Write a constraint that will ensure that Weithoff purchases exactly two machines
What will be an ideal response?
Answer: Y1 + Y2 + Y3 + Y4 = 2
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What specific internal control procedure would prevent an accounts receivable clerk from issuing a fictitious credit memo to a customer (who is also a relative) for goods that were "supposedly" returned from previous sales?
Karim Manji owns a small electronics business that is starting to lose money because a big box store opens nearby
Knowing that the business is about to go under, he uses the business's cash on hand to pay one of his creditors, Sushil Manji his cousin. A week later, insolvent, he files for bankruptcy. Which of the following is true respecting the payment to Manji? A) It is a fraudulent conveyance B) It is a fraudulent preference because Sushil is a non arms length party C) It is a fraudulent preference because Sushi is one of several creditors D) It is not a fraud of either type because Karim actually owed the money to Sushil E) Both B and C
Mark operates an auto parts shop. The shop has gone out of business, and all assets have been
sold. The following debts remain: 1. $10,000 owed to suppliers for merchandise that was sold to customers 2. $20,000 owed to suppliers for merchandise that was ruined in an unexpected flood 3. $35,000 owed to a customer who has a final judgment in a product liability suit against the auto parts shop For which of these debts can Mark be held personally liable? A) 1 and 3 only B) 1 only C) 1 and 2 only D) None, they were all business debts E) 1, 2, and 3
The Contract Clause of the Constitution applies only to the actions of state governments and not to the federal government
a. True b. False Indicate whether the statement is true or false