What is the purpose of the False Claims Act with respect to citizen action?
What will be an ideal response?
The False Claims Act allows citizens to sue companies for fraud on behalf of the
government and to receive a percentage of the recovered money. There are some
restrictions on when a person can sue, such as the need for federal money to be
involved and the exclusion of tax fraud.
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Which of the following phrases or terms regarding materiality is used by the Supreme Court of the United States and is not found in FASB Concepts Statement No. 2?
a. "amount of a misstatement or omission" b. "in light of surrounding circumstances" c. "probable that the judgement of a reasonable person" d. "significantly altered the total mix of information available"
What decision would be made under maximax?
An investor is consider four different opportunities, A, B, C, or D. The payoff for each opportunity will depend on the economic conditions, represented in the payoff table below. Economic Condition Poor Average Good Excellent Investment (S1) (S2) (S3) (S4) A 50 75 20 30 B 80 15 40 50 C -100 300 -50 10 D 25 25 25 25
Fulton Corporation adds all materials at the beginning of production and incurs conversion cost evenly throughout manufacturing. The company completed 70,000 units during the year and had 12,000 units in process at year end, 20% complete with respect to conversion cost. Equivalent units for the year total:
A. materials, 82,000; conversion, 82,000. B. materials, 70,000; conversion, 2,400. C. materials, 82,000; conversion, 72,400. D. materials, 72,400; conversion, 72,400. E. materials, 70,000; conversion, 70,000.
Around the world, most retailers are _____, operating one or a few stores in their community, owned by a single person or partnership and not operated as part of a larger retail institution.
A. independent retailers B. chain stores C. franchise outlets D. specialty clubs E. product assortment stores