the meaning of fraud

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Answer 1

Question

Chapter 1, Problem 1DQ

To determine

To determine the meaning of fraud

Expert Solution & Answer

Answer to Problem 1DQ

Fraud is an intentional act done to deceive a person. It is an intentional and misleading representation about a material fact, which when believed and acted upon by the victim, damages the victim.

Explanation of Solution

There is no organized way to report fraud in most cases. Instead of seeking justice and punishing the fraud perpetrators, victims are more often concerned about the embarrassment of fraud publicly.

The necessary elements of fraud are:

(a) Misrepresentation of material fact: A materially false statement is made and the gravity of the statement could substantially affect the victim’s decision and action.
(b) Knowing it to be false: The perpetrator knows the falsehood of the statement before making it.
(c) Intention to deceive: The false statement is made with an intention to influence and deceive the victim.
(d) Using information for decision-making: The false statement or information is used by the victim in his/her analysis for decision-making.
(e) Loss: The victim suffers some loss due to such misrepresentation.

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MCQ

Blockbuster Co is building a new state of the art Cineplex at a cost of $3,500,000. They received a capital investment of $1,500,000. The remainder of funds will have to be borrowed so they decided to issue bonds. They have issued 10.5%, 5-year bonds. These bonds were issued on January 1st, 2020, and pay semi-annual interest on July 1st and January 1st. The bonds yield 10%. The year-end is December 31st. Requirements: (Show all workings) I. Calculate the proceeds from the sale of the bond. Clearly, show the II. III. IV. amount of the premium or discount and state two reasons, which support the premium or discount calculated. Prepare a bond amortization schedule for the bond's life. Prepare all the journal entries for 2020, 2023 & 2025. Assume that on July 1 2023, Blockbuster Co. retires the bond at a cost of 1,065,000 plus accrued interest, if applicable. Prepare the journal entry to record this retirement.

What is the net income during year 2 on these accounting question?

Answer 2

Question

Chapter 1, Problem 1DQ

To determine

To determine the meaning of fraud

Expert Solution & Answer

Answer to Problem 1DQ

Fraud is an intentional act done to deceive a person. It is an intentional and misleading representation about a material fact, which when believed and acted upon by the victim, damages the victim.

Explanation of Solution

There is no organized way to report fraud in most cases. Instead of seeking justice and punishing the fraud perpetrators, victims are more often concerned about the embarrassment of fraud publicly.

The necessary elements of fraud are:

(a) Misrepresentation of material fact: A materially false statement is made and the gravity of the statement could substantially affect the victim’s decision and action.
(b) Knowing it to be false: The perpetrator knows the falsehood of the statement before making it.
(c) Intention to deceive: The false statement is made with an intention to influence and deceive the victim.
(d) Using information for decision-making: The false statement or information is used by the victim in his/her analysis for decision-making.
(e) Loss: The victim suffers some loss due to such misrepresentation.

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Answer 3

Question

Chapter 1, Problem 1DQ

To determine

To determine the meaning of fraud

Expert Solution & Answer

Answer to Problem 1DQ

Fraud is an intentional act done to deceive a person. It is an intentional and misleading representation about a material fact, which when believed and acted upon by the victim, damages the victim.

Explanation of Solution

There is no organized way to report fraud in most cases. Instead of seeking justice and punishing the fraud perpetrators, victims are more often concerned about the embarrassment of fraud publicly.

The necessary elements of fraud are:

(a) Misrepresentation of material fact: A materially false statement is made and the gravity of the statement could substantially affect the victim’s decision and action.
(b) Knowing it to be false: The perpetrator knows the falsehood of the statement before making it.
(c) Intention to deceive: The false statement is made with an intention to influence and deceive the victim.
(d) Using information for decision-making: The false statement or information is used by the victim in his/her analysis for decision-making.
(e) Loss: The victim suffers some loss due to such misrepresentation.

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Answer 4

Question

Chapter 1, Problem 1DQ

To determine

To determine the meaning of fraud

Expert Solution & Answer

Answer to Problem 1DQ

Fraud is an intentional act done to deceive a person. It is an intentional and misleading representation about a material fact, which when believed and acted upon by the victim, damages the victim.

Explanation of Solution

There is no organized way to report fraud in most cases. Instead of seeking justice and punishing the fraud perpetrators, victims are more often concerned about the embarrassment of fraud publicly.

The necessary elements of fraud are:

(a) Misrepresentation of material fact: A materially false statement is made and the gravity of the statement could substantially affect the victim’s decision and action.
(b) Knowing it to be false: The perpetrator knows the falsehood of the statement before making it.
(c) Intention to deceive: The false statement is made with an intention to influence and deceive the victim.
(d) Using information for decision-making: The false statement or information is used by the victim in his/her analysis for decision-making.
(e) Loss: The victim suffers some loss due to such misrepresentation.

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Answer 5

Chapter 1, Problem 1DQ

To determine

To determine the meaning of fraud

Expert Solution & Answer

Answer to Problem 1DQ

Fraud is an intentional act done to deceive a person. It is an intentional and misleading representation about a material fact, which when believed and acted upon by the victim, damages the victim.

Explanation of Solution

There is no organized way to report fraud in most cases. Instead of seeking justice and punishing the fraud perpetrators, victims are more often concerned about the embarrassment of fraud publicly.

The necessary elements of fraud are:

(a) Misrepresentation of material fact: A materially false statement is made and the gravity of the statement could substantially affect the victim’s decision and action.
(b) Knowing it to be false: The perpetrator knows the falsehood of the statement before making it.
(c) Intention to deceive: The false statement is made with an intention to influence and deceive the victim.
(d) Using information for decision-making: The false statement or information is used by the victim in his/her analysis for decision-making.
(e) Loss: The victim suffers some loss due to such misrepresentation.

Answer 6

Chapter 1, Problem 1DQ

To determine

To determine the meaning of fraud

Expert Solution & Answer

Answer to Problem 1DQ

Fraud is an intentional act done to deceive a person. It is an intentional and misleading representation about a material fact, which when believed and acted upon by the victim, damages the victim.

Explanation of Solution

There is no organized way to report fraud in most cases. Instead of seeking justice and punishing the fraud perpetrators, victims are more often concerned about the embarrassment of fraud publicly.

The necessary elements of fraud are:

(a) Misrepresentation of material fact: A materially false statement is made and the gravity of the statement could substantially affect the victim’s decision and action.
(b) Knowing it to be false: The perpetrator knows the falsehood of the statement before making it.
(c) Intention to deceive: The false statement is made with an intention to influence and deceive the victim.
(d) Using information for decision-making: The false statement or information is used by the victim in his/her analysis for decision-making.
(e) Loss: The victim suffers some loss due to such misrepresentation.

Answer 7

Chapter 1, Problem 1DQ

To determine

To determine the meaning of fraud

Answer 8

Expert Solution & Answer

Answer to Problem 1DQ

Fraud is an intentional act done to deceive a person. It is an intentional and misleading representation about a material fact, which when believed and acted upon by the victim, damages the victim.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

There is no organized way to report fraud in most cases. Instead of seeking justice and punishing the fraud perpetrators, victims are more often concerned about the embarrassment of fraud publicly.

The necessary elements of fraud are:

(a) Misrepresentation of material fact: A materially false statement is made and the gravity of the statement could substantially affect the victim’s decision and action.
(b) Knowing it to be false: The perpetrator knows the falsehood of the statement before making it.
(c) Intention to deceive: The false statement is made with an intention to influence and deceive the victim.
(d) Using information for decision-making: The false statement or information is used by the victim in his/her analysis for decision-making.
(e) Loss: The victim suffers some loss due to such misrepresentation.

Answer 12

Ch. 1 - Prob. 1DQ Ch. 1 - Prob. 2DQ Ch. 1 - Prob. 3DQ Ch. 1 - Prob. 4DQ Ch. 1 - Prob. 5DQ Ch. 1 - Prob. 6DQ Ch. 1 - Prob. 7DQ Ch. 1 - Prob. 8DQ Ch. 1 - Prob. 9DQ Ch. 1 - Prob. 10DQ

the meaning of fraud

Concept explainers

To determine the meaning of fraud

Answer to Problem 1DQ

Explanation of Solution

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Chapter 1 Solutions