Benny Ripoff is a con artist who offers investors great returns on their money. He funds early investors' returns by taking money from later investors and there is little or no legitimate revenue generating investments at all
Benny shows fraudulent statements that falsely report non-existent assets. This type of activity is called
A) insider trading
B) tipping
C) insurance fraud
D) aPonzi scheme
E) a shotgun agreement
D
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Which of the following is an intangible asset that is not typically amortized?
A) patent B) copyright C) franchise D) goodwill
Holman Company pays each of its three salespeople a base salary of $1,000 per month plus a commission of 10 percent of their sales. The base salary is paid each month as incurred; the 10 percent commission is paid the month following the month of sale. The total sales for the past four months are as follows: June $15,000 July 22,000 August 39,000 September 40,000 Total salary and commission cash
payments for September total a. $3,900. b. $6,400. c. $6,900. d. $5,400.
Which law established Option I and Option II of the substantial part test?
A. Lobbying Disclosure Act of 1942 B. Advocacy and Lobbying Act of 1973 C. the 1976 Lobby Law D. the 1942 Grassroots Lobbying Act
In a responsibility accounting system:
A. Outputs of the departments are not part of the evaluation process. B. Each accounting report contains all items allocated to a responsibility center. C. Organized and clear lines of authority and responsibility are only incidental. D. Managers are responsible for their departments' controllable costs. E. All managers at a given level have equal authority and responsibility.