Which of the following observations is NOT true of foreign-advance fee scams?
a. Perpetrators are well-known businesses and there is usually some urgency to participate.
b. Perpetrators claim to trust the victim with their money or assets.
c. Perpetrators are always willing to transfer money or other assets to the victims, but only after money or information is extracted.
d. Perpetrators claim to have access to large sums of money or assets.
a
FEEDBACK: a. Correct.
b. Incorrect.
c. Incorrect.
d. Incorrect.
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Which of the following attributes of internal control would be violated if the accounting clerk wrote checks to pay accounts payable?
a. Adequate design of documents b. Sound personnel procedures c. Periodic independent verification d. Separation of duties
A down payment is the initial buyer's equity in the asset being purchased
Indicate whether this statement is true or false.
One of the limitations of financial ratio analysis for not-for-profit organizations is that donors may incorrectly assume that there are federal or state laws that govern the percentage of annual revenues that a charity must spend on its programs.
Answer the following statement true (T) or false (F)
List and discuss five advantages and five disadvantages of electing to be taxed as an S corporation over a C corporation or a partnership.
What will be an ideal response?