A shell company fraud involves
a. stealing cash from an organization before it is recorded.
b. stealing cash from an organization after it has been recorded.
c. manufacturing false purchase orders, receiving reports, and invoices.
d. a clerk paying a vendor twice for the same products and cashing the reimbursement check issued by the vendor.
C
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The Designer Company issued 10-year bonds on January 1 . The 6% bonds have a face value of $800,000 and payinterest every January 1 and July 1 . The bonds were sold for $690,960 based on the market interest rate of8%. Designer uses the effective interest method to amortize bond discounts and premiums. On July 1, of the firstyear, Designer should record interest expense (round to the nearest
dollar) of a. $27,638 b. $24,000 c. $48,000 d. $55,277
Which of the following statements is true of the Statute of Frauds?
A) An executory contract that is not in writing even though the Statute of Frauds requires it to be is enforceable by either party. B) Executed oral contracts that should have been in writing under the Statute of Frauds can be rescinded. C) If an oral contract that should have been in writing under the Statute of Frauds is already executed, either party may seek to rescind the contract. D) Most states require contracts to pay compensation for services rendered in negotiating the purchase of a business to be in writing.
All customers have the same reference price for the same basic type of purchase.
Answer the following statement true (T) or false (F)
Which one of the following statements about quality control is TRUE?
A) Measurement by attributes is a simple yes or no decision. B) Complete inspection is used when inspection cost is high. C) Sampling inspection is used when the cost of passing a defective unit is high relative to the cost of inspection. D) Measurement by variables is often used when the quality specifications are complex.