An estate agent must ensure that the computerised accounting system for the estate agency business is not capable of deleting a trust ledger account unless two (2) requirements are met - What are they?
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An estate agent must ensure that the computerised accounting system for the estate agency business is not capable of deleting a trust ledger account unless two (2) requirements are met - What are they?
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- Dicuss the techniques an imposter can use to breach into an accounting information system.If a transferor is concerned about shielding his assets from a creditor, which of the following transfer techniques should he utilize? I. He should create a testamentary bypass trust. II. He should transfer his assets to an UTMA for his minor child. III. He should transfer his assets to a Section 2503(c) minor's trust and name an independent trustee. IV. He should execute a payable on death designation on his bank account. A) II only B) I, III, and IV C) II and III D) II, III, and IVIdentify one specific type of accounting fraud. What damage does the perpetration cause? What could be done to prevent it?
- Which of the following is NOT a client protection principle? a. Methods that prevent client of over-indebtedness b. Privacy of client data c. Adequate safeguards to prevent aggressive or abusive treatment of clients d. The number of loans assigned to a loan officerWhat is the purpose of a closing memo or closing checklist for a registry office closing? The buyer’s deposit is usually made payable to the real estate broker in trust. When the transaction closes, the broker can take the deposit from the trust account and apply it to the real estate commission.What if the deposit is not enough to cover the commission?Cite any example of an accounting fraud.What actions were taken by the authorities after that?
- A trust account journal does not need to include which of the following information? A social security or tax ID number of the beneficiary A running balance after each receipt or disbursement The date name of the payee check number reference to vendor document and amount for each disbursement The date name of the payor name of the principal and amount for each receipt PLEASE EXPLAIN WHY THE OPTION IS CORRECT AND REMAINING INCORRECT NEED ANSWER IN DETAILWhat are the ways to escape financial fraud? And why is it important to prevent it? Please include references.“Organizations are encouraged to take every precaution possible to protect their information systems so that potential for fraud and any resulting losses can be significantly minimized.” Required: Critically explain any three motives behind the cheque fraud scheme. What to do if someone has deposited a fake cheque into your bank account?
