Fraud Examination
6th Edition
ISBN: 9781337619677
Author: Albrecht, W. Steve, Chad O., Conan C., Zimbelman, Mark F.
Publisher: Cengage,
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Question
Chapter 2, Problem 1DQ
To determine
The characteristics of people who commit fraud
Expert Solution & Answer
Explanation of Solution
Intense research on fraud proved that anyone can commit fraud. It is not possible to distinguish fraud perpetrators on the basis of demographic or psychological characteristics.
Research has proven that there are no similarities between criminals and fraud perpetrators. Fraud perpetrators were less likely to get caught, arrested, and convicted compared to other prisoners. The chances of women criminals are 2% but women as fraud perpetrators is 30%. Fraud perpetrators are more educated, more religious, and may not possess any criminal record.
People involved in fraud are usually normal people who have compromised their integrity.
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Ocean Corp. has a single class of shares. As its year ended December 31, 2025, the company had 5,000,000 shares issued and outstanding. On the stock exchange, these shares were trading at around $7. In the company's accounts, these shares had a value of $50,000,000. The equity accounts also show $650,000 of contributed surplus from previous repurchases of shares.
On January 15, 2026, Ocean repurchased and cancelled 250,000 shares at a cost of $7 per share. Later in the year, on August 20, the company repurchased and cancelled a further 475,000 shares at a cost of $14 per share.
Required
Record the journal entries for the two share transactions in 2026.
Chapter 2 Solutions
Fraud Examination
Ch. 2 - Prob. 1DQCh. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - What are some different types of pressures?Ch. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 10DQCh. 2 - Prob. 11DQ
Ch. 2 - Prob. 12DQCh. 2 - Prob. 1TFCh. 2 - Prob. 2TFCh. 2 - Management's example or modeling is of little...Ch. 2 - Prob. 4TFCh. 2 - Prob. 5TFCh. 2 - Prob. 6TFCh. 2 - Prob. 7TFCh. 2 - Prob. 8TFCh. 2 - Prob. 9TFCh. 2 - Prob. 10TFCh. 2 - Prob. 11TFCh. 2 - Prob. 12TFCh. 2 - Prob. 13TFCh. 2 - Prob. 14TFCh. 2 - Prob. 15TFCh. 2 - Prob. 1MCQCh. 2 - Prob. 2MCQCh. 2 - Prob. 3MCQCh. 2 - Prob. 4MCQCh. 2 - Prob. 5MCQCh. 2 - Prob. 6MCQCh. 2 - Prob. 7MCQCh. 2 - Prob. 8MCQCh. 2 - Prob. 9MCQCh. 2 - Prob. 10MCQCh. 2 - Prob. 11MCQCh. 2 - Prob. 12MCQCh. 2 - Prob. 13MCQCh. 2 - Prob. 14MCQCh. 2 - Prob. 15MCQCh. 2 - Prob. 16MCQCh. 2 - Prob. 17MCQCh. 2 - Prob. 18MCQCh. 2 - Prob. 19MCQCh. 2 - Prob. 20MCQCh. 2 - Prob. 1SCCh. 2 - Case 2
A few years ago, there was a large oil...Ch. 2 - Prob. 3SCCh. 2 - Prob. 4SCCh. 2 - Prob. 5SCCh. 2 - Prob. 6SCCh. 2 - Prob. 7SCCh. 2 - Prob. 8SCCh. 2 - Prob. 9SCCh. 2 - Prob. 10SCCh. 2 - Case 11
As a new staff member in a large national...Ch. 2 - Prob. 12SCCh. 2 - Prob. 13SCCh. 2 - Prob. 14SCCh. 2 - Case 15 But I intended to pay it all back, I...Ch. 2 - Prob. 1.1CSCh. 2 - Prob. 1.2CSCh. 2 - Prob. 1.3CSCh. 2 - Prob. 2.1CSCh. 2 - Prob. 2.2CSCh. 2 - Prob. 2.3CSCh. 2 - 1. What factors in Johnson’s control environment...Ch. 2 - Prob. 3.2CSCh. 2 - Prob. 3.3CSCh. 2 - How did trust contribute to Mr. Armstrongs fraud?Ch. 2 - Prob. 4.2CSCh. 2 - Prob. 5.1CSCh. 2 - Prob. 5.3CSCh. 2 - Prob. 5.4CS
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