Misappropriation of assets can involve various schemes: expense reimbursement fraud, lapping, and payroll fraud. Explain each and give an example
Expense reimbursement fraud involve fictitious or inflated claims for reimbursement of business expenses such as travel that never occurred.
Lapping is a technique whereby an early theft is covered up by a later one, i.e., with the moves "lapping" over each other. The simplest example involves taking a customer's payment. A later payment is then credited to the first customer's account, not the second. And on it goes.
Payroll fraud is the distribution of fraudulent paychecks to existent and/or nonexistent employees.
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From a population of size 400, a random sample of 40 items is selected. The median of the sample
A. must be 200, since 400 divided by 2 is 200. B. must be 10, since 400 divided by 40 is 10. C. must be equal to the median of population, if the sample is truly random. D. none of these alternatives is correct.
When multiple service-related performance obligations exist within a contract, they should be accounted for as a single performance obligation when
A) the performance obligations are distinct but interdependent. B) each service is interrelated and interdependent. C) the services are capable of being distinct. D) the services are both capable of being distinct and distinct within the context of the contract.
Jasper Company is a wholesaler that buys merchandise in large quantities. Its supplier's catalog indicates a list price of $500 per unit on merchandise Jasper intends to purchase, and offers a 30% trade discount for large quantity purchases. The cost of shipping for the merchandise is $7 per unit. Jasper's total purchase price per unit will be:
A. $507 B. $343 C. $157 D. $357 E. $350
Which is the first major classification of water carriers?
a. company-owned and exempt carriers b. for hire and private carriers c. exempt and private carriers d. regulated and exempt carriers