Understanding Business
12th Edition
ISBN: 9781259929434
Author: William Nickels
Publisher: McGraw-Hill Education
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Individuals who commit fraud are ordinarily able to rationalize the act and also have an: Incentive and opportunity, Just incentive not opportunity, Not incentive but with opportunity, Neither one
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- An apartment building in Ithaca, New York with 72 units was financed with a $7.2 million non-recourse first mortgage loan at a 3.6% annual interest rate and an additional $3.6 million fully recourse second mortgage loan at a 7.2% annual interest rate. The owner later borrowed another $720,000 with a fully recourse third mortgage loan at a 10.8% annual interest rate. The borrower ultimately found itself in financial distress and unable to make the monthly mortgage payments on the three outstanding mortgage loans and the property went into foreclosure. What happens to the claims of the second and third mortgage lenders if the foreclosure lawsuit by the first mortgage lender includes all junior mortgage lenders and the property is sold to an unrelated third party for a net price of $6.6 million at the foreclosure sale? a. The mortgage liens of the junior claimants and the loan amounts owed to them are unaffected by the foreclosure sale b. The mortgage liens of the junior claimants are…arrow_forwardExplain the role of internal controls in preventing and detecting business fraudarrow_forwardCan the ends justify the means.arrow_forward
- I need a dishonesty/crime policy for my towing company. First choice towing and recovery llcarrow_forwardAgency Issues. One of the “Finance through the Ages” episodes that we cited is the 1993 collapse of Barings Bank, when one of its traders lost $1.3 billion. Traders are compensated in large part according to their trading profits. How might this practice have contributed to an agency problem?arrow_forwardWhat are the dangers of having no Moral Absolutes?arrow_forward
- The AICPA can bar or suspend from practice any accountant deemed to have engaged in "unethical or improper professional conduct." Select one: True Falsearrow_forwardNo Plagiarism Please! Compare the major antitrust acts of the United States. Specify the intent and purpose of each, and draw conclusions about their effectiveness.arrow_forwardWhat possible motivation might a business manager have for perpetrating fraud?arrow_forward
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