ACFE Video Quizes

pls i need ur help on this?!?

Assume you are the lead forensic investigator for a potential fraud case at AJB, Inc. After searching public records and other Internet sources, you accumulate the following financial information for the suspected fraud perpetrator, Jaleesa P. Crimin.   YEAR 1 YEAR 2 YEAR 3 Assets:       Residence #1 $243,000 $243,000 $243,000 Residence #2     138,000 Stocks and bonds 15,000 30,000 57,000 Automobiles 27,000 52,500 52,500 Boat   34,500 34,500 CD 12,000 42,000 81,000 Cash 5,670 12,150 29,160 Liabilities:       Mortgage balance #1 136,080 68,040 16,200 Mortgage balance #2     138,000 Auto loans 18,000 57,000   Boat loan   34,500 9,000 Income:       Salary   78,750 82,650 Interest/other   8,730 17,790 Expenses:       Mortgage payments   24,300 42,120 Auto loan payments   9,720 9,720 Boat…

Consider each of the following situations.  Is there a potential problem?  Which part of the fraud triangle is involved, if any? A.  Susan is an accounts payable clerk.  She sets up creditors in a financial database and pays invoices as they come in.  Last year, she won employee of the year and is a valued employee.  Through the grapevine, Susan's boss just learned that Susan's brother has a gambling problem.   B.  Now suppose that Susan from situation A is now secretary for the head of the marketing department.  She keeps track of the vice president of marketing's schedule and handles the correspondence.   C.  Keith has been employed for 6 months as a teller at a community bank.  All is going well, and his cash drawer has had shortages only twice (of less than P500).  The shortages were traced and the problems corrected.   D.  At the company Memorial Day picnic and golf outing last week, Nancy noticed that June moved her ball to a better lie when she thought no one was looking.  There…

Case 8 Decide whether each situation is or is not a symptom of revenue fraud. Then explain (1) why the situation isor is not a symptom and (2) if it is a symptom, how itwould be found using computer queries or traditionalmethods. YIN Sales discounts appear too high. YIN Accounts receivable increases as a percentage of revenues. YIN Bad debt allowance increasesby the same percentageas accounts receivable. YIN Increase in sales returns. YIN Large percent of revenues recorded in thefourth quarter. YIN Unexplained reconciling items on the bankstatement.

Urmila ben Don't upload image please

In the Why It Matters feature “Examples of Theft and FinancialReporting Frauds” at the beginning of the chapter, we introduced youto the Koss Corporation fraud. In this problem, we provide you withfurther details about that fraud. During the fall of 2009, Koss Corporation,a Wisconsin-based manufacturer of stereo headphone equipment,revealed that its vice president of finance (Sujata “Sue” Sachdeva) haddefrauded the company of approximately $31 million over a periodof at least five years. Grant Thornton LLP was the company’s auditor,and the firm issued unqualified audit opinions for the entire period in which they worked for Koss. According to reports, Sachdeva’s theftaccelerated over a period of years as follows:FY 2005 $2,195,477FY 2006 $2,227,669FY 2007 $3,160,310FY 2008 $5,040,968FY 2009 $8,485,937Q1 FY 2010 $5,326,305Q2 FY 2010 $4,917,005To give you a sense of the magnitude of the fraud, annual revenuesfor Koss Corporation are in the range of $40 to $45 million…

This year, returns at large number of returns a. - policy to steal money How can sal b. hat interna cash thefts easier? C. Would issuin returned without a re disadvantages of issu d. cash refunds without regarding customer r Assume that

Exposure from stolen ATM card. Suppose someone stole $1,000 dollars from your checking account. How much money could you lose if you reported the card to the bank the day it was stolen, 6 days later, and after you receive your periodic statement?

Case 1 ABC Company is a relatively small dry-cleaning operation that has a very steady level of business. Since the company hired a new employee, however, cash inflows have decreased and the amount of promotional coupon redemptions have increased dramatically. The owner of the company has been very impressed with this new employee, but has suspicions regarding her cashiering practices. When comparing cash sales to check and credit card sales, the owner noted that the coupon redemption rate was dramatically higher for cash sales. The owner does not want to wrongly accuse the employee if she is innocent, but does want to find out if fraud is occurring. The owner calls you as an expert on fraud and asks you to recommend a reliable way to gather evidence that could determine if fraud is occurring. 1. What are some possible investigative methods you could suggest?

1______weather the accounts receivable bookkeeper is prohibited from handling cash?   3_____the ratio of cost of goods sold to sales and compare the ratio to previous years? 4____the sales journal and ------- the total to the general ledger 5_____the sales journal, looking for large and unusual transactions requiring investigation. 7_____all marketable securities as of the balance sheet date to determine whetherthey equal the total on the client's list 8_____the balance in the bank account directly with the East State Bank 9_____a sample of duplicate sales invoices to determine if the controller's approval is included and-------each duplicate sales invoice to the sales journal for agreement of name and amount.

I need help with question solution

3.  Billy Goodshoes Billy Goodshoes is one of two Accounting Department assistant managers at Kvetch Textiles, Inc. Last week Billy noticed that Sam Clueless, the other assistant manager who is in charge of petty cash disbursements, among other things, withdrew what appeared to be a sizeable amount of currency from the fund without inserting a voucher to evidence withdrawal. Billy didn’t think much of it until the internal auditors detected a $100 discrepancy during their recent count of petty cash. Billy was told by one of the auditors that these discrepancies had been increasing in frequency and amount over a number of months. According to the auditor, Sam had explained the differences as due to lax documentation procedures on his part. Sam promised to begin a new program whereby funds would not be disbursed in the future until petty cash vouchers were submitted and approved in advance. Question:  Assume you are Billy Goodshoes.  You have No obligations in this case.  Group of…

Need help with Question

Hello tutor solve this question

Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

Please help me do question 2b

Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

Correct answer is solution

Please include explanation

Question Help please explain entries and calculations In seperate boxes for numbers 1-4 so i can learn to do it Thank You. 1.) Bank Reconciliation 2.) General Journal 3.) Bad Debt Calculations 4.) Notes Recievable Calculations In June, Bill commented to you that he could never figure out his bank statement, “it never matches the balance in my accounting records” he tells you. So you explain that a bank reconciliation is a tool used to balance the bank statement to the accounting books. He gives you his bank statement for June, 2014 (shown below). The general ledger shows a balance for the account cash of $14,319.00 on June 30, 2014 (detail transactions below). Bill’s business only has one checking account and no other cash accounts. Bill has begun to have problems collecting some of his credit accounts and is considering writing off a couple of customer account balances. He asks you how these bad debts should be recorded and has asked you to begin recording bad debt using the allowance…