Overstatement - Study guides, Class notes & Summaries

ACC101 Final Exam Questions with Complete Solutions 1 Merchandise inventory includes: a. All goods owned by a company and held for sale. b. All goods in transit. c. All goods on consignment. d. Only damaged goods. e. All goods in the stores of company. - ANSWER A 2 Costs included in the Merchandise Inventory account can include: a. Invoice price minus any discount. b. Transportation-in. c. Storage. d. Insurance. e. All of these. - ANSWER E 3 Durin...

Most economists agree that __________ and _________ were the root causes of the economic downturn. - - sub-prime mortgages - other risky financial instruments Financial statements prepared by organizations play an important role in keeping America's markets efficient, what do financial statements provide? - - meaningful disclosures of: ---where a company has been ---where it is currently ---where it is going Financial statement fraud is also referred to as ______________. - - management...

WGU C254 - Fraud and Forensic Accounting Questions and answers, 100% Accurate, Rated A+ What are three ratios that are useful for detecting Overstatement of Asset Fraud? - -1. Individual FA account balances/Total FAs 2. Total Def Chgs/Total Assets 3. Def Chg W-offs (amort)/Def Chg Bal What are the three categories of Fixed Assets? - -Property, Plant, and Equipment. (PP&E) What are three common ways to overstate Fixed Assets? - -1. Inflated amounts are recorded in nonarm's-length pur...

Substantiation What can be measurable or proven Deception vs Puffery Deception is actionable. - illegal Puffery is not actionable - legal - statements can neither be proven or disproven Deception Lie likely to mislead. A consumer acting reasonably. Must be "material" example. Duracell "lasts even longer" (cost more and did not last longer than others) Puffery Exaggeration or overstatement. Expressed in broad, vague language. Not An advertisers opinion of a...

Corporations establish goals in areas including finance, diversity, and social responsibility. Match the corporate goal with the area that it addresses. Answer options may be used more than once or not at all. Select your answers from the pull-down list. Environmental goal Diversity goal Financial goal Financial goal - CORRECT ANSWER Environmental goal-Create zero waste Diversity goal-Promote women and minorities Financial goal-Make a profitable investment for the company ...

Acc 241 Exam Questions With 100% Correct Answers Budget Committee - answerA group of upper managers who are responsible for overall policy matters relating to the budget program and for coordinating the preparation of the budget and its final review and approval. Cost Center - answerA cost center is a business unit that is only responsible for the costs that it incurs. The manager of a cost center is not responsible for revenue generation or asset usage. The performance of a cost center i...

(Economic downturn 2008 to 2013) Most economists agree that __________ and _________ were the root causes of the economic downturn. - - sub-prime mortgages - other risky financial instruments Financial statements prepared by organizations play an important role in keeping America's markets efficient, what do financial statements provide? - - meaningful disclosures of: ---where a company has been ---where it is currently ---where it is going Financial statement fraud is also refer...

CSTU 101 Chapter 1-24 (Liberty University)Simile - correct answer In poetry, a figure of speech whereby two unlike objects are compared to each other with the word like or as, e.g., "My mistress' eyes are nothing like the sun." Metaphor - correct answer A figure of speech, not meant to be factually true, in which one thing is compared or substituted for something else. Although the two things are not identical, they are associated in language to emphasize a similarity between them. Pers...

Which of the following statements is true of the budgeting process? It is a continuous process that encourages communication. Which of the following is an example of the planning function of a budget? The budget outlines a specific course of action for the coming period. Which of the following is an example of the coordination and communication function of a budget? A budget demands integrated input from different business units and functions. Which of the following is an example of the...

C254 WGU Practice Review 2024 In the past (early 20th century time-frame), what was the general consensus of the principal purpose of audits (including among auditors)? To detect fraud To certify for the public that management is qualified to run the entity To evaluate that companies follow GAAP Investigative and analytical purposes - ANS To detect fraud Why has there been so much frustration between the general public and auditors regarding fraud detection? The ...