Other than opportunity, what are the other two legs of Steve Albrecht’s “Fraud Triangle?”
a. rationalization and ignorance of ethics code
b. motive and rationalization
c. ignorance of ethics code and lack of ethics enforcement
d. motive and pressure
b. motive and rationalization
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Northwest Lumber had a profit margin of 5.25%, a total assets turnover of 1.5, and an equity multiplier of 1.8. What was the firm's ROE?
A. 12.79% B. 13.47% C. 14.18% D. 14.88% E. 15.63%
YouTube is
A. a business-oriented website that lets users post their professional profiles to connect to a network of businesspeople. B. a video-sharing website in which users can upload, distribute, view, and comment on videos. C. a website enables online customers to use their collective buying power to take advantage of deeply discounted prices for a product or service each day. D. a website that enables users to send and receive short messages up to 140 characters long. E. a website where users may create a personal profile, add other users as friends, and exchange comments, photos, videos, and "likes" with them.
A firm is required to estimate a liability for repairs for products sold with a warranty. If the firm's accountants later find that the estimated amount for repairs has been overstated, the correct accounting procedure is to
a. make an adjusting entry to reduce the amount of estimate. b. make a correcting entry because the overstatement is an error. c. show the amount of overstatement on the income statement as a loss. d. do nothing for the year in question and modify the next year's estimate.
A bystander who suffers severe emotional distress on witnessing a heinous crime can claim damages for intentional infliction of emotional distress.
Answer the following statement true (T) or false (F)