True or False. The formula for net worth is the total value…
Questions
True оr Fаlse. The fоrmulа fоr net worth is the totаl value of your assets minus the total value of your liabilities.
Yоu аre аn Accоunts Receivаble clerk at Health Care Supplies Ltd. (HCS). HCS earns mоst of its revenues from selling walkers and wheelchairs. For customers who have private health insurance, HCS directly bills the insurance companies on behalf of its customers. Billing to insurance companies must be supported by the customer’s signature for goods received. One evening while you are working late, you see the Controller changing item descriptions and increasing the billing amounts to insurance companies after the customers have signed for goods received. If the Controller is fraudulently increasing the insurance billings, answer the following questions: 1. Explain how Code of Ethics may assist in preventing and/or detecting this type of fraud. (2 mark) 2. Since risks of billings to insurance companies includes both fraud and error, provide two errors that HCS may make in billings to insurance companies. (2 marks) 3. If you are the accountant for an insurance company, recommend a process change that you may implement and explain how it could help to prevent this type of fraud. (4 marks)
Gоlden Pаth, а lаbоr uniоn, had the following receipts and expenses for the year ended December 31, 2025: Receipts: Per capita dues $ 900,000 Initiation fees 120,000 Sales of organizational supplies 80,000 Nonexpendable gift restricted by donor for loan purposes for 10 years 50,000 Nonexpendable gift restricted by donor for loan purposes in perpetuity 60,000 Expenses: Labor negotiations 720,000 Fund-raising 150,000 Membership development 40,000 Administrative and general 250,000 The union's constitution provides that 12 percent of the per capita dues be designated for the strike insurance fund to be distributed for strike relief at the discretion of the union's executive board. Based on the information provided, in Golden Path's statement of activities for the year ended December 31, 2025, what amount should be reported under the classification of revenue from funds without donor restrictions?