Which of the following examples constitutes embezzlement?
a. A cashier overcharges employees for their purchases and pockets the extra money.
b. A bank teller pockets a few dollars from the drawer during each shift worked.
c. A real estate agent omits underreports commissions on tax returns to owe less in
taxes.
d. A company donates large amounts of cash to various charities to reduce tax
obligation.
b. A bank teller pockets a few dollars from the drawer during each shift worked.
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Section 404 requires management to make a statement identifying the control framework used to conduct their assessment of internal controls. Discuss the options in selecting a control framework
Which of the following choices would NOT be found on a pro forma balance sheet?
A) forecasted sales B) total liabilities C) fixed assets D) current assets
Even if a company does not officially follow a fixed-dividend policy, dividend payments are
A) extremely difficult to predict. B) very volatile and subject to economic conditions. C) fairly stable from one time period to another. D) directly tied to a company's P/E ratio.
Martin Kiefaber sold his Arlington, Virginia, home on November 19, 2009. The buyers' real estate agent, Steven Thorman, who was affiliated with RE/MAX Allegiance, assisted the buyers in acquiring a home warranty in connection with that transaction. The
buyers requested that Kiefaber cover the cost of the home warranty. Kiefaber agreed and bought a $399 policy from HMS National, Inc that covered the home's appliances for one year. After Kiefaber funded the warranty, HMS paid RE/MAX $60 in connection with Thorman's involvement in the transaction. Kiefaber alleges that the $60 payment to RE/MAX was an illegal kickback for a referral in violation of the Real Estate Settlement Procedures Act. Is he correct?