Alexia Jones is a worker at a local 24-hour pharmacy. Alexia works the night shift and is the only worker. Because management is cost-conscious and business is slow at night, Alexia has been given the responsibility to do the accounting from the previous day. Alexia has two children, and her husband does not work. Alexia has strong pressure to provide well for her family. Is the pharmacy at risk for fraud? Why or why not?
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Alexia Jones is a worker at a local 24-hour pharmacy. Alexia works the night shift and is the only worker. Because management is cost-conscious and business is slow at night, Alexia has been given the responsibility to do the accounting from the previous day. Alexia has two children, and her husband does not work. Alexia has strong pressure to provide well for her family.
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Is the pharmacy at risk for fraud? Why or why not?
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- Gladys is in charge of receiving all customer payments, recording the payments, and depositing them at the bank. What element of the fraud triangle is best described here? Group of answer choices Opportunity Rationalization Incentive/Pressure Attribution Gladys has large amounts of student loan debt and a crippling gambling habit. She works part-time job in another city. What element of the fraud triangle is best described here? Group of answer choices Opportunity Fraudy fraud Pressure/incentive RationalizationBoxes-and-Stuff, a box-packing and mailing company in a small town along the Gulf Coast, lost a key employee last month when its accounting manager was fired for embezzling company money. Now, the owners of Boxes-and-Stuff, Jerome and Natalia, need to find another accounting manager fast. But as they hurry to fill the position, they don't want to select a dishonest or incompetent employee. They need to be cautious. Fortunately, the police chief found the embezzled funds in a bank account set up by the former employee and authorized the return of the money. This means that Boxes-and-Stuff will not lose the embezzled amount, after all. However, Jerome and Natalia are already thinking of ways to protect their company from other risks. They want to be prepared for risky situations in the future. Questions: 1. Which risks do you think Boxes-and-Stuff might face?Boxes-and-Stuff, a box-packing and mailing company in a small town along the Gulf Coast, lost a key employee last month when its accounting manager was fired for embezzling company money. Now, the owners of Boxes-and-Stuff, Jerome and Natalia, need to find another accounting manager—fast. But as they hurry to fill the position, they don’t want to select a dishonest or incompetent employee. They need to be cautious. Fortunately, the police chief found the embezzled funds in a bank account set up by the former employee and authorized the return of the money. This means that Boxes-and-Stuff will not lose the embezzled amount, after all. However, Jerome and Natalia are already thinking of ways to protect their company from other risks. They want to be prepared for risky situations in the future. 1. Which risks do you think Boxes-and-Stuff might face? 2. How do you think the company should handle the risks you’ve identified?
- Alice owns a contracting company that receives most of its business through government contracts. A new procurement officer with a government agency implies to Alice that if she does not send him a bribe for her latest awarded contract, she will not get any further contracts. If Alice loses future contracts, her business will fail. She reluctantly gives the officer a bribe. Has Alice committed a violation? A. Yes, because Alice was not under economic duress. B. Yes, because being extorted is not a defense to giving a bribe. C. No, because Alice was under economic duress. D. No, because Alice was not the one who proposed the bribe.Amy is a salesperson for ABC Company. Although ABC never expressly authorized her to collect payments (cash and checks) from the customers, she routinely does so for some of her long standing customers and submits them to ABC, who accepted payment without issue. One day, Amy collects cash from one of her customers and runs off. The customer sues ABC Company. If ABC is liable, it is because Amy has a. apparent authority b. implied authority c. no authority d. express authorityHenri is the owner of the “Chez Henri” Restaurant. It is not a large restaurant (78 seats). For this reason, it does not have many people on the payroll. Henri has been handling the general manager’s responsibilities and has a good friend working half a day, five days a week, to take care of such matters as bank deposits, preparing accounts payable and payroll checks, and all other routine office and bookkeeping work. Henri is not concerned about the honesty of the person, but he has learned from courses he has taken that any company, however small, needs to have some internal controls. REQUIRED Write a short report to Henri pointing out three specific areas where you believe controls might need to be implemented. For each of the three areas, advise Henri what might happen if a dishonest bookkeeper was hired and how internal control can be implemented to prevent dishonesty. Henri would like to prepare the coming year restaurant budget himself. Please, help Henri understand the…
- Serena operates a gift shop. To reduce costs of credit card transactions, she offers customers a discount if they pay in cash. For the holiday rush, she hires some short-term workers but pays them cash and does not add them to the payroll. a. What are some of the tax problems Serena might have? b. Assess Serenas chances of audit by the IRS.Government contracts account for the majority of Alice's business, which she owns as a contracting firm. A new procurement official with a government organisation makes an implied threat to Alice that she won't receive any further contracts if she doesn't offer him a bribe for her most recent deal. Alice's company will shut down if she loses further customers. She bribes the police reluctanly. Has Alice broken any rules? A. Alice was not under financial pressure, thus the answer is yes. B. Insofar as being the victim of extortion does not excuse paying a bribe. C. No, since Alice was struggling financially. D. No, because the bribe wasn't suggested by Alice.Consider each of the following situations. Is there a potential problem? Which part of the fraud triangle is involved, if any? A. Susan is an accounts payable clerk. She sets up creditors in a financial database and pays invoices as they come in. Last year, she won employee of the year and is a valued employee. Through the grapevine, Susan's boss just learned that Susan's brother has a gambling problem. B. Now suppose that Susan from situation A is now secretary for the head of the marketing department. She keeps track of the vice president of marketing's schedule and handles the correspondence. C. Keith has been employed for 6 months as a teller at a community bank. All is going well, and his cash drawer has had shortages only twice (of less than P500). The shortages were traced and the problems corrected. D. At the company Memorial Day picnic and golf outing last week, Nancy noticed that June moved her ball to a better lie when she thought no one was looking. There…
- Beverly Moore is struggling to pass her introductory accounting course. Beverly is intelligent but she likes to party. Studying is a low priority for Beverly. When one of her friends tells her that she is going to have trouble in business if she doesn’t learn accounting, Beverly responds that she doesn’t plan to go into business. She says that she is arts-oriented and plans someday to be a director of a museum. She is in the school of business to develop her social skills, not her quantitative skills. Beverly says she won’t have to worry about accounting because museums are not intended to make a profit. Please answer the following questions: -explain whether you agree or disagree with Beverly's position regarding accounting and not-for-profit organizations. -Distinguish between financial accounting and managerial accounting -Identify some of the stakeholders of not-for-profit institutions that would expect to receive financial accounting reports. -Identify some of the…Harmony is the Senior accountant of a Bank. Junior accountants of all the branches reportto her. While preparing for the final quarter sales report, she finds that two out of the fourbranches have failed to achieve the sales targets for the second consecutive quarter.According to the company policy, the branches that fail to achieve targets in twoconsecutive quarters have to be closed. Harmony feels sad for all the people losing theirjobs and decides that she will overstate the sales revenue generated by every branch andreport manipulated figures in the financial statements. Answer the following questions. Describe Harmony’s actions from ethical standpoint. Is she doing the right thing? What can be the consequences of Harmony’s actions. What are the risks involved? What would you suggest to Harmony? (please cite paragraph according to the MLA citation? Please note this is not an essay.which of the followingtaxpayers has a deductible loss from identity thief? ashen he hasnt received rent from his tenant for several months because his tenant was a victim of identity theft and had $5000 stolen geraldine she fell victim to a phone scam shegave identitythieves her personal bank account information and$8000 was taken harris he is sole proprietor and was the target of a phishing attempt he does not have a business checking account but the login information for his personal checking account was stolen and thieves took $10000 from the account jessica she owns residential rental property identity thieves impersonated her and took out a $50000 second mortage on her rental property that jessica must now repay