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    Ressorp Inc

    Answer the question as if you are counsel for Reardon: Ressorp, Inc. in Japan agreed to sell 700 television sets to Reardon, a wholesaler, in the United States for US$ 144,417.00. Ressorp, Inc. and Reardon expressly agreed that Reardon would not pay for the television sets until Reardon both received and sold the merchandise

    Jolly Canning Co. Case Study

    Answer the question as if you are counsel for Jolly Canning Co in 200 to 300 words The Jolly Canning Co. in Hawaii agreed to sell 10,000 cases of canned green beans to the Merry Produce Co. in New York. The terms were FOB Bigport in Hawaii. The parties agreed that the governing rules were Incoterms 1990. Jolly, by mistake, de

    Sarbanes-Oxley Act of 2002: Accounting Issues

    Please complete the following questions: 1. What accounting issues does the Sarbanes-Oxley Act of 2002 address? 2. How do the act's provisions change the behavior of senior corporate executives and accounting professionals? 3. Do you think this is an effective solution or will it create additional paperwork? Explain.

    Brooks Corporation sells computers under a 2 year warranty contract.

    Brooks Corporation sells computers under a 2 year warranty contract that requires the corporation to replace defective parts and to provide the necesary repair labor. During 2010 the corporation sells for cash 400 computers at a unit price of 2,500. On the basis past experience, the 2 year warranty costs are estimated to be $155

    Financial Management

    Question 1. Otel Corporation entered into an agreement with its investment banker to sell 15 million shares of the company's stock with Otel netting $270 million dollars from the offering. The out-of-pocket expenses incurred by the investment banker were $5,000,000. a. What profit or loss would the investment banker incu

    Employee Handbook

    Create a representation of "actual" sections of an employee handbook for a business entity of your own design. (**This must be original content/work**). In addition to describing the company to which the employee handbook applies, the handbook must also address the issues of privacy, employee and applicant testing, and performan

    Employment law: FMLA, OSHA, employers' responsibilities, employee protections

    Write a paper in which you explain the application and implication of each the following laws for your employer. Analyze at the following employee safety, health, and welfare laws: Family and Medical Leave Act (FMLA) Worker's compensation Occupational Safety and Health Act (OSHA) Other applicable laws Answer the f

    General Law

    QUESTIONS 1. Precedent is defined as: a. A past judicial decision relied on as authority in a present case . b. The process for compelling witnesses to appear before a court and give testimony c. To decide a case; settle by judicial decree 2. Does the following job posting demonstrate a valid BFOQ? Now hirin

    Internet contract

    Beth advertised her 2005 Corvette for sale on the Internet. In her advertisement, she falsely stated that the vehicle had only been driven 60,000 miles when in fact it had been driven 160,000 miles. Steve reasonably believed Beth's statement that the car only had 60,000 miles and entered into a contract over the Internet to buy

    Discrimination question

    Assume you manage a work facility (retail store, factory, warehouse) and you have a case of racial discrimination and one of disability discrimination. What differences may exist in how you would investigate the cases and act on them? What actions would you recommend to resolve the cases?

    specific performance or compensatory damages

    Read the following scenarios and explain whether the court will likely grant specific performance or compensatory damages. a. Buffy contracts to sell her home to Dixie for $200,000. Before the deal closes, Barney offers to purchase the house for $225,000. Buffy refuses to sell the property to Dixie. b. Sinbad contracts to

    employee training

    Discuss the importance of training employees on the following: 1. Legal Requirements/Compliance 2. Employee Growth

    Agency problem

    How does the agency problem affect accountants? How has SOX changed the situation?

    Business law: Joe's Pizzeria and Sub Shack agreement to purchase adjoining lot

    Joe's Pizzeria and Sub Shack wishes to expand its restaurant and enters into an agreement with the owner of the adjoining lot, Sam Seller, to purchase the land and begin construction. A condition precedent to the contract is Joe's ability to obtain financing from First Bank. Joe dutifully applies for the construction loan, but,

    Which one of the following is among the three components of audit risk? a. incurrence risk b. occurrence risk c. rejection risk d. control risk 2. The Hochfelder Case is important because it limited auditor liability under: a. the 1933 Securities Act. b. the 1934 Securities Exchange Act. c. common law. d. RICO. 3. Which of the following is an INCORRECT statement concerning one of the field work standards? a. Audit planning includes the development of audit strategies. b. Audit planning is aimed primarily at effectiveness, with little effect on efficiency. c. Understanding of the internal control structure is necessary in order to plan the audit. d. The auditor must have a reasonable basis, in the form of gathered evidence, for expressing an opinion. 4. An auditor would be most likely to issue a "summary of findings" in connection with which one of the following types of services? a. a financial statement audit b. consulting services c. an operational audit d. a review 5. Making sure that the detail of and accounts receivable file agrees with the general ledger before the file is used to produce confirmations is an example of which of the following audit procedures? a. Confirmation. b. Recalculation. c. Reperformance. d. Vouching. 6. The auditor has some control over: a. the assessed level of inherent risk. b. the actual level of inherent risk. c. both the actual level and the assessed levels of inherent risk. d. neither the actual level nor the assessed level of inherent risk. 7. Concerning such matters as the integrity of management, errors, and illegal acts, the auditor should plan the audit with an attitude of: a. cautious mistrust. b. professional skepticism. c. seasoned pessimism. d. adversarial pursuit. 8. Incompatible duties are those that allow an irregularity to be perpetrated: a. and concealed by a single employee. b. and concealed through collusive actions. c. by a single employee. d. by accounting personnel. 9. In making judgments about materiality at the account balance level, the auditor must consider the relationship between it and financial statement materiality. This should lead the auditor to plan the audit to detect misstatements that: a. are individually material to the statements taken as a whole. b. are individually immaterial to the statements taken as a whole. c. may be immaterial individually, but may aggregate with misstatements in other accounts to a material level. d. bring the cumulative total of known misstatements to the level of materiality established by management. 10. Which one of the following is NOT an inherent limitation in an entity's internal controls? a. mistakes in judgment b. collusion c. cost versus market d. breakdowns 11. Use of auditor judgment or of a risk matrix is necessary in revising planned detection risk whenever: a. risk assessments are not quantified. b. assessed control risk at the account balance level does not support the planned level of control risk. c. control risk is assessed above the minimum. d. control risk is assessed below the maximum. 12. The auditor has decided to use PPS sampling in the confirmation of individual sales transactions with customers. The population and the logical sampling unit are most likely to be, respectively: a. all customer accounts and the individual dollars in the accounts. b. customer accounts with debit balances and individual dollars in the accounts. c. the sales invoice file and the individual dollars on the invoices. d. all recorded sales during the year and individual sales invoices. 13. Which of the following is NOT considered an access control? a. the use of a librarian b. management review of computer utilization reports c. parity check d. the use of passwords 14. Which of the following is NOT an element of a computer-based system? a. software b. data c. procedures d. organizational personnel 15. The use of computer systems in accounting creates more areas where errors can occur. Which of the following should be of most concern? a. errors on customer invoices b. customer credit reports c. conversion of source data to computer-readable format d. accounts receivable master file Fill in the Blank - Type your response after the question Point Value: .25 each 16. Differences exist between the Securities Act of 1933 and 1934. More cases have been brought against auditors under the 1934 Act because it applies to annual filings and: 17. The type of risk that is independent of the audit of the financial statements and therefore cannot be changed is: 18. Occasionally, employees will work together to conceal fraud. This is known as: 19. Sometimes the auditor does not have the book value of the individual items in the sample. In this case, the sampling technique to be used is: 20. According to the Sarbanes-Oxley Act of 2002, the establishment and maintenance of internal controls is the responsibility of: True or False - Highlight those statements which are TRUE Point Value: .25 each 21. The fact that a company's management does not place a high priority on the entity's values creates a high-risk condition. 22. The AICPA provides a broad range of services to its members and the accounting profession. Membership into this organization is mandatory for Certified Public Accountants. 23. In order to fully understand the internal controls of an organization, the auditor must consider circumstances and judgment. 24. The steps for assessing the risk of material misstatement in the financial statements include evaluating the types of misstatements that might occur and evaluating the likelihood and magnitude of potential misstatements. 25. Computer abuse and computer fraud essentially mean the same thing. 26. A CPA Risk Advisory service consists of decision makers who are not a member of management or a board of directors. 27. Internal control can provide absolute assurance to a company's management and board of directors regarding the entity's ability to achieve objectives. 28. The auditor has a responsibility to determine if substantial doubt exists, as of the date of the audit report, regarding the entity's ability to continue as a going concern for the following year. 29 (skip) 30. What is generalized audit software? What are the tasks for which auditors would use it? What are the advantages and disadvantages of using generalized audit software? Will this software be more appropriate for auditing your organization's computer information system, or would it be necessary to develop customized audit software? What type of software will work best for your work environment? Please explain. 31. What is the difference between assurance and attestation services? Please provide examples of each. 32. Is it probable that the use of information technology will eventually eliminate the audit trail, making it impossible to trace individual transactions from their origin to the summary total on the financial statements? Please explain. How do the AICPA and the PCAOB want the auditor to address controls in the light of this technological shift? 33. What are internal controls? Why are they importa

    1. Which one of the following is among the three components of audit risk? a. incurrence risk b. occurrence risk c. rejection risk d. control risk 2. The Hochfelder Case is important because it limited auditor liability under: a. the 1933 Securities Act. b. the 1934 Securities Exchange Act. c. common law. d. RICO.

    Donee's Basis in Gifted Property..

    Is this true or false with respect to the basis of property? Why or why not? In 2002, John acquires property with a FMV of $500,000. In 2003, John gifts the property to Jane when its FMV is $600,000. Jane's basis in the property is $600,000.

    law of one price

    A logical starting point for understanding how exchange rates are determined is a simple idea called ___________, which states that if two countries produce an identical good, the price of the good should be the same throughout the world no matter which country produces it. Gresham's law the law of one price

    EPA aerial photographs

    Dow chemical company operated a 2,000-acre chemical manufacturing facility at Midland, Michigan. The facility consisted of numerous covered buildings, with manufacturing equipment and piping conduits between various buildings plainly visible from the air. Dow maintained elaborate security around the perimeter of the complex to

    The Details of SOX and Who it Affects

    What organizations are subject to Sarbanes-Oxley? What provisions affect these organizations most? How could Sarbanes-Oxley requirements drive a business to become de-listed from stock exchanges and no longer operate as a publicly traded company? How do other regulations similar to Sarbanes-Oxley apply to government entities or

    Whether freedom of speech is revocable in the private sector will be discussed. A scenerio regarding a co-working using profanity will be discussed and analyzed. Whether he has the right to speak in this way in the private sector will be explained.

    The First Amendment guarantees our freedom of speech. However, this amendment only applies to government (state or federal) agencies and does not apply to employees in the private sector. Employees do not have the right to discuss non-work related issues and expect the same protections. For example, a coworker routinely uses

    Stock-Appreciation Rights

    Derrick Company establishes a stock-appreciation rights program that entitles its new president Dan Scott to receive cash for the difference between the market price of the stock and a pre-established price of $30 (also market price) on December 31, 2008, on 40,000 SARs. The date of grand is December 31, 2008, and the required

    The case of the speluncean explorers

    Judge: Handy, J. (What did the judge decide? What was His Opinion? What law he use--which "schools" of law: Natural law, Positivist view, Historical view, or Legal Realism view.? Did it change society?)