Which of the following is the best way to hide theft of assets?
A) Only steal an immaterial amount of assets.
B) Conversion of stolen assets into cash.
C) Stealing cash from customer A and then using customer B's balance to pay customer A's accounts receivable.
D) Charging the stolen asset to an expense account.
Answer: D
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The update anomaly in non-normalized database tables
A) occurs because of data redundancy. B) restricts addition of new fields or attributes. C) results in records that cannot be updated. D) is usually easily detected by users.
If ending inventory is understated by $8,000 in 20X3, and assuming a constant 30% tax rate, then what will be the effect on retained earnings on December 31, 20X4?
A) The 20X4 ending retained earnings will be understated by $2,400. B) The 20X4 ending retained earnings will be overstated by $2,400. C) The 20X4 ending retained earnings will be understated by $5,600. D) The 20X4 ending retained earnings will be overstated by $5,600. E) The 20X4 ending retained earnings will not be understated or overstated.