What is the possible result of carelessness in credit and collection policies?

Q: What corrective action can be taken for customers whose outstandingbalances do not adhere to our…

A: Credit to Customers:   It is the facility extended by the vendor to the customer to resolve the…

Q: What actions to be taken on error/fraud discovery?

A: An auditor is a person who is held responsible for fraud or error detection as he or she is auditing…

Q: Discuss how the national credit act treats reckless trading

A: Nationnal Credit Act:- It is an Act for all consumers who seeks credit in market palace. this act…

Q: What type of fraud is this, and what controls can be implemented to prevent or detect the fraud?

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Q: What is the amount of petty cash shortage?

A: Since you have asked two questions under a single question but as per our protocol we provide…

Q: Because all fraud involves some form of financial misstatement, how is fraudulent statement fraud…

A:

Q: What is the purpose of the following control procedures (i.e., what threats is it designed to…

A: To protect the assets and to enhance the accuracy and reliability of its accounting records,…

Q: Explain fraudulent financial reporting.

A: The examples of fraudulent financial reporting are:  • Modifying the time of recording sales to…

Q: What is the usefulness of using the Fraud Triangle to evaluate the risk of major misstatements in…

A: This question explains about the usefulness of using the Fraud Triangle to evaluate the risk of…

Q: Errors/misstatements and fraud (meaning and characteristics)?

A: A misstatement is an error, either intentional or unintentional, that exist in a transaction or…

Q: What financial statement misrepresentations may result from an inconsistently applied credit policy?…

A: If the credit policies of the business are applied inconsistently, then financial statements may be…

Q: Which of the following is NOT commonly regarded as being a credit policy variable? * Collection…

A: “Since you have asked multiple question, we will solve one question for you. If you want any…

Q: What are the controls needed to secure the petty cash fund?

A: Internal control:Internal control is a process which ensures continuous reliability of…

Q: What is the best way to reduce financial statement fraud?

A: There are five basic types of financial statement fraud exist in the entity which are as…

Q: Explain Poor supervision by Central Banks with examples

A: Central banks play major role in the country’s economy. Some of the main function of these banks are…

Q: what possible internal control weaknesses occured that resulted to unintentional duplicate payment…

A: Internal Audit: An internal audit is an unconventional, committed assurance and advisory activity…

Q: For what reasons is it a wise policy to keep credit appraisal and sanctioning from the work out…

A: Credit appraisal refers to a bank's investigation/assessment of a project's commercial, financial,…

Q: How should we account for the fact that not every account receivable is likely to be collected?

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: Why it was said that credit when not controlled can bring ruin to its user? Give illustration.

A: Credit control is a corporate procedure that encourages the sale of goods or services to consumers…

Q: How can SPEs be used to manipulate financial statements? Give one real case example on the misuse of…

A: Special purpose entities are the subsidiaries created for a specific purpose. These are used to…

Q: A discounted note receivable is an example of a loss contingency? Is it true or false

A: This is a False.

Q: Common examples of financial abuse include:?

A: Financial abuse typically involves a family member or another person whom the older adult trusts…

Q: how do deposit intistitutions differ from non-deposit institutions?

A: A financial institution is an intermediary business entity that helps to supply money from surplus…

Q: what types are frauds are possible in revenue cycle?

A: Introduction: The revenue cycle is a method of defining and maintaining the processes used for the…

Q: How is the larceny of receivables often detected?

A: SOLUTION- LARCENY IS THE ACT OF STEALING CASH FROM A COMPANY AFTER IT HAS BEEN RECORDED ON THE…

Q: hy is fraud prevention so important?

A: Fraud in auditing refers to the illegal manipulation or wrong altered information reported in the…

Q: do deficiencies in internal control not always lead to material misstatement when recording…

A: internal controls rules and procedures that are implemented in order to ensure the integrity and…

Q: What is the relationship between CSR and accounting fraud?

A: CSR or Corporate Social Responsibility refers to the management principles which tries to integrate…

Q: What is serious regulatory lapses in the system as difficulties in the financial system?

A: Financial system is the system where all the players are involved and exchange funds & money…

Q: How can fraud be detected in the financial statements?

A: Financial statements are a summary of the transaction involved in the business activities which…

Q: What is noncommited and committed line of credit?

A:

Q: what is MORATORIUM” IN BANKING? explain.  no plagiarism

A: A moratorium helps the borrower by providing time to arrange the finance to make the loan payments.…

Q: Give an example of fraud and error?

A: Fraud is an intentional manipulation of a fact with the intention of misleading an individual or a…

Q: What does fraud includes?

A: Fraud:   It is the practice of intentional misrepresentation of facts to make financial or personal…

Q: How do fraud symptoms help in detecting fraud?

A: Fraud symptoms are indicators used by investigators to identify the perpetrator. These fraud…

Q: What are some errors and frauds that can occur in the revenue cycle

A: Introduction:- The revenue cycle is used to completion of an accounting process for recording…

Q: What is trade-off credit and collection policies and its compositions?

A: A external financing is an agreement agreement understanding between partners that facilitates the…

Q: What is billing (or vendor) fraud?

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Q: How does “fraud examination”differ from “forensic accounting”?

A: Fraud  - This is an Intentional act committed to gain something illegal by omission or  commission…

Q: Why are related-party frauds more difficult to detect than frauds with no related parties?

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Q: what are the consequences of bank failures?

A: A bank failure occurs when a bank is unable to meet its obligations to its depositors or other…