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Problem 1: What is kiting?
A. The perpetrator steals cash received from customer A to pay its accounts receivable.
B. Funds received at a later date from customer B are used to pay off customer A's balance.
C. The perpetrator covers up a theft by creating cash through the transfer of money between banks.
D. None of the above
Problem 2: The Institute of Management Accountants (IMA) also indicates that the second most important job activity of corporate accountants is:
A. Internal Consulting
B. Long-term strategic planning
C. Accounting systems and financial reporting
D. Managing the accounting and finance function
Problem 3: __________ is the separation of the logical and physical views of data.
A. Subschema
B. Data dictionary
C. DBMS Languages
D. Program-data independence
In the current year, Tan Corporation redeems 300 shares of Jacob’s stock for $320,000. What are the tax consequences of the stock redemption to Jacob?
he present value of an annuity due of 1 for 6 years at 12 percent is 4.6048, what is the lease liability that Stockton should report on the balance sheet at December 31, 2008?
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