50-100 words-Under SOX, management must establish and maintain an adequate internal controls structure. Do you think this specific requirement was put into place in order to protect the auditor or the client more?
Briefly (one paragraph), explain the value and significance of COSO, SOX section 404, SAS 112 and other legislation about the role of the accountant and auditor? Do the regulations you mention primarily protect the auditor or client?
1. As illustrated in exhibit 10-10, Interband estimates the value of the Disney brand name in 2009 at $28.45 billion. Search Disney's financial statements and notes--what is Disney's estimate of the value of the Disney name? 2. What summary journal entry did Disney make to record interest incurred during fiscal 2009? (Hint: Don
Question 1 1. 1. Delilah receives a proportionate, nonliquidating distribution from the Carbon Partnership. The distribution consists of $50,000 cash and property with an adjusted basis to the partnership of $150,000 and a fair market value of $180,000. Immediately before the distribution, Delilah's adjusted basis for her
Do auditors become slack in their duties when dealing with successful clients? If so, how can this be prevented? 50-100words
In November 2013, Lamb Co. computed its equivalent unit costs under FIFO process costing as follows: Direct Material $29.50 Packaging 3.00 Direct labor 10.84 Overhead 7.68 Direct material and packaging are added at the start and end of processing, respectively. Beginning inventory cost was $1,026,810 and cons
Looking for assistance getting started. For the selected emerging market--India. Discuss the economy, financial markets and the means they currently use to attract direct foreign investment. Conduct an analysis of what they are doing right/wrong in their financial markets and whether you recommend investment there shou
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Throughput contribution. Victoria Hair Salon styles hair in three operations—washing, cutting/setting, and drying—and charges $25 per styling. (Each styling is one "unit.") Victoria styles hair on a walk-in basis and does not take appointments; customers who face a wait walk across the street to another salon. Victoria's
100 words Provide an example of a situation in which you would you use sampling, rather than examining the entire population. Include the following: the sampling technique you would use, the reason that you would use that type of sampling, and the methodology that you would use when conducting your sample.
Why and which seasonal period(s) might an IT support services system (help desk) need to be aware of? Limit yourself to one type of seasonal period that applies.
Why is it good or bad to operate an IT support services system (help desk) on a strictly, first-come, first-served basis?
1. The requirement of consolidated financial statements for parent and subsidiary companies has become a controversial issue in the field of international accounting. U.S. GAAP requires parent and subsidiary companies to report their information on a consolidated basis. However, under IAS 27 Consolidated and Separate Financial S
1. On January 1, 2011, Mason Manufacturing borrows $500,000 and uses the money to purchase corporate bonds for investment purposes. Interest rates were quite volatile that year and so were the fair values of Mason's bond investment (an asset) and loan (a liability): Fair Value 2011 Bond Investment Loa
Your firm is considering to open a new factory via direct investment in Latin America and management is evaluating the specific country locations for this project. The pool of candidate countries has been narrowed to Honduras, Chile, and Mexico. Discuss the national differences in political economy between these three cou
4-19: Predetermined Overhead Rate; Applying Overhead; Underapplied or Overapplied Overhead Reston Company uses a job-order costing system. The company applies overhead cost to jobs on the basis of machine hours. For the current year, the company estimated that it would work 36,000 machine-hours and incurs $153,000 in manufac
Questions: Chicago contractors got $5,400,000 contract to construct a school building for the City of Chicago. Work on this contract began in 2013 and the financial data pertaining to this contract is available here. Cost incurred till Dec.31, 2013 $1,080,000 Billings made to Cit
After reading case , "The Dangerous Morality of Managing Earnings" I need help addressing the following elements: Discussion of the five generalizations from the findings in this study relating to managing earnings. Discussion of management's ability to manage earnings in the long-term given the operational manipulations dis
Securitization Kendall Corporation designs and manufactures sports cars. During the course of its business, Kendall generates substantial receivables from its customers. On July 1, 2011, to improve its cash flow, Kendall establishes a securitization entity (SE) and (1) transfers wit out recourse $20.5 million of its receiva
On December 31, 2011, Vale Company had an unadjusted credit balance of $1,000 in its Allowance for uncollectible accounts. An analysis of Vale's trade accounts receivable at that date revealed the following: Estimated Age Amount Uncollectible 0 - 30 days $60,000 5% 31 - 60 days 4,999
1.) Journalize the following transaction using the direct write-off method of accounting for uncollectible receivables. July 01 Received $1,500 from Jane Zeeba in partial payment of the amount owed. The remaining balance of $3,500 was written off as uncollectible. Oct 15 Reinstated the account of Jane Zeeba and r
I am trying to analyse financial statements using published financial reports, the ones I know I will be facing in the real world compared to the exam type. I found one very challenging and too big. I have attached areas I want analysed, and I am asking for a detailed ratio analysis showing the relevant calculations and notes. I
The checkbook balance for MAP Consulting Services Co. on July 31, 2010 indicated a balance of $15,515.00. The bank statement for July indicated an ending balance of $15,245.00 as of July 31, 2010. Below are items for reconciliation to either the checkbook or the bank statement balance: A deposit of $17,636.00 had been made too
Using the 2005 and 2006 Statement of Financial Position (SFP) and the Statement of Earnings (SE) found on pages 465 and 466, complete a vertical analysis (common-sized statements) for both years and a horizontal analysis (trend) from 2005 to 2006. The documentation is attached as HCM Income statement
Application: IFRS vs. U.S. GAAP 1. In this week's Discussion, you studied revenue recognition standards and related accounting issues for companies operating in international markets. Due to the scope of international markets and the differences in IFRS and U.S. GAAP accounting standards, accountants are also challenged with i
Brief summary on situation, Green Pastures is a 400-acre farm on the outskirts of the Kentucky bluegrass, specializing in the boarding of broodmares and their foals. A recent economic downturn in the thoroughbred industry has led to a decline in breeding activities, and it has made the boarding business extremely competitive.
ABC Ltd. produces an MP3 player. The market for this product is increasing, and for this reason, ABC is planning to expand its production capacity. This plan requires new machinery and an increase in working capital that would be financed with borrowing. Complete the following: 1. What are the main sources of finance that
Envelope budgeting: summarize and explain.
Explain how bond discounts and premiums usually arise. Describe how they are accounted for in the balance sheet and income statement.
Describe at least four major limitations of financial statement information. Please add detailed information..