| 2. | Discuss the differences between behavioral actions that you should take and computer-based actions that you should take. | | | Some combinations of behavioral actions are that you should never provide personal information to strangers in any format of physical, verbal, or electronic. Be on your guard at all times by securing your credit cards. Pay attention to credit card billing cycles.
Discuss how Greater Providence Deposit & Trust might improve its control procedures over the disbursement of loan funds to minimize the risk of this type of fraud. In order for any organization to avoid any type of fraud would be to have good internal controls in place. Good internal control requires that no single employee be given too much responsibility over business transactions or processes (Romney & Steinbert 2010). An employee should never be given the opportunity to be in a position to commit and conceal fraud. In the case of Greater Providence Deposit & Trust the organization did not have proper internal controls in place.
Property insurance helps protect assets against damages and losses. General liability insurance protects against claims from injured parties. Product liability protects against faulty workmanship and professional liability insurance protects engineers, CPAs and other professionals against liability due to errors and omissions in their work. Insurance doesn’t protect a business from all risks. Also an insurance company may not pay out a claim based upon certain factors.
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (G.A.A.P) GAAP is an international convention of good accounting practices. It is based on the following core principles. In certain instances particular types of accountants that deviate from these principles can be held liable. The Business Entity Concept:- The business entity concept provides that the accounting for a business or organization be kept separate from the personal affairs of its owner, or from any other business or organization. This means that the owner of a business should not place any personal assets on the business balance sheet.
So, credit card companies should not decide to whether provide support to the group even it is hate group. What Hussain says is true that credit card should not support hate group,
Defaulting on a charge card might prompt gathering endeavors, yet lenders can't take your resources for pay for the obligation. Some individual loans are viewed as unsecured loans on the off chance that you didn't set up any of your property as security for the loan. Defaulting on unsecured loan installments can prompt negative results, for example, harm surprisingly, unforgiving gathering endeavors and legitimate activity. Another illustration of an unsecured loan is an understudy loan. For the most part, understudy loans are dealt with truly by the loaning organization and defaulting on such loans can prompt critical results.
e. Although its stockholders are insulated by limited legal liability, the corporation's legal status does not protect the firm's managers in the same way; i.e., bondholders can sue its managers if the firm defaults on its debt, even if the default is the result of poor economic conditions. 3. Which of the following statements is CORRECT? a. In a regular partnership, liability for other partners' misdeeds is limited to the amount of a particular partner's investment in the business.
Firms can enter into agreements with the bondholders that are designed to decrease the cost of debt. There are two types of protective covenants. Negative covenants prohibit the company from taking actions that would expose the bondholders to potential losses. An example would be prohibiting the payment of dividends in excess of earnings. Positive covenants specify an action that the company agrees to take or a condition the company must abide by.
For example sales made to a related party will not necessarily be differentiated from ‘normal’ sales in the accounting systems. • Related party transactions may be concealed in whole, or in part, from auditors for fraudulent purposes. A transaction may not be motivated by normal business considerations, for example, a transaction
It’s bulky and awkward to carry. If you’re traveling abroad, you’ll need to locate and visit banks to exchange your cash for the local currency. Debit Card- Pros- A debit card, properly protected, can’t be stolen as easily as cash. As long as your debit card is part of a major network, such as Plus or Cirrus, you can use it in many countries. You can visit an ATM and use your debit card to automatically draw local currency; the conversion and associated fees will appear on your bank statement.