Memphis Acct 3130 M50 Fall 2015 ONLINE Final Exam 2015

Name: Memphis Acct 3130 M50 Fall 2015 ONLINE Final Exam 2015
Brand: University of Memphis
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Author: Aiden Campbell

Final exam covering accounting principles and financial reporting.

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Memphis Acct 3130 M50 Fall 2015 ONLINE Final Exam 2015
1. Reference: “Divorce fallout.” Dr. Fred, following a messy divorce, has encountered significant
financial difficulties. Dr. Fred has a friend named Slick Slim who tells Dr. Fred that he has been
making lots of money by selling people a wristband that allegedly places pressure on a nerve that
signals hunger resulting in a lack of appetite. Slick Slim tells Dr. Fred that, although the device
does not really work, people who want to lose weight and look good in their bathing suits will do
anything and that it sells like hotcakes. Slick Slim tells Dr. Fred that he will pay Dr. Fred five
dollars for every band that Dr. Fred can sell to his patients. Dr. Fred proceeds to mail letters to
patients suggesting the use of the band for weight loss. He also uses UPS to mail samples of the
band to some patients along with letters encouraging purchase of the bands. Dr. Fred then
proceeds to bill Medicare for office consultations he has with patients when they come in to
purchase the bands. The scheme is wildly successful. Dr. Fred is able to entirely satisfy his
alimony obligations within just a few months. Unfortunately, as patients begin to see that they
are not having any weight loss, he has been receiving numerous complaints, and a friend of his
told him that he could even be facing some criminal prosecution. By which of the following acts,
if any, did Dr. Fred commit healthcare fraud?
By the receipt of kickbacks from Slick Slim only.
Dr. Fred did not commit any acts of healthcare fraud.
By the submission of false claims to Medicare only.
By submitting false claims to Medicare, by receiving kickbacks from Slick Slim, and also by
merely discussing the matter with Slick Slim.
By the submission of false claims to Medicare and also by the receipt of kickbacks from Slick
Slim.
2. Which of the following is the misappropriation of trust funds or money held in a fiduciary
capacity?
Pretexting
Ponzi scheme
False pretenses
False entries
Defalcation
3. Billy knows that he can bring his case against Bob in a state court in Tennessee. He is unsure,
however, of which county in which to proceed. Which of the following address the proper
county?
Diversity jurisdiction

In personam jurisdiction
Venue
Subject-matter jurisdiction
Long-arm jurisdiction
4. Reference: “Employment law.” Clare, who has a successful pet grooming business, is
planning to expand her operations from the U.S. into Canada and perhaps Mexico. A friend of
hers, Bill, told her that she should carefully investigate the laws in those countries before she
proceeded. Clare responded, however, that she was not concerned because by international
treaty, and under NAFTA, so long as she is a U.S. citizen, she only has to obey U.S. laws. Laws
of other countries would not apply to her business operations. Clare also replied that any other
country would have the same strict employment-at-will standard as exists in the U.S. She tells
him the employment-at-will standard is very strict and has not changed over the years, and that
the nature of the relationship between employer and employee has remained unchanged. What
concept is Clare referencing when she mentions employment-at-will?
The requirement that employers allow employees to take breaks at will after six hours of work.
The right of the employer or the employee to terminate the employment relationship at any time.
The requirement that employers provide safe working conditions.
The requirement that an employee give notice before quitting.
The requirement that an employer have good cause before discharging an employee.
5. Reference: “Junk food.” Mary Dogood, a member of the school board in ABC County, is
appalled at the amount of junk food in the schools. She convinces the state legislature to pass an
ordinance that no stores may sell any unhealthy, junk food within 500 feet of any school or day
care center. A teacher of political science raises the issue of whether the regulation is valid and is
told that it is a valid exercise of the jurisdiction’s police power to protect its citizens.
Convenience stores balk at the regulation and challenge it in court. What do courts generally
presume regarding laws passed in accordance with states’ police power?
There is no presumption.
The law is valid.
The law is invalid.
The law is valid unless it involves the commerce clause.
The law is valid unless it involves a First Amendment right.
6. Ed goes door-to-door selling magazine subscriptions. Ed knows, however, that he is simply
taking money for subscriptions and has absolutely no intention of ever arranging for the
provision of magazines. Which of the following offenses, if any, has he committed?
False token
False entry

Ponzi scheme
False pretenses
Defalcation
7. Which of the following is an international agreement?
A written agreement made between states governed by international law and relating to
international subject matter.
A general and consistent practice by states regardless of whether the practice is accepted as law.
A general and consistent practice by states that is accepted as law.
An agreement that is only between two states, not three or more relating to an international
subject matter.
An agreement that is made between at least three states regarding an international subject matter.
8. If a contract does not provide for arbitration, parties may submit a specific dispute involving a
contractual provision to arbitration through the use of a ______.
Suggested ADR resolution clause
Submission agreement
Binding arbitration clause
The parties may not submit a specific dispute to arbitration if the contract does not provide for
arbitration.
Binding mediatory clause
9. Over which of the following does the federal court system have exclusive jurisdiction?
Admiralty cases only
Copyright cases only
None of the above
Admiralty, bankruptcy, and copyright cases
Bankruptcy cases only
10. Reference: “Environmental Concerns.” Connie, the president of a company that makes paper,
has a new interest in the environment. She recently went to a seminar on environmental dangers
and has decided to take steps to clean things up. She started at home and has now felt compelled
to change things at work. Connie had to face the fact that her company has been cheating and is
not in compliance with applicable environmental regulations due to dumping in the nearby river.
Her company has never been cited because it employs a very large number of people in the
community, including the mayor’s wife and the chief-of-police’s brother. On her mission to
clean things up, Connie has decided to go even further than the law requires and install the very
latest environmental protections. When she announced her plan, the chair of the company’s
board of directors, Brooke, had a meeting with Connie. Brooke told Connie to analyze the
situation carefully because the cost of the additional equipment would mean no dividend to

shareholders and no raise for employees. Furthermore, Brooke told Connie that installing all the
new equipment would result in higher prices for the company’s paper produce and could
bankrupt the company because of foreign competition. Brooke hinted that Connie could be fired
if she persisted. Brooke suggested that Connie just be concerned with a minimal standard of
ethics.
Which of the following is the minimal standard that a business must meet in a consideration of
business ethics suggested by Brooke?
Decisions must meet the criteria of a follower of deontology.
Decisions must be legal and decisions must receive a majority vote of acceptance by employees.
Decisions must be legal.
Decisions must meet the criteria of a follower of utilitarianism.
Decisions must receive a majority vote of acceptance by employees.
11. Which of the following is a type of ADR?
Mediation
Consultation
Case argument
Focus grouping
Case analysis
12. Assume a businessperson who owns a computer equipment store is delinquent in paying rent
to the landlord. The resulting dispute focuses on ______law.
Private
Preferential
Consensual
Public
Black letter
13. When may government agents search without a search warrant?
All of the above.
When they can show that a felony is involved.
When they can show that the suspect who lives in the residence at issue has been in jail
previously.
When law enforcement officials believe it likely that the items sought will be removed before
they can obtain a warrant.
Outside of normal working hours for a judge.
14. What do the letters “WPH” mean in reference to the “WPH Framework for Business Ethics”
discussed in the text?
Where, Procedure, and How

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University

University of Memphis

Subject

Accounting

Memphis Acct 3130 M50 Fall 2015 ONLINE Final Exam 2015

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