Introduction:
Association of Certified Fraud Examiners:
The Association of Certified Fraud Examiners is a group of professionals who are certified and expert in detection and prevention of fraudulent activities in an organization.
To state:
Fill in the blanks by reading the two-page Executive Summary from "2016 Report to the Nations".
Given info:
1. The median loss for all cases in our study was .........., with ...........of cases causing losses of $1 million or more.
2. The typical organization loses.............of revenues in a given year as a result of fraud.
3. The median duration - the amount of time from when the fraud commenced until it was detected - for the fraud cases reported to us was ........
4. Asset misappropriation was by far the most common form of occupational fraud, occurring in more than ..........of cases, but causing the smallest median loss of .............
5. Financial statement fraud was on the other end of the spectrum, occurring in less than 10% of cases but causing a median loss of ............ Corruption cases fell in the middle, with ..........of cases and a median loss of ...........
6. The most common detection method in our study was .............(39.1%).
7. Approximately ...............of the cases reported to us targeted privately held or publicly owned companies. These for-profit organizations suffered the largest median losses among the types of organizations analyzed, at ...........and ........... respectively.
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Chapter 8 Solutions
Fundamental Accounting Principles
- Khayyam Company, which sells tents, has provided the following information: Sales price per unit Variable cost per unit $40 19 $12,800 Fixed costs per month What are the required sales in units for Khayyam to break even? (Round your answer up to the nearest whole unit.) OA. 217 units B. 674 units OC. 610 units D. 320 unitsarrow_forwardPlease need help with this accounting question answer do fastarrow_forwardJingle Ltd. and Bell Ltd. belong to the same industry. A snapshot ofsome of their financial information is given below: Jingle Ltd. Bell Ltd. Current Ratio 3.2 : 1 2 : 1 Acid - Test Ratio 1.7 : 1 1.1 : 1 Debt-Equity Ratio 30% 40% Times Interest earned 6 5 You are a loans officer and both companies have asked for an equal2-year loan. i) If you could facilitate only one loan, which company wouldyou refuse? Explain your reasoning brieflyii) If both companies could be facilitated, would you be willingto do so? Explain your argument briefly.arrow_forward
- Determine the total fixed costs of these accounting questionarrow_forwardPerreth Drycleaners has capacity to clean up to 5,000 garments per month. Requirements 1. Complete the schedule below for the three volumes shown. 2. Why does the average cost per garment change? 3. Suppose the owner, Dale Perreth, erroneously uses the average cost per unit at full capacity to predict total costs at a volume of 2,000 garments. Would he overestimate or underestimate his total costs? By how much? Requirement 1. Complete the following schedule for the three volumes shown. (Round all unit costs to the nearest cent and all total costs to the nearest whole dollar.) Total variable costs Total fixed costs Total operating costs Variable cost per garment Fixed cost per garment 2,000 Garments 3,500 Garments 5,000 Garments $ 2,800 2.00 Average cost per garment Requirement 2. Why does the average cost per garment change? The average cost per garment changes as volume changes, due to the component of the dry cleaner's costs. The cost per unit decreases as volume , while the variable…arrow_forwardI need answer of this general accounting questionarrow_forward
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