Discuss the meaning of "material fact" in fraud situations
Fraud begins when a party to a contract represents something that is factually wrong. The statement must first be a fact, not an opinion. "This car is the best" would not be the type of statement that should be relied upon. Contrast that type of statement with, "this car gets 28 miles per gallon." This is a statement of fact upon which someone would rely. The statement must also be material; that is, important in the decision to enter into the contract. For the fact to be material, the maker must have expected the other party to rely on the statement, and the other party must have relied upon it.
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Substantive analytical procedures are commonly used to test prepaid accounts.
Answer the following statement true (T) or false (F)
A company wants to decrease its $200.00 petty cash fund to $75.00. The entry to reduce the fund is:
A. Debit Cash Over and Short for $12.50; credit Petty Cash $12.50. B. Debit Petty Cash $100.00; credit Cash $100.00. C. Debit Miscellaneous Expenses $25.00; credit Cash $25.00. D. Debit to Cash $125.00; credit Petty Cash $125.00. E. Debit Petty Cash for $75.00; debit Cash Over and Short $175.00; credit Cash $200.00.
An effective sales presentation involves showing the prospect how the product fills specific needs
Indicate whether the statement is true or false
Monthly or weekly service schedule is the ______ set of decisions in the hierarchy of operations decision for ______ organizations.
A. last; manufacturing B. first; manufacturing C. last; service D. first; service