Discussion Issues 6-2
14-1 How is fraud risk influenced by a companys internal control? How is fraud risk
influenced by a companys ethics, values, and expectations?
Fraud risk is directly influenced by a companys internal control, as well as ethics, value
Discussion Issues 5-3
11-2 Compare the three main groups of people who may commit financial statement
fraud, and describe their potential reasons for the fraud.
There are three main groups of people who commit financial fraud. They are senior
Discussion Issues 4-2
9-1 Jones is the manager for ABC Auto Repair. Unknown to his employer, Jones also
does freelance auto repair work to earn extra cash. He sometimes uses ABCs facilities and
tools for these jobs. Discuss the costs and potential costs t
4-3 List and explain at least four proactive audit tests that could be performed to
help detect a shell company scheme.
Shell companies are fictitious entities created for the sole purpose of committing a fraud.
Because shell company schemes are among the
DISCUSSION ISSUES 2-2
Discussion Issues 2-2
3-2 Why is generally more difficult to detect skimming than cash larceny?
Skimming cases are more difficult to detect because skimming is a theft of off-books
cash. On the other hand, larceny is the stealing of
Discussion Issues 1-1
How does fraud examination differ from forensic accounting?
Fraud examination and forensic accounting are somewhere related, because most
occupational frauds are financial crimes, and a certain degree of auditing is required. At
LAKELAND COMMUNITY COLLEGE
DEPARTMENT OF ECONOMICS
DR. ROLANDO A. SANTOS
EXTRA CREDIT PROJECT
WALL STREET JOURNAL EXERCISE
TESLA MOTORS, IROBOT CORPORATION, SEARS HOLDINGS.
NOVEMBER 26TH, 2014
Average propensity to consume is independent of income, meaning that there are other factors
that can affect consumption.
APC = C/Y
where: C=consumption and Y=income
Average propensity to save is the ratio of savings relative to income.
APS = S/Y
1. International Trade when one nation makes a transaction involving goods and services with another nation.
2. Absolute advantage one nation can produce a certain good with higher productivity (or few
1. Central bank the institution responsible for the conduct of monetary policy; such as the
Federal Reserve in the United States.
2. Clearing house the Federal Reserve Bank clears checks for its member
1. Money the stock of assets used for transactions.
2. Medium of exchange the item widely accepted in transactions for goods and services;
one of the functions of money.
3. Liquidity readily convertibl
1. Fiscal Policy the governments choice regarding level of spending and taxation.
2. Mandatory fiscal policy one of the types of fiscal policy. Mandatory fiscal spending accounts
for more than half of
1. Aggregate Demand the total quantity of output demanded at alternative
price levels in a given time period.
2. Price Effects means it costs more/less to a consumer to purchase a certain
1. Unemployment rate the percentage of those in the labor force who do not have jobs.
2. Business cycles the rise and fall of the economy from troughs of recessions to peak in periods
of growth and back
1. GDP = Gross domestic Product the total income earned domestically, including the income earned by
foreign-owned factors of production; the total expenditure on domestically produced goods.
2. Final g
1. Production function 2. Average product
3. Marginal product
4. Diminishing marginal return
7. Opportunity cost of capital
8. Economic profit
9. Economic cost
10. Short-run period
1. Theory of demand and supply a model used to determine the price and quantity of a
Example: if someone wants to buy a flat screen TV, how much it will cost with a
1. Macroeconomics the study of aggregate economic activity.
It looks at the overall economic performance of the country. It also extends it analysis to
the microeconomic foundation of macroeconomics a
Pro/Con of NDC Dry Campus Policies
February 28, 2013
To be or not to be, a dry campus that is?
When you sit down and think about a real college experience whats the first the first
thing that comes to mind? As said by several fellow Notre Dame