The ethical reflection assignment required you to watch three videos about Barry Minkow. Which of the following is false with respect to Barry Minkow? Multiple Choice He is currently the CFO of Lennar Homebuilders After his first release from prison he started the Fraud Discovery Institute and worked with the FBI He eventually became an evangelical minister, but went back to prison again after embezzling money He was convicted at age 22 for the ZZZZ Best Fraud

The ethical reflection assignment required you to watch three videos about Barry Minkow. Which of the following is false with respect to Barry Minkow? Multiple Choice He is currently the CFO of Lennar Homebuilders After his first release from prison he started the Fraud Discovery Institute and worked with the FBI He eventually became an evangelical minister, but went back to prison again after embezzling money He was convicted at age 22 for the ZZZZ Best Fraud

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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Jones is suspected of carrying out a fraud while working for his employer. Jones has worked for the employer for several years. The fraud is suspected to have begun in 2013 and possibly continued in 2014. As part of the investigation, the following financial information has been collected concerning Jones.In 2012, Jones was able to document he had $800 cash on hand and $1725 in a checking account. He also had a student loan on which he owed $8000.In 2013, Jones paid off his student loan. He also purchased a new car for $22,000. During the same year he purchased a condominium priced at $128,000. He placed $38,000 down and financed the remainder with a non-interest mortgage of $90,000. In addition, Jones had documented expenses of $12,000 for 2013 and according to his W-2 earned $55,000 in net wages. He has a zero balance in his bank account at year-end, no cash on hand, and made no known mortgage payments.During 2014 Jones had no cash on hand but $5,000 in his banking account. He…
12) Yakov is an executive of Fit Corp., a chain of fitness clubs. For years, he successfully hid illegal and misleading accounting practices, but eventually, he was exposed and punished with a jail sentence under the A) Celler-Kefauver B) Glass-Steagall C) Dodd-Frank D) Gramm-Leach-Bliley E) Sarbanes-Oxley Act.
The accounting firm involved in this case wants to know if their independence will be questioned by the BOA. You have been asked to submit an analysis and conclusion. 2. Franklin Rosario is an audit manager in the Salvador & Santos accounting firm. He has just been assigned to the audit of the Starex Money Market Fund. Franklin has maintained a money market account with SMMF since it opened in 2008. All his savings, amounting to 75 percent of his total assets, are in this account, which pays the highest interest available in money market funds. However, his account constitutes only .00001 percent of the fund's assets.
Answer multi choice question in photo please
Which of the following MOST likely indicates a clear violation of an NFPO’s code of conduct? John Adams, a volunteer for the local pet shelter, also owns a pet store and has offered a discount on pet food to the local shelter. Cecilia Lam used inappropriate language on her Facebook page when referring to the NFPO for which she worked. Mark Adams, an employee for a legal society, used the organization’s computer to research a new job. Hanpreet Kaur, the accountant for a sports rehabilitation society, offered the society’s services to his sister free of charge without her needing to qualify.
Please help ASAP. Clearly define the answers for the following questions. (use at least 10 sentences for each , thanks) Question 1: Explain and give examples of the use of a fraud theory. Question 2: Outline the Fraud Triangle and give two examples of each element
Please read the following and identify any internal control principles that may be violated in the Jane Hardware store.(identify what could go wrong and what controls Jane Hardware should put in place to prevent it) Jerry Finch has worked for Jane Hardware for many years, Jerry has been a model employee. He has not taken a vacation in over three years, always stating that work was too important. One of Jerry's primary jobs at the store is to open mail and list the checks received. He also collects cash from customers at the store's outdoor nursery area. There are times that things are so hectic that Jerry does not bother to use the register, simply making change from cash he carries with him. When things slow down at the store Jerry often offers to help Cindy(the Accounting Clerk) post payments to the customer's accounts receivable ledger. Cindy is always happy to receive help since she is also quite busy and because Jerry is such a careful worker.
THE CONFUSED ACCOUNTANT Yvonne Pillar is a young accountant who came from a poor family. She was recently hired by a big company called Chameleon Co. When it was time to audit the accounting books of the company, Yvonne was instructed by her boss to manipulate the numbers in order to reduce taxes the company will have to pay the government. The company official said that if she would not heed the command, she would be terminated. The employment condition that time was really tight and the chances of finding another job are very minimal. Answer the following questions: 1.If you were Yvonne Pillar, will you obey your boss? Why or why not? 2.Are you morally obligated to follow an order that is illegal? Explain your answer.
You read that there is no generally accepted definition of ‘earnings management’. Using your accounting knowledge, your own research and textbook reading to define, describe, and analyze: When will earnings management be acceptable? When will earnings management become a fraud? Fraudulent earnings management is often identified by two adjectives. What are the two adjectives? How should each of the two adjectives be defined in the context of this week’s lessons on ‘financial reporting fraud’? Include a biblical application in your analysis.
A profile of fraud perpetrators prepared by the Association of Certified Fraud Examiners revealed that adult males with advanced degrees commit a disproportionate amount of fraud. Explain these findings.
Read the facts of the case in Problem 2-26 to become familiar withthe fraud involving Koss Corporation. From the company’s October 7,2009, proxy statement (Def 14A filing with the SEC), we know the followingfacts about the company’s audit committee and its members:Thomas L. Doerr 65, has been a director of the company since 1987. In1972, Mr. Doerr co-founded Leeson Electric Corporation and served asits president and CEO until 1982. The company manufactures industrialelectric motors. In 1983, Mr. Doerr incorporated Doerr Corporation asa holding company for the purpose of acquiring established companiesinvolved in distributing products to industrial and commercial markets.Currently, Mr. Doerr serves as president of Doerr Corporation.Mr. Doerr owns no stock in Koss Corporation and received $24,000 incash compensation during 2009 to serve on the audit committee.Lawrence S. Mattson 77, has been a director of the company since 1978.Mr. Mattson is the retired president of Oster company, a…