Identify the most probable motivation of the person responsible for each of these misstatements is intentional (fraud).

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Answer 1

Question

Chapter 23, Problem 17DQP

a.

To determine

Identify the most probable motivation of the person responsible for each of these misstatements is intentional (fraud).

b.

To determine

Identify the control that could be instituted for each fraud to reduce the likelihood of occurrence.

c.

To determine

List an audit procedure that could be used to discover each fraud.

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Ming Chen started a business and had the following transactions in June. a. Owner invested $60,000 cash in the company along with $15,000 of equipment. b. The company paid $2,000 cash for rent of office space for the month. c. The company purchased $18,000 of additional equipment on credit (payment due within 30 days). d. The company completed work for a client and immediately collected $1,600 cash. e. The company completed work for a client and sent a bill for $7,300 to be received within 30 days. f. The company purchased additional equipment for $5,000 cash. g. The company paid an assistant $2,400 cash as wages for the month. h. The company collected $4,500 cash as a partial payment for the amount owed by the client in transaction e. i. The company paid $18,000 cash to settle the liability created in transaction c. j. The owner withdrew $1,500 cash from the company for personal use.

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Answer 2

Question

Chapter 23, Problem 17DQP

a.

To determine

Identify the most probable motivation of the person responsible for each of these misstatements is intentional (fraud).

b.

To determine

Identify the control that could be instituted for each fraud to reduce the likelihood of occurrence.

c.

To determine

List an audit procedure that could be used to discover each fraud.

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Answer 3

Question

Chapter 23, Problem 17DQP

a.

To determine

Identify the most probable motivation of the person responsible for each of these misstatements is intentional (fraud).

b.

To determine

Identify the control that could be instituted for each fraud to reduce the likelihood of occurrence.

c.

To determine

List an audit procedure that could be used to discover each fraud.

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Answer 4

Question

Chapter 23, Problem 17DQP

a.

To determine

Identify the most probable motivation of the person responsible for each of these misstatements is intentional (fraud).

b.

To determine

Identify the control that could be instituted for each fraud to reduce the likelihood of occurrence.

c.

To determine

List an audit procedure that could be used to discover each fraud.

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Answer 5

Chapter 23, Problem 17DQP

a.

To determine

Identify the most probable motivation of the person responsible for each of these misstatements is intentional (fraud).

b.

To determine

Identify the control that could be instituted for each fraud to reduce the likelihood of occurrence.

c.

To determine

List an audit procedure that could be used to discover each fraud.

Answer 6

Chapter 23, Problem 17DQP

a.

To determine

Identify the most probable motivation of the person responsible for each of these misstatements is intentional (fraud).

Answer 7

Chapter 23, Problem 17DQP

a.

To determine

Identify the most probable motivation of the person responsible for each of these misstatements is intentional (fraud).

Answer 8

b.

To determine

Identify the control that could be instituted for each fraud to reduce the likelihood of occurrence.

Answer 9

b.

To determine

Identify the control that could be instituted for each fraud to reduce the likelihood of occurrence.

Answer 10

c.

To determine

List an audit procedure that could be used to discover each fraud.

Answer 11

c.

To determine

List an audit procedure that could be used to discover each fraud.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 23 - Explain the relationships among the initial...Ch. 23 - Prob. 2RQ Ch. 23 - Prob. 3RQ Ch. 23 - Prob. 4RQ Ch. 23 - Prob. 5RQ Ch. 23 - Prob. 6RQ Ch. 23 - Prob. 7RQ Ch. 23 - Prob. 8RQ Ch. 23 - Prob. 9RQ Ch. 23 - Prob. 10RQ

Identify the most probable motivation of the person responsible for each of these misstatements is intentional (fraud).

Solution Summary: The author identifies the most probable motivation of the person responsible for each of these misstatements is intentional (fraud).

Concept explainers

Identify the most probable motivation of the person responsible for each of these misstatements is intentional (fraud).

Identify the control that could be instituted for each fraud to reduce the likelihood of occurrence.

List an audit procedure that could be used to discover each fraud.

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Chapter 23 Solutions