Identify the Risk of fraud for purchase discounts and manufacturing expense control account ( repair and...
Homework Answers
There are so many frauds possible at different levels during pre-sale & post-sale. I write this in more of a context from Bangalore !!
The details of fraud and then the amount they cheat is in brackets. The list is so huge and it can go on. I've written based on my 12 years experience in the field. Most of it I've personally come across and avoided, except once and I'm fighting it in court now.
Rules for you :-
Have a good lawyer beside you. Observe carefully for clues from frauds. Never trust on words. Use your contact. Do background check. Fraudsters won't be first timers and they would have left enough clues for you.
Frauds in real estate that I've faced or heard from near and dear. This list is small
- Collection of booking amount advertising on some very attractive property at a very cheap rate. All they do is advertisement & promise. (People generally loose from Rs.50,000 - 5,00,000.)
- Collection of booking amount of same property from multiple people (people loose from Rs.5000 - 1,00,000)
- Selling same property to different people. Same plots are sold to multiple people. They have innovative ways of doing this.(Depending on money spent. Also years together spent in courts)
- Selling property under litigation. I've faced this so many times. They would be so sweet till they get the money.
- Showing one property which looks great but they legally selling another piece. So even your lawyer won't find an issue.
- So many times brokers have tried to sell me public ( government ) properties.
- Selling plots that are kept for public ameneties.
- Selling a plot including some road.
- Selling excess land. It's very hard to find as only a survey of large portions of land can bring this out.
- Selling government notified property claiming it can be sorted out or government would pull it back.
- Re-routing Rajkalve, bandidhare, kaldhare (storm water drain, bull kart road, pathway) for convenience. Later after many years government officials comes to claim it. Right now Bangalore is facing demolition because of this.
- Selling lake bed, buffer zone, sensitive zone etc
- Selling agricultural land claiming its residential.
- Threatening property owners saying they have some sort of claim. They come out with innovative ways of claiming legal heirship. Worst and funniest claim I've heard so far is that the guy claimed himself to be a son in an extra marital affair of a land lord. He sent even a legal notice through his mother. Even this took more than three years time to clear in a court.
- Claiming unsettled legal heirships.
- Selling properties for which the seller don't have full rights. They mostly give forged documents for verification.
- Forging a will. We became suspicious of a will favouring a grandson. Later found that the will was done a day before grand father’s death. That too with thumb impression. Decided not to proceed.
- Removing legal heirs from family trees claiming they are died even showing a forged death certificate.
- So many issues because of bad family partitions.
- Sending legal notices saying some partner of the company had not signed in the agreement or sale deed and extracting money. It is post sales of the plot.
- Never finishing a project.
- Not delivering bare minimum quality
- Deviating big time from promised delivery terms.
- Evicting a buyer based on silly reasons before sale deed registration.
- Extracting fines based on silly reasons.
- Threatening a buyer after collection of booking amount when they demand for agreement.
Add Answer to:
Identify the Risk of fraud for purchase discounts and manufacturing
expense control account ( repair and...
Journalize the following transactions for Perez Company using the gross method of accounting for purchase discounts....
Journalize the following transactions for Perez Company using the gross method of accounting for purchase discounts. Assume a perpetual inventory system. October 9 Purchased goods from Long Company on account, $6,000, terms 2/10, n/30. October 15 Returned merchandise to Long Company that was previously purchased on account, $600. October 20 Paid the amount due to Long Company. Date Account Title Debit Credit ✓ (Choose one) Accounts Payable Accounts Receivable Cash Cost of Goods Sold Purchase Discounts Last Freight Out Merchandise...
Account titles available for use: Cash Purchases Purchase Returns Cost of Goods Sold Accounts Receivable Purchase...
Account titles available for use: Cash Purchases Purchase Returns Cost of Goods Sold Accounts Receivable Purchase Allowances Sales Revenue Freight Expense Accounts Payable Purchase Discounts Sales Returns Interest Expense Inventory Supplies Freight-In Loss from Inventory Shrinkage Record the following transaction using the periodic method. For account titles use the account names listed above (be cautious about spelling as this can return an incorrect answer). For transaction amounts do not use "$" or commas in your answer. For compound entries list...
Account titles available for use: Cash Accounts Receivable Purchases Purchase Allowances Purchase Returns Sales Revenue Cost...
Account titles available for use: Cash Accounts Receivable Purchases Purchase Allowances Purchase Returns Sales Revenue Cost of Goods Sold Freight Expense Accounts Payable Purchase Discounts Sales Returns Interest Expense Inventory Supplies Freight-In Loss from Inventory Shrinkage Record the following transaction using the perpetual method. For account titles use the account names listed above (be cautious about spelling as this can return an incorrect answer). For transaction amounts do not use "$" or commas in your answer. For compound entries list...
Journalize the following transactions for the buyer, Reed Company, using the gross method to account for...
Journalize the following transactions for the buyer, Reed Company, using the gross method to account for purchase discounts. Assume a perpetual inventory system. Purchased merchandise from Green Company on account, $5,000, terms 4/10, n/30. The goods are shipped FOB shipping point, freight prepaid by seller, $230. November 3 November 9 Returned to Green Company merchandise previously purchased on account, $200. Paid the amount due to Green Company. November 14 Date Account Title Debit Credit * (Choose one) Accounts Payable Accounts...
Only part c Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Advertising Expense Buildings Cash...
Only part c
Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Advertising Expense Buildings Cash Casuality Loss from Vandalism Cost of Goods Sold Depreciation Expense Dividend Revenue Equipment Freight-In Freight-Out Income Summary Insurance Expense Interest Expense Interest Payable Interest Revenue Inventory Land Loss on Disposal of Plant Assets Maintenance and Repairs Expense Notes Payable Operating Expenses Owner's Capital Owner's Drawings Prepaid Insurance Property Tax Expense Property Taxes Payable Purchase Discounts Purchase Returns and Allowances Purchases Rent Expense Salaries and...
Label as financing, operating, investing activities. Cash Investment Securities--AFS Accrured Interest Receivable Accounts Receivable Allowance for...
Label as financing, operating, investing activities. Cash Investment Securities--AFS Accrured Interest Receivable Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Prepaid Insurance Store Supplies Land Building Accumulated Depreciation: Building Office & Store Equipment Accumulated Depreciation: Office & Store Equipment Delivery Trucks Accumulated Depreciation: Delivery Trucks Accounts Payable FICA Taxes Payable Withholding Taxes Payable Unemployment Taxes Payable Union Dues Payable Salaries & Wages Payable Accrued Utilities Payable Income taxes payable Mortgage Payable Accrued Interest Payable Common Stock PIC in Excess of...
Label as a current asset, current liability, non-current asset, non-current liability, or owners equity as appears...
Label as a current asset, current liability, non-current asset, non-current liability, or owners equity as appears on a balance sheet. Cash Investment Securities--AFS Accrured Interest Receivable Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Prepaid Insurance Store Supplies Land Building Accumulated Depreciation: Building Office & Store Equipment Accumulated Depreciation: Office & Store Equipment Delivery Trucks Accumulated Depreciation: Delivery Trucks Accounts Payable FICA Taxes Payable Withholding Taxes Payable Unemployment Taxes Payable Union Dues Payable Salaries & Wages Payable Accrued Utilities Payable...
COGS X1 Inventory 1/1/2018 950000 X2 Purchases 1060000 X3 Less: Purchase Discounts 21000 Net Purchase 1039000...
COGS
X1
Inventory
1/1/2018
950000
X2
Purchases
1060000
X3
Less:
Purchase Discounts
21000
Net
Purchase
1039000
X4:
Add:
Freight-In
19000
1058000
Inventory
available for sale
200800
Less:
Inventory 12/31/2018
864070
COGS
Total
1143930
Rapid Roller Inc. Adjusted Trial Balance December 31, 2018 Credit $ Debit 140,000 275,000 Part A - Calculate the following (show your work). $ 22,000 10,000 23,000 1. Calculate Net Sales 2. Calculate Net Accounts Receivable 3. Calculate Shares Outstanding 950,000 1,250,000 300,000 2,000,000 Part B -...
CPA Australia’s advisory guide on employee fraud identifies some typical ways that fraud is carried out....
CPA Australia’s advisory guide on employee fraud identifies some typical ways that fraud is carried out. These are listed in the table below. In the table below: (a) Recommend a control for each of the risks identified in the table below. (b) Classify each of the control activities as preventive, detective, or corrective. Source: Parkes, Alison, Brett Considine, Karin Oleson, Yvette Blount. Accounting Information Systems, 5th Edition. John Wiley & Sons Australia, Risk Control Control classification 1) creating ‘ghost’ employees...
Income statement information for Bridgeport Tire Repair Corporation for the year 2017 follows: General and administrative...
Income statement information for Bridgeport Tire Repair Corporation for the year 2017 follows: General and administrative expenses: Freight-in $13,000 Salaries and wages expense $36,900 Purchase discounts 10,000 Depreciation expense—building 28,500 Dividend revenue 20,000 Office supplies expense 9,600 Inventory (beginning) 114,000 Inventory (ending) 140,000 Sales returns and allowances 18,000 Loss—other (due to flood damage) 52,000 Service expenses: Gain on the sale of equipment 5,600 Salaries and wages 72,000 Purchases 570,000 Depreciation expense—garage equipment 18,000 Sales revenue 960,000 Garage supplies expense 9,000...
Journalize the following transactions for Perez Company using the gross method of accounting for purchase discounts. Assume a perpetual inventory system. October 9 Purchased goods from Long Company on account, $6,000, terms 2/10, n/30. October 15 Returned merchandise to Long Company that was previously purchased on account, $600. October 20 Paid the amount due to Long Company. Date Account Title Debit Credit ✓ (Choose one) Accounts Payable Accounts Receivable Cash Cost of Goods Sold Purchase Discounts Last Freight Out Merchandise...
Account titles available for use: Cash Purchases Purchase Returns Cost of Goods Sold Accounts Receivable Purchase Allowances Sales Revenue Freight Expense Accounts Payable Purchase Discounts Sales Returns Interest Expense Inventory Supplies Freight-In Loss from Inventory Shrinkage Record the following transaction using the periodic method. For account titles use the account names listed above (be cautious about spelling as this can return an incorrect answer). For transaction amounts do not use "$" or commas in your answer. For compound entries list...
Account titles available for use: Cash Accounts Receivable Purchases Purchase Allowances Purchase Returns Sales Revenue Cost of Goods Sold Freight Expense Accounts Payable Purchase Discounts Sales Returns Interest Expense Inventory Supplies Freight-In Loss from Inventory Shrinkage Record the following transaction using the perpetual method. For account titles use the account names listed above (be cautious about spelling as this can return an incorrect answer). For transaction amounts do not use "$" or commas in your answer. For compound entries list...
Journalize the following transactions for the buyer, Reed Company, using the gross method to account for purchase discounts. Assume a perpetual inventory system. Purchased merchandise from Green Company on account, $5,000, terms 4/10, n/30. The goods are shipped FOB shipping point, freight prepaid by seller, $230. November 3 November 9 Returned to Green Company merchandise previously purchased on account, $200. Paid the amount due to Green Company. November 14 Date Account Title Debit Credit * (Choose one) Accounts Payable Accounts...
Only part c
Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Advertising Expense Buildings Cash Casuality Loss from Vandalism Cost of Goods Sold Depreciation Expense Dividend Revenue Equipment Freight-In Freight-Out Income Summary Insurance Expense Interest Expense Interest Payable Interest Revenue Inventory Land Loss on Disposal of Plant Assets Maintenance and Repairs Expense Notes Payable Operating Expenses Owner's Capital Owner's Drawings Prepaid Insurance Property Tax Expense Property Taxes Payable Purchase Discounts Purchase Returns and Allowances Purchases Rent Expense Salaries and...
COGS
X1
Inventory
1/1/2018
950000
X2
Purchases
1060000
X3
Less:
Purchase Discounts
21000
Net
Purchase
1039000
X4:
Add:
Freight-In
19000
1058000
Inventory
available for sale
200800
Less:
Inventory 12/31/2018
864070
COGS
Total
1143930
Rapid Roller Inc. Adjusted Trial Balance December 31, 2018 Credit $ Debit 140,000 275,000 Part A - Calculate the following (show your work). $ 22,000 10,000 23,000 1. Calculate Net Sales 2. Calculate Net Accounts Receivable 3. Calculate Shares Outstanding 950,000 1,250,000 300,000 2,000,000 Part B -...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 11 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 11 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago