Use the Information Below to Answer the Following Question(s)

question 96

Multiple Choice

Use the information below to answer the following question(s) .
Summerville Company sells office supplies. The following information summarizes the company's operating activities for the year:

-What is gross profit at Summerville Company?

• A) $43,000
• B) $82,000
• C) $74,000
• D) $58,000

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Definitions:

Collusion

Collusion refers to a secret or illegal cooperation or conspiracy, especially among firms, to deceive or gain an unfair advantage.

Fraud Committee

A group formed within an organization tasked with overseeing the detection, investigation, and prevention of fraudulent activities and ensuring financial integrity.

Segregation of Duties

An internal control measure that involves dividing responsibilities among different people to reduce the risk of error or inappropriate actions in financial transactions.

Authorize and Pay

The process of approving financial transactions or disbursements and executing the payment accordingly.