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    Public Company Accounting Oversight Board

    Evaluate the effectiveness of the PCAOB's oversight related to both corporate management's and a certified public accountant for addressing a material weakness in internal controls

    IFRS, Global Reporting Initiative, SOX

    Q1. How widespread are IFRS and what do you think will happen to US GAAP? Q2. What is the difference between a rule-based and principle-based system? Q3. Discuss the Global Reporting Initiative, its purpose, the standard setting process, the use of its reporting system, etc. Q4. How has SOX affected business organiz

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    1) Explain situations where the opposite could be true In normative theory. For example: our personal experiences, educational levels, cultures, religions, and other aspects of our background can actually enrich our decision making ability. 2) Why does it appear that to be highly successful (particularly in a financial sense),

    What is the company's warranty expense for the month of November?

    A company sells computers at a selling price of $1,800 each. Each computer has a 2 year warranty that covers replacement of defective parts. It is estimated that 2% of all computers sold will be returned under the warranty at an average cost of $150 each. During November, the company sold 30,000 computers, and 400 computers were

    Difference Between Book Value of Equity and the Value Implied by Purchase Price

    Consolidated Balance Sheet Problem On January 1, 2012, Perry Company purchased 8,000 shares of Soho Company's common stock for $120,000. See below for statement of financial position for both Perry and Soho shortly after acquisition: Please see attachment for associated table. Problem: A. Calculate the percentage of

    Sabina and Associates: Equation to predict costs

    Sabina and Associates has the following current year costs: Variable costs $4 per unit Fixed costs $20,000 Next year, the company plans to enter into an arrangement with a supplier that will result in a 15% decrease in variable costs. They also plan on reducing their rental space, which will decrease fixed costs by 10%.

    Dillon Inc. Contribution margins and target profits

    In 2006, Dillon Inc. had a total contribution margin of $100,000 and net income of $60,000. For the upcoming year, the company would like to earn a target profit of $80,000. Assuming sales volume is expected to be the same in the upcoming year as it was in the past year, give three separate options the company could implement i

    XXX Company's Action Products access database queries

    XXX Company's sales department wants to establish a database to track key information about its salespersons. Salespersons are assigned to either industrial or commercial customers and to one of four sales regions (East, North, South, and West). Action Products wishes to record the flowing information for each salesperson: Their

    Tax Credit & Deduction

    Please help me with the following questions. I am having some difficulty approaching them. The IRS code provides for deductions and credits. - List 5 possible deductions. - List 3 possible tax credits. - Compare and contrast a $10,000 adjustment, $10,000 tax credit and $10,000 of itemized deductions.

    Tahoma Corporation: Application of Overhead

    The following calendar year information about the Tahoma Corporation is available on December 31: [See the attached file] The company applies overhead on the basis of 125% of direct labor costs. a. Calculate the amount of over- or under-applied overhead. b. What is the significance of this over- or under-applied

    Schedule for Recorded Amounts

    A company made the following expenditures in connection with the construction of its new building: [See the attached file] A company made the following expenditures in connection with the construction of its new building: architect $12,000.00 land with run down building $300,000.00 removal of old building $18,00

    Irregular Items and Horizontal Analysis

    1. What are examples of irregular items? How does a change in accounting principles affect the financial statements? Who in the company is responsible for the application of a change in an accounting principle? Why? 2. What is a horizontal analysis? What is the value in using horizontal analysis? Why would a company use horiz

    Liquidity and Operating Income Return on Investment: Bill Arts Company

    Below are financial statements for Bills Art Company. Question 1: How Liquid is the firm? Select one of two recongized approaches to answering this question. Question 2: Calculate the operting income return on investment (OIROI). Explain your answer. Question 3: Are the Owners (stockholders) receiving an adequate return on

    Taxable Income Rules

    1. In 2012, Warren sold his personal use automobile for a loss of $9,000. He also sold a personal coin collection for a gain of $10,000. As result of these sales, $1,000 is subject to income tax. 2. The realization requirement give to own assets that have increased in value and to sell assets whose value has decreased 3. T

    Estimate Net Operating Income for Investment Real Estate

    Based on the following data, estimate net operating income. Show your work in good form. Two-bedroom units rent for $600 per month (total of 40 units) One-bedroom units rent for $450 per month (total of 20 units) Vacancy and uncollectible rent losses typically amount to six percent of potential gross rent. Operating expenses

    Federal Tax and ALF Partnership

    (Question 1) During the current year, ALF Partnership reported the following items of receipts and expenditures: $200,000 sales, $10,000 utilities, $12,000 rent, $50,000 salaries to employees, $30,000 guaranteed payment to partner Lloyd, investment interest income of $3,000, a charitable contribution of $5,000, and a distributi

    Borrowing Supplies from Your Office

    1. If you need a rubber band or paperclip and do not have time to pick-up a pack on your way home from work, would it be acceptable to "borrow" it (expecting never to return it)? Too often, companies don't want to consider the thought of someone on their team stealing from the company. They believe that by creating a ultra-t

    Accounting Roles and Business Organization

    Accounting does not exist in isolation and changes in counting roles and enforcement impact business organization on a global basis Please assist in answering these questions and provide factual opinions with references. 1. How widespread are IFRS? What will happen to U.S. GAAP? 2. How has SOX (Sarbanes-Oxley) affec

    Accounting for Bad Debts

    Accounting for Bad Debts Information related to Hamilton Company for 2014 is summarized below: Total credit sales : $2,500,000 Accounts receivable at December 31 : 970,000 Bad debts written off : 66,000 a) What amount of bad debts expense will Hami

    Corgan Inc: Overhead cost analysis

    Corgan, Inc., manufactures two types of beds, Standard and Luxury. The Standard range is a mass market range sold through large furniture retailers, whereas the Luxury range is higher quality, sold through small furniture shops. The company currently applies overhead on the basis of machine hours worked. It is considering movi

    Justification of Discretionary Spending Accounts

    I would appreciate assistance with the following questions. The highest discretionary spending accounts are from the state of VA (http://dpb.virginia.gov/budget/buddoc12/index.cfm). 1. Assume that your state is expecting a 25 percent rate increase of its 2011 population based on your previous analyses and forecast. Give t

    Accounting Problem for Agee Corporation

    Agee Corporation acquired a 25% interest in Trent Co. on January 1, 2010, for $500,000. At that time, Trent had 1,000,000 shares of its $1 par common stock issued and outstanding. During 2010, Trent paid cash dividends of $160,000, and thereafter declared and issued a 5% common stock dividend when the market value was $2 per sha

    Accounting Problem for Yates Corporation

    Yates Corporation began operations on January 2, 2010. It employs 15 people who work 8-hour days. Each employee earns 10 paid vacation days annually. Vacation days may be taken after January 10 of the year, following the year in which they are earned. The average hourly wage rate was $24.00 in 2010, and $25.50 in 2011. The avera

    Trend Analysis and Budgeted Amounts

    Hello, I would appreciate any assistance with these discussion questions. Please provide other references used if any. Thank you! 1. Compare and contrast the budgeted amounts of the four (4) highest discretionary spending accounts for the state of VA and two (2) neighboring states. This response requires researchi

    CPA license

    Does a certification, such as a CPA license, make an auditor appear more professional?

    Tax Memo to the IRS: Jammer Entertainment, Inc. Case

    DJ Jammer, a rapper/musician, travels around the country performing concerts on college campuses. He has two employees who make up his road crew. The crew sets up his equipment and sells DJ Jammer memorabilia (CDs, T-shirts, posters, etc.) during intermissions and after the concerts. For the last several years, Jammer has operat

    Operating Margins and Health Maintenance Organization Funds

    1) Operating margins in your hospital have been consistently below national norms for the past 3 years. Discuss the factors that might have created this situation and the ways in which you might determine specific causes. Additionally, describe several items that are treated as expenses in the income statement but do not require

    Allocating Corporate Overhead and Net Income

    Text: Accounting for Decision Making and Control Edition: 7e Author: Jerold Zimmerman Problem #: 7-5 Avid Pharmaceuticals Avid, a small, privately held biotech pharmaceutical manufacturing firm; specializes in developing and producing a set of drugs for rare classes of cancers. Avid has two divisions that share the same man