeds $500 falls under the statute of frauds and must be in writing to constitute an enforceable contract. The contract between Tidwell and Anthony amounts to $50‚000 and must be in writing to be enforceable‚ which presents the first issue in this problem. There are‚ however‚ alternative means of satisfying the Statute of Frauds. In this case‚ Tidwell provided Anthony with a good faith payment of $10‚000 when the oral contract was entered into on June
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Medicaid Fraud HCS/545 July 9‚ 2012 Medicaid fraud comes in many forms. A provider who bills Medicaid for services that he or she does not provide is committing fraud. Overstating the level of care provided to patients and altering patient records to conceal the deception is fraud. Recipients also commit fraud by failing to report or misrepresenting income‚ household members‚ residence‚ or private health insurance. Facilities have also been known to commit Medicaid fraud through false billing
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asset entry recorded on the balance sheet of a business that has value to the business‚ but that does not correspond to a real asset or have a resale value. Fictitious assets are used to keep track of assets that cannot be recorded under normal accounting categories‚ such as prepayments or deferred revenues. 9) Wasting asset : An asset which has a limited life and therefore decreases in value over
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Eddie‚ Inc. financial fraud case Crazy Eddie was an American retail store chain run by the Antar family‚ which was established as a private company in 1969 in Brooklyn‚ New York by businessmen Eddie and Sam M. Antar. The fraud at Crazy Eddie was one of the longest running in modern times‚ lasting from 1969 to 1987. Crazy Eddie became a known symbol for corporate fraud in its time‚ but has since been eclipsed by the Enron‚ Worldcom and Bernie Madoff accounting scandals. Commencement of fraud The fraud
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the prevention and detection of fraud rests with both those charged with governance of the entity and with management. ISA/HKSA 240 (Clarified) also provides expanded operational guidance for auditors to consider the existence of material misstatement due to fraud in a financial statement audit. It emphasizes the auditor’s increased responsibility for detecting fraud‚ and the auditor is now required to be more proactive in searching for fraud during the whole audit process
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Social Research Governance in the public sector institutions in Jamaica: Internal Auditors Introduction The responsibility of the internal audit is to serve the Ministry of Justice in a manner that is consistent with the Financial Administration and Audit Act‚ Standards for the Professional Practise of Internal Auditing and with professional standards of conduct. This activity has the potential to provide hitherto unparallel services to management in the conduct of their duties. Background
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References: Adeoti‚ J. (2011). Automated Teller Machine (ATM) frauds in Nigeria: the way out. Adini (2010). Nigerian banks look to biometric ATM machines to reduce fraud. Bhargav-Spantzel A.‚ Squicciarini A.‚ Bertino E.Kong X & Zhang W.(2010). Biometrics-Based Identifiers for Digital Identity Management. Consultative Group for International Agricultural Research‚ CGIAR
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Limited Liability Company and Partnership Jasamine L. Stephens Finance for Decision Making FIN/419 October 10‚ 2011 Maria Johnson Limited Liability Company and Partnership Every business venture begins with a dream and a basic idea. Beginning a business is a decision that must be made by first deciding what type of entity to establish. There are several factors that need to be decided such as will the new business have one or multiple owners. The most common forms of a business
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Allegations of Diamond Foods Inc.’s’ Understatement of Accounts Payable. Abstract On November 1‚ 2011‚ Diamond Foods Inc.’s (NASDAQ: DMND) unexpectedly disclosed serious discrepancies (possible understatement of accounts payable) regarding its 2011 financial statement reports and as a result announced its decision to delay its acquisition of the Pringles snack business from Procter & Gamble Company (P&G) (NYSE: PG). Naturally‚ the November 1‚ 2011 confession caused an immediate
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