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Abe draws a check for $100 on his checking account at First Bank payable to the order of Bill. Bill cleverly raises the check to $1000, indorses it, and negotiats it to Chen, Chen then presents the check for payment to First Bank, which oays her $1,000 and charges Abe's account for $1,000. Abe then asks the bank to re credit his account for the altered check, and it does so. Based on this scenario, which of the following is FALSE
A) First Bank carries the risk of loss and is liable
B) First Bank can recover from Chen because she warranted that the instrument had not been altered
C) After Chen pays First Bank, she can recover against Bill
D) Unless he was negligent in drawing the check, Abe's liability is limited to $100
A court found that a portion of that deficiency constituted civil fraud ($80,000). Compute total fraud and negligence penalties incurred. Explain your answer as necessary.
Prepare a statement of cost of goods manufactured and prepare the cost of goods sold section of the income statement.
Ways in which creative accounting activities are exercised in financial reporting and the extent to which the responses of UK and US legislators and standard setters have succeeded in minimising the scope for such activities.
Assume an activity-based costing system is used and that the number of setups and the number of components are identified as the activity-cost drivers for overhead. Illustrate what is the total amount of overhead costs assigned to the standard mode..
Harris Corporation produces a single product. Last year, Harris manufactured 29,010 units and sold 23,900 units. Production costs for the year were as follows: Assume that direct labor is a variable cost
Norma Smith is the controller of Baylor Corporation and is responsible for the preparation of the year-end financial statements. The following transactions occurred during the year.
Assess how closely the company adheres to the Ingram-Lee model in absolute and relative terms: If income increases, does cash flow increase at a lesser rate? Does investing have net outflows and financing have net cash inflows?
Which departments are usually responsible for the labor rate and the labor efficiency variances? Discuss why the two responsibilities may not be completely separate.
calculate yancy's realized and recognized gain or loss and if the condemnation proceeds are $505,000, what are yancy's realized and recognized gain or loss?
The AICPA Professional Code of Conduct prohibits accountants from breaching the rule of client confidentiality. Specifically, under Rule 301, public accountants who are members of the institute are not allowed to disclose any confidential info..
Compute the best option of lease or buy on the facts given - What is the minimal number of copies for which your law office should buy the machine instead of leasing it?
A fund manager states: "I refuse to buy any company that makes a voluntary accounting change, since it's certainly a case of management trying to hide bad news." Can you think of any alternative interpretation?
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