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Forensic Investigative Accounting (sixth edition)
Computer Fraud? Marcie Lewis and Fred Cisco worked as accountanting managers at Save-Lot Foods Stores. The company distributes stock options to its 10,000 employees as a part of their compensation package. Marcie and Fred both work with the ACE computer system that is used to distribute the stock options to employees. The ACE computer system creates a control number and a broker transaction summary. After broker transaction summary is created, the request for the stock option is faxed to Second Boston, which handles the distribution of the option to the employees' brokerage account. Once the option is in the brokerage account, the employee can request the issuance of the shares and sell them. The broker will confirm the existence of options with Second Boston and take care of the sale. In auditing transactions, Marcie found that Second Boston reused account control numbers esentially negating its controls. Also the ACE computer system issued control numbers that were never sent to Second Boston. Second Boston expected control numbers received from the ACE system to be out of sequence. Marcie and Fred knew it would be easy to create a broker transaction summary and fax requests with a forged signature to Second Boston for stock options to be sent to their brokers. They could easy use an extra control number from the ACE system that had not been sent to Second Boston. Considering all the federal and state statues described in the chapter, if Marcie and Fred were to execute this scheme what would they be guilty of doing?
Flipagram’s funding has come from venture capitalists. A TIPS bond would have low duration. For most venture capital investments debt is an important source of funding.
In May of 2014 Standard and Poor's upgraded the ratings for Spanish government debt from BBB- to BBB. What should this do to the risk premium on Spanish government bonds?
You sell a call option on a share of stock for a premium of $4. The current market price of the stock is $47 and the strike price on the option is $50. What is your break – even stock price at maturity?
Do you believe that this is a fair test? Why or why not? If you are asked to review the employee selection procedures, would you make any changes to this system? Why or why not?
What is the expected return on a bond if the return is 9% two-thirds of the time and 3% one-third of the time? What is the standard deviation of the returns on this bond? Would you prefer this bond or one with an identical expected return and a stand..
In what ways is the estimated net present value of this project more uncertain than that of a similar project in a more developed European country?
You open a brokerage account on January 1 and sell short 500 shares of Apple Computer at $163.39 per share. The initial margin requirement is 50%. The maintenance margin is 30%. Disregarding interest and dividends, at what stock price will you receiv..
What are some internal as well as external factors that could have an impact on debt and equity instruments? Explain your answer.
Falcon Ridge Developers wants to compute the firm’s WACC for capital budgeting purposes. The firm uses 30% debt, 10% preferred stock and the remainder is in equity. The YTM on the firm’s debt is currently 4.5% and the firm’s marginal tax rate is 40%.
If the business manager deposits $200 in a savings account at the end of each year for twenty years what will be the value of her investment:
Your parents will retire in 24 years. They currently have $200,000, and they think they will need $1,600,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds?
The following information is available for the Oil Creek Corporation. Accounts receivable $19,000. Sales $195,000. Current assets $36,000. Total assets $147,000. Debt $90,000. Long term debt $48,000. Current liabilities $41,000. Profit margin 6% Numb..
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