The Little Steel Company is a small steel fabricator that makes steel parts for various metal machine shops. When Little receives an order from a client‚ it must locate and purchase 10 tons of a certain grade of steel to complete the order. Little sends an e-mail message to West Coast Steel Company inquiring into the availability of 10 tons of the described grade of steel. West Coast replies by e-mail that it has available the required 10 tons of steel and quotes $450 per ton. Little replies
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total of profit or loss and other comprehensive income. The profit and losses as well as other comprehensive income generated by an entity will have impact on the assets and/or liabilities of the entity. As the result of the requirements of some accounting standards‚ certain income and expenses will not be included in the statement of comprehensive income‚ but rather are adjusted directly against equity. Manager should choose expenses and incomes that do not belong to a specific equity account.
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Coding Fraud Michael Anastasio Ultimate Medical Academy Before answering the questions “what are my responsibilities for billing on a procedure that was not performed but asked to do so anyway”‚ Let me explain a little on Medical Billing Fraud? It is an attempt to fraudulently obtain payments from insurance carriers. Fraud in medical billing cost tax payers and medical providers millions of dollars annually (all-things-medical-billing.com). In 1996‚ HIPPA established the Health Care Fraud and
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ISSUES IN ACCOUNTING EDUCATION Vol. 18‚ No. 2 May 2003 pp. 137ñ173 The Tallahassee BeanCounters: A Problem-Based Learning Case in Forensic Auditing Cindy Durtschi ABSTRACT: You are auditing the books of the Tallahassee BeanCounters (TBC)‚ a minor league baseball team in Tallahassee‚ Florida. During your audit the teamís owner‚ Franklin Kennedy‚ approaches you and offers an additional fee if you will quietly investigate the possibility of fraud within the firm. Mr. Kennedy reports that he received
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Financial fraud is a significant problem faced by organizations of all types‚ sizes‚ locations and industries. Groupon company is trying to shed its image as a failed email-based daily-deals website after a lot of allegations of false financial accounting about their profit to the public. In this case Groupon has to go through again its business model about the spending and earnings for its company. It is expensive to hire 15‚000 workers that works for the company in sending email to Groupon subscribers
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The effects of drug abuse on a person’s family. Nancy Kiger SPC1010 - Presentation Skills - OL08 Theresa White 2/18/2011 The effects of drug abuse on a person’s family. As a recovering addict I know firsthand how my addiction affected my family. Addiction to alcohol or drugs is a disease; it affects everyone in the family‚ not just the substance abuser. Effects may vary depending on family structure‚ manifesting differently in individual family members; According to the
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Donna Sanders Financial Statement Fraud Week 12 There are many things that can motivate financial statement fraud. Taking a look at Donald Cressey’s hypotheses which is now known as the fraud triangle depicts the certain criteria for the mind frame of the fraudster. The fraud triangle is a theory that consists of perceived pressures‚ perceived opportunity‚ and rationalization. It gives us the different pressures placed on individuals that would make them consider “cooking the books.” It also
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Governmental Accounting Multiple Choice 1. To what does basis of accounting refer? a. whether an entity is trying to measure the excess of inflows over outflows b. how much cash an entity received in a particular reporting period c. the timing of recognition of assets‚ liabilities‚ revenues‚ and expenditures/expenses in financial statements d. the ownership of the assets‚ liabilities‚ and equities reported in a balance sheet Answer: c 2. Governmental accounting normally
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The Leslie Fay Companies‚ which is a manufacturer of women’s apparel‚ was founded by Fred Pomerantz. It was named after Fred’s daughter‚ Leslie Fay. The company is based out of New York‚ and Fred Pomerantz made the company public in 1952. Paul Polishan‚ who became CFO and senior vice president of finance‚ was hired personally by Fred Pomerantz. However‚ Fred Pomerantz ended up taking the company back to a private entity for a few years in the 1980’s due to a buy out from his son John Pomerantz.
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E9-7 Brainiac Company purchased a delivery truck for $30‚000 on January 1‚ 2011.The truck has an expected salvage value of $2‚000‚ and is expected to be driven 100‚000 miles over its estimated useful life of 8 years.Actual miles driven were 15‚000 in 2011 and 12‚000 in 2012. Instructions (a) Compute depreciation expense for 2011 and 2012 using (1) the straight-line method‚ (2) the units-of-activity method‚ and (3) the double-declining balance method. (b) Assume that Brainiac uses the straight-line
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