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Sample Listing of Fraud Schemes
Sample listing of fraud schemes Centre for Corporate Governance Sample listing of fraud schemes The following listing of possible fraud schemes can be of the product at the time the sale is recorded. Sellers utilized by management and auditors to assist in may hold the goods in its facilities or may ship them to identifying possible fraud risks, scenarios, and schemes different locations, including third-party warehouses. when performing or evaluating management's fraud risk assessments. The listing of fraud schemes is not Altering Shipping Documentation - By creating phony intended to be a complete listing of all possible fraud shipping documentation, a company may falsely record schemes for all industries. sales transactions and improperly recognize revenue. By altering shipping documentation (commonly changing Fraudulent Financial Reporting Schemes shipment dates and/or terms), a company can increase revenue in a specific accounting period regardless of the Improper Revenue Recognition facts and circumstances that the transaction and the Side Agreements - Sales terms and conditions may be resulting revenue should have been recorded in the modified, revoked, or otherwise amended outside of the subsequent accounting period. recognized sales process or reporting channels and may impact revenue recognition. Common modifications Agreements to “Sell-Through” Product - These sales may include granting of rights of return, extended agreements include contingent terms that are based on payment terms, refund, or exchange. Sellers may the future performance of the buyer of the goods provide these terms and conditions in concealed side (commonly distributors or resellers) and impact revenue letters, e-mails, or in verbal agreements in order to recognition for the seller. -
Cost of Sales Accounting for Preparation
© 2008 sapficoconsultant.com All rights reserved. No part of this material should be reproduced or transmitted in any form, or by any means, electronic or mechanical including photocopying, recording or by any information storage retrieval system without permission in writing from www.sapficoconsultant.com “SAP” is a trademark of SAP AG, Neurottstrasse 16, 69190 Walldorf, Germany. SAP AG is not the publisher of this material and is not responsible for it under any aspect. Warning and Disclaimer This product is sold as is, without warranty of any kind, either express or implied. While every precaution has been taken in the preparation of this material, www.sapficoconsultant.com assumes no responsibility for errors or omissions. Neither is any liability assumed for damages resulting from the use of the information or instructions contained herein. It is further stated that the publisher is not responsible for any damage or loss to your data or your equipment that results directly or indirectly from your use of this product. Table of contents Introduction........................................................................................................................4 1. Define Functional Area............................................................................................6 2. Activate Cost of Sales Accounting for Preparation...........................................10 3. Updating Functional Areas in Master data .........................................................11 3.1 Enter Functional Area in G/L Account Master Data -
Cop 416 Cooperative Accounting
NATIONAL OPEN UNIVERSITY OF NIGERIA SCHOOL OF MANAGEMENT SCIENCES COURSE CODE: COP 416 COURSE TITLE: COOPERATIVE ACCOUNTING COURSE MAIN TEXT Course Developer/ Mr. S. O. Israel-Cookey Unit Writer School of Management Sciences, National Open University of Nigeria, Lagos. Course Editor: Dr. O. J. Onwe NOUN, Lagos Programme Leader: Dr. C. I. Okeke School of Management Sciences, National Open University of Nigeria, Lagos. Course Coordinator:Pastor Timothy O. Ishola School of Management Sciences, National Open University of Nigeria, Lagos NATIONAL OPEN UNIVERSITY OF NIGERIA 14/16 AMADU BELLO WAY, VICTORIA ISLAND, LAGOS SCHOOL OF MANAGEMENT SCIENCES COP415 ASSESSMENT SHEET PROGRAMME: B.Sc. COOPERATIVE MANAGEMENT COURSE CODE: COP 415 COURSE TITLE: SEMINAR IN COOPERATIVE 1 CREDIT: 02 PART A: SEMINAR PRESENTATION NAME OF CENTER: ……………………………………. NAME OF STUDENT: ………………………………...... MATRIC NO: ……………………………………………. S/N Seminar presentation Max Facilitator Head/Coordinator, Remark Score Score (%) Hq. Score(%) (%) i. Content mastery: 10 • Relevance and Comprehensiveness • Correctness ii. Comportment of the presenter 5 iii. • Confidence 10 • Demonstration of boldness to address the audience iv. • Response to questions 10 • Ease attending to audience’s questions and observation v. Communication- Correction of grammer 10 • Fluency and Simplicity vi. Dressing-Simplicity and neatness 5 Grand total 50% 50% Facilitator name and signature PART B: ASSESSMENT OF TERM PAPER S/N Term Paper Report Feature Max Score /Coordinator, Hq. Remark (%) Score(%) i. Literature review 15 • Relevancy of cited works • Comprehensiveness of the review • Extensive of the sources – textual, interact, journals, government report etc. ii. Summary, conclusion and recommendation: 10 iii. Referencing: 10 • Materials – correctly cited using the APA format, Comprehensive cited iv. -
Cost of Goods Sold
Cost of Goods Sold Inventory •Items purchased for the purpose of being sold to customers. The cost of the items purchased but not yet sold is reported in the resale inventory account or central storeroom inventory account. Inventory is reported as a current asset on the balance sheet. Inventory is a significant asset that needs to be monitored closely. Too much inventory can result in cash flow problems, additional expenses and losses if the items become obsolete. Too little inventory can result in lost sales and lost customers. Inventory is reported on the balance sheet at the amount paid to obtain (purchase) the items, not at its selling price. Cost of Goods Sold • Inventory management Involves regulation of the size of the investment in goods on hand, the types of goods carried in stock, and turnover rates. The investment in inventory should be kept at a minimum consistent with maintenance of adequate stocks of proper quality to meet sales demand. Increases or decreases in the inventory investment must be tested against the effect on profits and working capital. Standard levels of inventory should be established as adequate for a given volume of business, and stock control procedures applied so as to limit purchase as required. Such controls should not preclude volume purchase of nonperishable items when price advantages may be obtained under unusual circumstances. The rate of inventory turnover is a valuable test of merchandising efficiency and should be computed monthly Cost of Goods Sold • Inventory management All inventories are valued at cost which is defined as invoice price plus freight charges less discounts. -
Financial Forecasts and Projections 1473
Financial Forecasts and Projections 1473 AT Section 301 Financial Forecasts and Projections Source: SSAE No. 10; SSAE No. 11; SSAE No. 17. Effective when the date of the practitioner’s report is on or after June 1, 2001, unless otherwise indicated. Introduction .01 This section sets forth standards and provides guidance to practition- ers who are engaged to issue or do issue examination (paragraphs .29–.50), compilation (paragraphs .12–.28), or agreed-upon procedures reports (para- graphs .51–.56) on prospective financial statements. .02 Whenever a practitioner (a) submits, to his or her client or others, prospective financial statements that he or she has assembled, or assisted inas- sembling, that are or reasonably might be expected to be used by another (third) party1 or (b) reports on prospective financial statements that are, or reasonably might be expected to be used by another (third) party, the practitioner should perform one of the engagements described in the preceding paragraph. In de- ciding whether the prospective financial statements are or reasonably might be expected to be used by a third party, the practitioner may rely on either the written or oral representation of the responsible party, unless information comes to his or her attention that contradicts the responsible party's represen- tation. If such third-party use of the prospective financial statements is not reasonably expected, the provisions of this section are not applicable unless the practitioner has been engaged to examine, compile, or apply agreed-upon procedures to the prospective financial statements. .03 This section also provides standards for a practitioner who is engaged to examine, compile, or apply agreed-upon procedures to partial presentations. -
Financial Statements
FINANCIAL STATEMENTS Dr. Derek Farnsworth | Assistant Professor Financial Statements Financial Statements Key Concepts • The two primary financial statements – Balance Sheet – Income Statement • Debt vs equity • Book vs market value • Income vs cash flow • Average vs marginal tax rate Key Terms Review • Asset – something you have • Liability – something you owe (debt) • Equity – net value of the business – Equity = Assets – Liabilities New Terms − Liquidity – Speed and ease of conversion to cash without significant loss of value − Valuable in avoiding financial distress • Current vs fixed or long term – An asset or liability is “current” if it converts to cash within a year The Balance Sheet • A snapshot of the firm’s assets and liabilities at a given point in time (“as of …”) • Assets − Left-hand side (or upper portion) − In order of decreasing liquidity • Liabilities and Owners’ Equity – Right-hand side (or lower portion) – In ascending order of when due to be paid • Balance Sheet Identity ▪ Assets = Liabilities + Owners’ Equity (ALOE) The Balance Sheet Total Value of Assets Total Value of Liabilities and Shareholders' Equity Net Working Current Liabilities Current Assets Capital Long Term Debt Fixed Assets 1. Tangible 2. Intangible Shareholder Equity The Balance Sheet Balance Sheet Examples • Let’s examine some balance sheets! • SCORE Balance Sheet • FSA Balance Sheet Accrued Interest? • Let’s get Investopedia to help! • http://www.investopedia.com/terms/a/accrue dinterest.asp Balance Sheet Activity • Balance Sheets have a particular -
An Introduction to Basic Farm Financial Statements: Balance Sheet
W 884 An Introduction to Basic Farm Financial Statements: Balance Sheet Victoria Campbell, Extension Intern S. Aaron Smith, Associate Professor Christopher N. Boyer, Associate Professor Andrew P. Griffith, Associate Professor Department of Agricultural and Resource Economics The image part with relationship ID rId2 was not found in the file. Introduction Basic Accounting Overview To begin constructing a balance sheet, we Tennessee agriculture includes a diverse list need to first start with the standard of livestock, poultry, fruits and vegetables, accounting equation: row crop, nursery, forestry, ornamental, agri- Total Assets = Total Liabilities + Owner’s tourism, value added and other Equity nontraditional enterprises. These farms vary in size from less than a quarter of an acre to The balance sheet is designed with assets on thousands of acres, and the specific goal for the left-hand side and liabilities plus owner’s each farm can vary. For example, producers’ equity on the right-hand side. This format goals might include maximizing profits, allows both sides of the balance sheet to maintaining a way of life, enjoyment, equal each other. After all, a balance sheet transitioning the operation to the next must balance. generation, etc. Regardless of the farm size, enterprises and objectives, it is important to keep proper farm financial records to improve the long- term viability of the farm. Accurate recordkeeping and organized financial statements allow producers to measure key financial components of their business such A change in liquidity, solvency and equity can as profitability, liquidity and solvency. These be found by comparing balance sheets from measurements are vital to making two different time periods. -
Illustrative IFRS Financial Statements 2019 – Investment Funds
Illustrative IFRS financial statements 2019 Investment funds Stay informed. Visit inform.pw c.com Illustrative IFRS financial statements 2019 – Investment funds Illustrative IFRS financial statements 2019 – Investment funds This publication provides an illustrative set of financial statements, prepared in accordance with International Financial Reporting Standards (IFRS), for a fictional open-ended investment fund (‘ABC Fund’ or the ‘Fund’). ABC Fund is an existing preparer of IFRS financial statements; IFRS 1, ‘First-time adoption of IFRS’, is not applicable. It does not have any subsidiaries, associates or joint ventures. The Fund’s shares are not traded in a public market. Guidance on financial statements for first-time adopters of IFRS is available at www.pwc.com/ifrs. This publication is based on the requirements of IFRS standards and interpretations for the financial year beginning on 1 January 2019. There are no standards effective for the first time in 2019 that required changes to the disclosures or accounting policies in this publication. However, readers should consider whether any of the standards that are mandatory for the first time for financial years beginning 1 January 2019 could affect their own accounting policies. Appendix XII contains a full list of these standards (including those that have only a disclosure impact) as well as a summary of their key requirements. In compiling the illustrative disclosures, we have updated the guidance included in Appendix VIII to address IFRIC 23 ‘Uncertainty over income tax treatments’ which is applicable for financial years beginning on or after 1 January 2019. Commentary boxes are included throughout the publication to provide additional information where necessary. -
Inventories and Cost of Goods Sold
Chapter 6 Inventories and Cost of Goods Sold Key Concepts: n Why should every manager be informed and concerned about inventory? n Are the inventory figures on all companies' balance sheets calculated the same way? n How does a company select its inventory costing method? n How does inventory affect cash flow? Harcourt, Inc. 6-1 FINANCIAL ACCOUNTING INSTRUCTOR’S MANUAL Chapter Outline LO 1 The Nature of Inventory Inventory is an asset held for resale rather than use, and takes different forms: n Retailer has single inventory, merchandise inventory (Exhibit 6-1) · cost is purchase price n Manufacturer has more than one form of inventory, depending on stage of development (Exhibit 6-1) · raw materials: purchased items that have not yet entered the manufacturing process · work in process: unfinished units of the company's product ¨ direct materials: used to make product ¨ direct labor: paid to workers who make the product from raw materials ¨ manufacturing overhead: manufacturing costs that cannot be directly traced to a specific unit of product · finished goods: product ready for sale LO 2 Inventory Valuation and the Measurement of Income Inventory—an asset (unexpired cost) —becomes cost of goods sold—an expense (expired cost): Beginning inventory + Purchases = Goods available for sale – Ending inventory = Cost of goods sold Error in end inventory figure will give incorrect cost of goods sold, and thus incorrect income. Cost of inventory includes all costs incurred in bringing the inventory to its existing condition and location n Purchase price less discounts n Transportation in n Insurance in transit n Taxes n Storage n Apply cost/benefit test to determine which items to add to cost LO 3 Inventory Costing Methods with a Periodic System Inventory is purchased at different times, and at different prices; these costs must be allocated correctly when items are sold. -
What Board Members Need to Know About Not-For-Profit Finance and Accounting
What Board Members Need to Know About Not-for-Profit Finance and Accounting www.jjco.com 1-2014 Table of Contents Introduction 2 Role of Board Member in Financial Oversight 3 Understanding Financial Statements 4 Financial Statements: Review Checklist 12 Reviewing the IRS Form 990 13 Key Financial & Governance Policies 17 Evaluating Funding Sources 18 Roles and Responsibilities 20 Glossary of Terms 26 (words and terms found in glossary are italicized throughout) Other Resources 30 Our Services/Contact Us 34 © 2014 Jacobson Jarvis & Co PLLC. All rights reserved. 1 Introduction Thank you for agreeing to serve on the board of a not-for-profit organization. Without your dedication and commitment, we would not enjoy the thriving not-for-profit community we do. As a board member, you are probably very familiar with some aspects of not-for-profit management. You understand the basic need to raise money to support the activities of the organization for which you volunteer, and you probably have seen the fundamental challenge every not-for-profit management team faces – to make the dollars raised go as far as possible. However, in addition to addressing funding challenges, as a board member you now have a legal responsibility to protect the organization’s assets by overseeing its financial activities and implementing “best practices” to protect the organization. For board members without experience in not- for-profit accounting,and especially for those without any formal accounting training, it is easy to neglect this important responsibility and bear some liability for the outcome. This booklet is designed to help you perform your financial responsibilities more effectively. -
Class #15 Accounting Trading Strategies Do Investors Understand Accounting?
Class #15 Accounting Trading Strategies Do Investors Understand Accounting? 15.535 - Class #15 1 Road Map: Where do things fit? • Risk Analysis: –CAPM – 3 Factor Model: Size and B/M Matter – Combine with Cash Flow Analysis • Where Now? – Recall discussion in first class about market efficiency edbate • Application of Fundamental Analysis … Can we use financial accounting numbers to identify mis-priced stocks? 15.535 - Class #15 2 Does the market set stock prices correctly all the time? • EMPHASIZE: Mkts are very competitive! • But .. Evidence that markets may not be perfectly efficient Æ Possible (risky) arbitrage opportunities. • Question: Can we use current (historical) financial accounting information and fundamental analysis to “pick” which stocks will do better/worse in the upcoming months/years? – Answer: There is growing evidence that this appears to be possible! 15.535 - Class #15 3 What is the correct benchmark for “Beating the Market”? • A high stock return (relative to other stocks) does not immediately imply you are getting a “free lunch” or an arbitrage opportunity exists! • Asset pricing models: There is a trade-off between risk and return. – Higher risk stocks should have higher returns. • What is the expected return on stock? … It depends on the stock’s systematic risk! • Simple case – CAPM: E( R ) = Rf + E*(Rm-Rf) – Expected return is increasing in systematic risk! 15.535 - Class #15 4 Abnormal Stock Returns: Getting the benchmark correct • Abnormal stock performance must be calculated relative to the stock return predicted by CAPM (or other model): • D = Abnormal return = Actual return – { Rf + E*(Rm-Rf) } – Abnormal return is known as the “alpha”. -
Introduction to Management Accounting and Control
⬛⬛ CHAPTER 1 Introduction to Management Accounting and Control FEATURE STORY It’s Monday morning, 9 o’clock. Pekka Virtanen, Pekka: Restructuring means laying-off a larger general manager at FinnXL, one of the larg- percentage of the employees. Let me have est furniture companies in the world, calls a closer look at your scenarios, please. I’m for a meeting with his chief controller, Linn sure you’ll have included all the financials Petersson. in your model, but have you considered One of FinnXL’s production facilities in Estonia potential employee reaction to the restruc- is under discussion for a major restructur- turing plans? I remember some five years ing. The profitability of the production site ago, when I was the plant manager at our has dropped severely in the last six months. production site in Poland, that the financial Pekka is responsible for the Eastern European forecasts, which had been prepared by the operations, and FinnXL’s top management has central accounting department, were too instructed him to solve the problem. optimistic. They underestimated the nega- tive effects on employee motivation. Pekka: Good morning Linn. Great that you Linn: I have to admit, employee reaction is not could make it at such short notice. As I told explicitly considered in my model, as this is you last week, we need to find a solution for really difficult to quantify. But I have looked our Estonian production facility. up FinnXL’s experience with restructurings Linn: Absolutely. I’ve collected all the numbers in the Baltic states. In recent years, the actual from the last six months.