Red Flags" for management to identify and understand for fraud risk in the financial statements. Identify and discuss Four of these.
Q: Accounts receivable:112000, salaries and wages:195000
A: Explanation of Total Assets:Total assets represent the sum of all resources owned by a company that…
Q: hi expert please solve questions
A: To calculate the Return on Equity (ROE), use the formula: ROE =Net Income/Common Equity ×100…
Q: Neptune Electronics had sales of $520,000 and a cost of goods sold (COGS) of $310,000. Calculate its…
A: Gross profit is the revenue remaining after deducting the cost of goods sold (COGS) from total…
Q: What is the amount of owners capital at September 30 ?
A: Step 1: Definition of Owner's CapitalOwner's capital represents the owner's equity in a business,…
Q: Financial accounting 1.2.31
A: Explanation of Margin Purchase: A margin purchase occurs when an investor buys securities by…
Q: Need answer please
A: Step 1: Compute Taxable IncomeStep 2: Compute Current Tax ExpenseStep 3: Compute Deferred Tax…
Q: Can you provide answer this general accounting question?
A: Step 1: Define High-Low MethodThe high-low method is a cost estimation technique that determines…
Q: What was her capital gains yield? General accounting question
A: CONCEPTS:1. Capital Gains Yield - This measures the return earned from the increase in a stock's…
Q: Net opreting income for the year?
A: Calculation of Variable Manufacturing CostsVariable Manufacturing Costs = Direct Material + Direct…
Q: What is the fixed overhead cost per unit on these financial accounting question?
A: Step 1: Define Fixed Overhead Cost per UnitFixed overhead costs are constant and do not vary with…
Q: What was the sales price per unit?
A: The question requires the determination of the sales price per unit."Sales price per unit" refers to…
Q: General Accounting
A: Step 1: Define Budgeted Manufacturing Fixed Overhead RateThe budgeted manufacturing fixed overhead…
Q: You just borrowed $291,497. You plan to repay this loan by making regular quarterly payments of X…
A: Step 1: Given Value for Calculation Compound = Quarterly Present Value = pv = $291,497Number of…
Q: hello teacher please solve questions
A: ROE measures how effectively a company is using its shareholders' investments to generate profits.…
Q: Please help me with this question general Accounting
A: Step 1: Define Average Accounts Payable BalanceAverage Accounts Payable Balance represents the…
Q: Hiroshi mart has the following financial information?
A: Explanation of Net Purchases: Net Purchases represents the final cost of merchandise bought during a…
Q: Financial Accounting Question
A: The long-term debt to total assets ratio is calculated using the formula:Long-term debt to total…
Q: What is Jordan ROE? General accounting
A: Step 1: Define DuPont FormulaThe DuPont formula is a practice to determine the firm's return on…
Q: If a business has revenue of $677,000, cost of goods sold of $214,000, operating expenses of…
A: Net income is calculated using the following formula:Net Income = Revenue − Cost of Goods Sold −…
Q: What is the estimated cost of common equity for the financial accounting question?
A: Cost of Equity = Risk-Free Rate + Beta * (Market Return - Risk-Free Rate)Risk-Free Rate: 6% (given…
Q: General Accounting Question
A: Step 1: Define Receivables Turnover RatioThe receivables turnover ratio is a financial metric that…
Q: Financial Accounting
A: Step 1: Define Dividend YieldThe dividend yield is a return measure to evaluate a stock by dividing…
Q: ?!
A: Step 1: Total variable costs per unit Total variable costs per unit = Direct materials per helmet +…
Q: General Accounting
A: Understanding the Cost of PropertyIn accounting, the cost of property includes all necessary…
Q: What is Bramble's payout ratio on these financial accounting question?
A: Step 1: Define Payout RatioA company's Payout Ratio is a metric that determines how much of a…
Q: Florida Kitchens produces high-end cooking ranges. The costs to manufacture and market the ranges at…
A: a). a-1. The cost savings per unit or the in-house unit cost is as follows:CostAmountVariable…
Q: Financial data for august
A: Explanation of Sales Price Per Unit:The Sales Price Per Unit is the amount at which a company sells…
Q: Need correct answer?
A: The question pertains to the entry required at year end to recognize the accrued interest on the…
Q: Provide correct calculation for the price earnings ratio on these financial accounting question
A: Step 1: Define Price-Earnings (P/E) RatioThe Price-Earnings (P/E) Ratio is a valuation metric used…
Q: Ans
A: Step 1: Definition of Total Asset TurnoverThe total asset turnover ratio measures how efficiently a…
Q: Financial Accounting Question please answer
A: Step 1: Define Cost of Goods Available for Sale (COGAS)The Cost of Goods Available for Sale (COGAS)…
Q: Account of Financial tutor help me
A: The correct answer is:a. Differential analysis Explanation:Differential analysis is a…
Q: need help this questions
A: To calculate the volume of sales in units required to achieve the target profit, we can use the…
Q: Give this question general accounting
A: Step 1: Definition of Owner's EquityOwner's equity refers to the portion of a business's assets that…
Q: Find @ general account
A: Step 1: Definition of Du Pont AnalysisDu Pont Analysis is a financial performance framework that…
Q: Answer? ?
A: Step 1: Given Value for Calculation Return on Equity = roe = 15.4%Debt Equity Ratio = de = 0.85 Step…
Q: What was the net income for this general accounting question?
A: To calculate Tyrone Outdoors' net income for 2023, follow these steps: 1. Calculate Gross…
Q: financial account subjects questions
A: Step 1: Definition of Cost-Volume-Profit (CVP) AnalysisCost-Volume-Profit (CVP) analysis is a…
Q: Financial accounting question
A: Step 1: Define Ratio AnalysisIn management accounting, ratio analysis helps in making informed…
Q: Can you please answer this financial accounting question?
A: Step 1:The net realizable value of accounts receivable is calculated by deducting the ending balance…
Q: How much is the cost of goods sold for the year?
A: Cost of goods sold = Beginning inventory + Purchases + Freight-in - Ending inventoryCost of goods…
Q: Hii ticher please given answer general Accounting question
A: The depreciation tax shield is the tax savings a company gets from the depreciation expense. It is…
Q: Financial Accounting
A: Concept of Direct MaterialsDirect materials are raw materials that are used in the production of a…
Q: None
A: Step 1: Define Earnings Per Share (EPS)Earnings Per Share (EPS) is a financial metric that…
Q: Solve this general account questions
A: To calculate the total standard cost for one unit of product, we need to add up the standard costs…
Q: Don't use ai to answer I will report you answer
A: Approach To Solving the Questions:First, the company has $810,000 in operating assets. Fixed…
Q: General Accounting question please solve and correct answer
A: Step 1: Define Taxes PaidThe actual taxes paid by a company during the year can be different from…
Q: The amount of cash paid to suppliers?
A: Explanation of Cost of Goods Sold (COGS): Cost of Goods Sold represents the direct cost of the goods…
Q: The balance sheet of United Studios at December 31 showed assets of $76,000 and shareholders equity…
A: Concept of AssetsAssets are resources owned or controlled by a business that provide future economic…
Q: Account
A: Correct Answer:C. Assets = Liabilities + Stockholders' Equity Explanation of the Accounting…
Red Flags" for management to identify and understand for fraud risk in the financial statements. Identify and discuss Four of these.
Step by step
Solved in 2 steps
- From pages 4-1 and 4-2 of the VLN, the COSO Framework describes 5 components of internal control. What is the purpose of internal controls from a financial accounting perspective? 1. To guarantee no fraud will occur in the organization. 2. To help safeguard the company's assets. 3. To help improve the accuracy and reliability of the accounting information. 4.To prevent collusion. Group of answer choices A. 1,2, and 3 B. 2 and 3 C. 2, 3, and 4 D.1, 2, 3, and 4Which one of the following components of internal control over financial reporting sets the tone for the organization? a. Risk assessment. b. Control environment. c. Information and communication. d. Monitoring.Please ASAP
- The following table shows a number of factors recognised by the auditor as having an effect on the risk of fraud. Note: Number 1 risk factor is completed for you as an example in the table below. Using the table below, write your answers for Number 2 to 6 in the table. Required: For each of the foregoing risk factors listed in the left-hand column of the Table above, write in the right-hand column (i) the risk component that is most directly related to the following three option: Incentives/Pressures (I/P) Opportunity (O)Attitude/Rationalisation (A/R)Expalin wether the tools used in the financial statement audit are employed in a fraud examination.Prepare a broad audit plan:1. What material types of transactions and transaction cycles are involved?2. What are the high-risk areas?3. What are the low-risk areas?4. If management faced tremendous pressure regarding the entity’s financial performance, what opportunities might exist for them to engage in fraudulent financial reporting?5. To what extent do you believe it will be appropriate to reduce assessed control risk?6. How will audit effort be allocated among geographical areas?7. What form of auditors’ report do you expect will be issued; what does it mean?8. Indicate as an appendix to the report how the project team was organized and how it functioned on the project and submit appendix with Team Project.
- Describe the Fraud Triangle. Fully explain the thought process behind each of the 3 sides of the Fraud Triangle and how a weak internal control system could result in fraudulent financial reporting. Your discussion must include an example scenario illustrating the weak internal controls. Include a biblical application in your analyses.Match each of the numbered descriptions 1 through 7 with the term or phrase it best reflects. Indicate your answer by writing the letter A through G for the term or phrase in the blank provided. A. Ethics. B. Fraud triangleC. Prevention.Give instances of risk factors for false financial reporting for \seach of the three fraud conditions: incentives/pressures, opportunities, and attitudes/ \srationalization.
- Match each of the numbered descriptions 1 through 7 with the term or phrase it best reflects. Indicate your answer by writing the letter A through G for the term or phrase in the blank provided. A. Ethics B. Fraud triangle C. Prevention D. Internal controls E. Sarbanes-Oxley Act 1. Requires the SEC to pay whistleblowers. 2. Examines whether financial statements are prepared using GAAP; it does not ensure absolute accuracy of the statements. 3. Requires documentation and verification of internal controls and increases emphasis on internal control effectiveness. 4. Procedures set up to protect company property and equipment, ensure reliable accounting, promote efficiency, and encourage adherence to policies. 5. A less expensive and more effective means to stop fraud. 6. Three factors push a person to commit fraud: opportunity, pressure, and rationalization. 7. Beliefs that distinguish right from wrong.Discuss the motives of why C-Suite executives would commit fraud and how understanding the motive for fraud can assist an auditor in the analysis of financial statement.Explain the role of the Risk Manager in fraud detection Explain the role of the Risk Manager in fraud detection