Accounting
What is income tax?
Direct government tax on income/profit.
What kind of company does J.Ballast Own?
Canadian Enterprises / Entertainment Company
Define Fraud
Deception that is unlawful or criminal and is done for money or personal advantage.
How many audits are there? Name them.
Two main types of audits, internal and external audits.
How Much Money Did J.Ballast Spend Of The Company's Money?
$36,000
What kind of law was incorporated in this case?
financial statement fraud
What's the business entity principle?
Financial statements must be specified for the company, not the individual.
What Kind of Expenses Did J.Ballast Spend The Money On?
How many detected cases of fraud were there?
10% of detected cases of fraud.
Define SPV or SPE
Is a subsidiary created by a parent company to isolate financial risk.
How Much Revenue Did The Company Make?
$6 million
What is the sentence for fraud in prison?
14 years when the offense is more then $5,000 and $5,000 or less are indictable and subject to a maximum two-year prison sentence.