A business theft loss is taken in the year of the theft. True False
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- Any gain or loss resulting from the sale or disposition of depreciable property used in trade or business and held one year or less is considered ordinary. True False7. Indicate which of the following losses or expenses would be included in calculating a net operating loss by placing a check mark on the appropriate line. A. A short-term capital loss that resulted from selling stock B. Net business loss from a sole proprietorship C. A casualty loss involving a personal residence that resulted from a Presidentially declared disaster D. Loss from selling 1244 stock E. Deductible contributions made to a traditional IRA account F. Loss in selling business equipment G. Charitable donations claimed as itemized deductions 8. If a net operating loss is carried forward to a future return, the deduction would be allowed only as a deduction from AGI (an itemized deduction). True FalseA bookkeeping account that is charged with actual or expected losses from a given exposure is an example of
- What are three categories of employee fraud? Which is mostcommon? Which is associated with the largest losses?If employees are bonded they have worked for the company for at least 10 years. it means that they are not allowed to handle cash. it is impossible for them to steal from the company. they have been insured against misappropriation of assets. O O O OWhich of the following is not a counterbalancing error? Non-recognition of the unused portion of office supplies at year end. Omission of accrued interest expense at year end. Non-recording at year end of rent already earned but uncollected. Overstatement of depreciation for the current year.
- AnsLiability/expense omission is the preferred and easiest method of concealing liabilities/expenses. Why? Discuss how to detect this type of fraud.Select the correct answer(s) for the following multiple-choice questions. Note that there may be more than one correct answer. Which of the following statements is (are) true? a. To prevent detection when an asset is stolen, the perpetrator must inflate liabilities or decrease assets. b. Committing a fraud almost always takes more effort and time than concealing it. c. Perpetrators can hide an asset theft by charging the stolen item to an expense account. d. A lapping scheme is used to commit fraud but not to conceal it. e. An individual can hide the theft of cash using a check-kiting scheme.
- 9. Assume that a client's controls over recording retirements of long-lived tangible assets are not well designed. Which of the following procedures- would the auditor plan to perform as a way of responding to the heightened risk of material misstatement? a. Select long-lived tangibie assets recorded in the property ledger and locate them for inspection. b. Inspect long-lived tangible assets located at the client location and trace those assets to the property ledger. c. Review the tangible long-lived asset, property ledger to see if depreciation was recorded on cach tangible long-lived asset. d. The auditor would perform all of the above procedures to respond to the heightened risk of material misstatement.A serious exposure for an organization that is connnected with the revenue cycle is the loss of assets. What is the related threat and applicable contrtol procudure associated with this exposure? A. receiving unordered goods; compare to valid order B. billing errors; reconciliation of shipping documents to sales order C. shipping errors, data entry controls D. theft of inventory; documentation of all internal transfers of inventoryIdentify one (1) real-life ‘financial reporting accounting fraud’ that occurred post 1990 (i.e. in the last 30 years), in any country, and answer the following questions: a) Discuss what specific accounting regulations were violated?
