A purchasing agent for a large hardware retailer has sole discretion in selecting vendors for the parts
Question:
Required
What type of fraud is this, and what controls can be implemented to prevent or detect the fraud?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 56% (16 reviews)
This is an example of undisclosed conflict of interest Controls used to prevent or detect this ...View the full answer
Answered By
Saikumar Ramagiri
Financial accounting:- Journal and ledgers, preparation of trail balance and adjusted trail balance Preparation of income statement, retained earning statement and balance sheet Banks reconciliation statements Financial statement analysis Cash flow statement analysis (both direct and indirect methods) All methods of Depreciations Management Accounting:- Ratios Budgeting control Cash budget and production budget Working capital management Receivable management Costing:- Standard and variance costing Marginal costing and decision making Cost-volume-profit analysis Inventory management (LIFO, FIFO) Preparation and estimation of cost sheet Portfolio management:- Calculation of portfolio standard deviation or risk Calculation of portfolio expected returns CAPM, Beta Financial management:- Time value of money Capital budgeting Cost of capital Leverage analysis and capital structure policies Dividend policy Bond value calculations like YTM, current yield etc International finance:- Derivatives Futures and options Swaps and forwards Business problems Finance problems Education (mention all your degrees, year awarded, Institute/University, field(s) of major): Education Qualification Board/Institution/ University Month/Year of Passing % Secured OPTIONALS/ Major ICWAI(inter) ICWAI inter Pursuing Pursuing - M.com(Finance) Osmania University June 2007 65 Finance & Taxation M B A (Finance) Osmania University Dec 2004 66 Finance & Marketing. B.Com Osmania University June 2002 72 Income Tax, Cost & Mgt, Accountancy, Auditing. Intermediate (XII) Board of Intermediate May 1999 58 Mathematics, Accountancy, Economics. S S C (X) S S C Board. May 1997 74 Mathematics, Social Studies, Science. Tutoring experience: • 10 year experience in online trouble shooting problems related to finance/accountancy. • Since 6 Years working with solution inn as a tutor, I have solved thousands of questions, quick and accuracy Skills (optional): Technical Exposure: MS Office, SQL, Tally, Wings, Focus, Programming with C Financial : Portfolio/Financial Management, Ratio Analysis, Capital Budgeting Stock Valuation & Dividend Policy, Bond Valuations Individual Skills : Proactive Nature, Self Motivative, Clear thought process, Quick problem solving skills, flexible to complex situations. Achievements : 1. I have received an Award certificate from Local Area MLA for the cause of getting 100% marks in Accountancy during my Graduation. 2. I have received a GOLD MEDAL/Scholarship from Home Minister in my MBA for being the “Top Rank student “ of management institute. 3. I received numerous complements and extra pay from various students for trouble shooting their online problems. Other interests/Hobbies (optional): ? Web Surfing ? Sports ? Watching Comics, News channels ? Miniature Collection ? Exploring hidden facts ? Solving riddles and puzzles
4.80+
391+ Reviews
552+ Question Solved
Related Book For
Question Posted:
Students also viewed these Management Leadership questions
-
A procurement agent for a large metropolitan building authority threatens to blacklist a building contractor if he does not make a financial payment to the agent. If the contractor does not...
-
A city health inspector threatens to close down a restaurant by issuing a fake health violation notice if the owner does not make a financial payment to the inspector. If the restaurant owner does...
-
A purchasing agent for a home improvement center is also part owner in a wholesale lumber company. The agent has sole discretion in selecting vendors for the lumber sold through the center. The agent...
-
Cherokee Company had an accounts receivable balance of $16,000 on December 31, 2013. Projected sales for the first three months of 2014 are: January $120,000 February 130,000 March 100,000 All sales...
-
If the assumptions for a pooled t-interval are satisfied, the formula for a (1 )-level lower confidence bound for the difference, 1 2, between two population means is For a right-tailed hypothesis...
-
Tired of careless spelling and grammar, a company decides to administer a test to all job applicants. The test consists of 20 sentences. Applicants must state whether each sentence contains any...
-
\(\mathrm{NaK}(56 \% / 44 \%)\), which is an alloy of sodium and potassium, is used to cool fast neutron nuclear reactors. The NaK flows at a rate of \(\dot{m}=0.8 \mathrm{~kg} / \mathrm{s}\) through...
-
Mack and Myer, LLP, a law firm, is considering the replacement of its old accounting system with new software that should save $10,000 per year in net cash operating costs. The old system has zero...
-
Discuss the significance of inherent safety principles within PSM. How can process design and operational strategies be optimized to reduce inherent risks and promote safety throughout the lifecycle...
-
Briefly describe the following items related to financial reporting by (a) Private not-for-profit health care entities; (b) Government-owned health care entities; (c) Commercial health care entites:...
-
A Forman of a construction company is responsible for a construction crew comprised of many unskilled workers. Their tasks consist of mixing cement, digging foundations, and loading onto trucks. The...
-
What is the role of a data librarian?
-
The wavelength of visible light is about 5 * 10 -7 meter. Express this wavelength as a decimal.
-
Fred has a Universal Life policy with a $100,000 level death benefit plus account value. Over the years he has paid $30,000 in premiums and the investment account now stands at $20,000. If Fred dies,...
-
Given below are the consolidated statements of financial position and the consolidated statement of profit or loss of Rainbow Bhd and its subsidiary Prism Bhd. Consolidated Statements of Financial...
-
What causes Psychological Disorders? Explain with Example
-
Visa operates Visa's Cookies and is experimenting with pricing for a four-pack of cookies she buys and resells to convenience stores. She has tracked how many people buy the cookies in a month at...
-
The business is still going well. I was going through a list of items I would need to buy for my business. I came across a mention of supplies and inventory. What's the difference between the two?...
-
In Exercises 3945, graph each inequality. x + y > 4
-
Evenflow Power Co. is considering a new project that is a little riskier than the current operations of the company. Thus, management has decided to add an additional 1.5% to the company's overall...
-
Discuss any control weaknesses found in the flowchart for Problem 4. Recommend any necessarychanges. Accounts Cash Payable Disbursements Personnel Production Payroll New New Forms Forms Terminated...
-
In a payroll system with real-time processing of human resource management data, control issues become very important. List some items in this system that could be very sensitive or controversial....
-
Discuss the risk depicted by payroll system flowchart for problem 6. Describe the internal control improvements to the system that are needed to reduce theserisks. Supervisor Payroll Department...
-
Find the instantaneous rate of change of the function f(t)=3+5t when t=-3.
-
Pretend you need to conduct a title search. You have the information needed from your online search, but you need to go to the clerk's office to finish your search. What information/records will/can...
-
Watch the Tedx Talk (Melvin Russell: I love being a police officer, but we need reform) by Lt. Colonel Melvin Russel from the Baltimore Police. In his talk, he discusses how law enforcement is in...
Study smarter with the SolutionInn App