Identify fraud triangle concepts.BE7.1 (LO 1), C Match each situation with the fraud triangle factor-opportunity, financial pressure, or rationalization-that best describes ita. An employee's monthly credit card payments are nearly 75% of his or her monthly earnings.b. An employee earns minimum wage at a firm that has reported record earnings for each of the last five years.c. An employee has an expensive gambling habit.d. An employee has check-writing and check-signing responsibilities for a small company, as well as reconciling the bank account.Identify internal control objectives.

Fraud triangle concepts refer to a concept that elaborates three facts that lead to fraudulent…

angle concepts. Match each situation with the fraud triangle factor-opportu s monthly credit card payments are nearly 75% of his or her earns minimum wage at a firm that has reported record ear has an expensive gambling habit.

angle concepts. Match each situation with the fraud triangle factor-opportu s monthly credit card payments are nearly 75% of his or her earns minimum wage at a firm that has reported record ear has an expensive gambling habit.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Consider the following conditions:(a) In your new job you are paid each month, instead of weekly.(b) The rate of interest on bonds and other financial assets rises.(c) An automatic teller machine (ATM) is installed next door and you have a debit card.(d) Bond prices are expected to fall.Would you decide to increase or decrease your average holding of money (i.e. cash and/orcheque deposit balances)? Which of the three motives for holding money is involved in eachcase?
research two local banks in your area and compare/contrast one service that they offer. For example you may want to look at the type of checking accounts offered and compare the features between these; What are the interest rates offered? How many withdrawls are you allowed? What fees are associated with the account ? Do they offer a budgeting app, online banking etc? You could do this for savings accounts, buisness accounts, etc. Discuss what features you find most important, and which bank you would choose based on your research.
Banks are finding more ways to charge fees, such as a $25.40 overdraft fee. Sue McVickers has an account in Fayetteville; she has received her bank statement with this $25.40 charge. Also, she was charged a $9.90 service fee; however, the good news is she earned $14.95 interest. Her bank statement's balance was $647.45, but it did not show the $1,234.25 deposit she had made. Sue's checkbook balance shows $722.60. The following checks have not cleared: Number 250, $664.35; Number 253, $370.40; and Number 254, $144.70. Prepare Sue's bank reconciliation. Note: Input all amounts as positive values. Round your answers to 2 decimal places. Sue's checkbook balance Add: Deposit in transit Deposit in transit Subtotal Deduct: Subtotal Reconciled balance BANK RECONCILIATION Bank balance Add: Deposit in transit Interest Subtotal Deduct: Maintenance fee Reconciled balance
Assume that you are nearing graduation and that you have applied for a job at a local bank. As part of the bank’s evaluation (interview) process, you have been asked to take an exam that covers several financial analysis techniques. The hiring decision depends on how you would answer the following questions: Part I: TVM Analysis. The first section of the test addresses time value money analysis.John andMaryareayoungcouple, who want to put their finance in order. Boththehusbandandthe wifeare27yearsagoandinstableemployment. They want to manage their savings and earnings to achieve a better return and reduce the risks. You want to help them with their financial planning by answering a series of questions as follows: ThegreatAlbertEinsteinoncesaid“Compoundinterestistheeighthwonderofthe world. He who understands it earns it...he who doesn't...pays it.” Whatisthefuture value of an initial $500 after 30 years if it is invested in an account paying 15 percent annual interest? What is the…
1. Rank each feature from most important to least important. (1 to 8) 1 being most important. RANK THESE ACCOUNT FEATURES: It’s Quick and Easy Convenient Access To Your Cash Help Tracking Your Finances Pay Day Is Right On Time Online and mobile banking make your life easier Your money is safe Save on other financial needs Help and support when you need it.
The problem below with Corrected Bank reconciliation
Marty selected Money Bank because of the features described below. Marty plans on using network ATMS 8 times per month. What are Marty's total estimated annual fees for a checking account with direct paycheck deposit, two savings accounts, 1 overdraft, and no 2nd copies of statements? (1 Point) Feature Description Fees Amount Non-sufficient funds $34 Checking Account Free with direct 2nd copy of statement $4 deposit of paycheck 1 account free, Network ATM useage First 2 per month free, $4 for each additional Savings Account transaction each additional account $5/month Online Services Free with all checking and savings accounts
"We have a contract with our partner bank that they pay us a monthly rebate that is calculated as a portion of the total interchange revenue they receive for each transaction that is run through our platform. As part of our contract/application with our customers we offer cash back rewards that is calculated as a percentage of the revenue that we receive from the bank for each of their transactions."Q: What guidance supports that decision?