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Create an audit report with the findings being somewhere between $5,000,000 and $30,000,000 Include these items in the report: The area under audit where the finding occurred, The steps you undertook during the audit, The problem that was noted, the amount of the finding and the suggested accounting correction, The conclusion of the auditor as a result of the steps taken and the problem noted, and The corrective action necessary to prevent this problem from reoccurring.
Here is an example:
Having undertaken the audit of ABC College during the last week, it was found that there was a discrepancy in the actual cash balance and the cash in the cash box. This was found to be mainly due to the oversight of few cash receipts and not having recorder two of the cash payments. We found that the payments that were not accounted for were of value $10,000 and the receipts that were not recorder for were of value $50,000. It was evident that the receipts and payments were not being recorded with prudence by the accountant. The possible way to avoid this problem form reoccurring is to create a strong system of internal control and dividing the responsibility of collection of cash and recording of cash between two different people.
At the end of your accounting cycle, you have $500,000 in customer deposits. How do you state and properly account for this activity in your financial statements?
On April 1, Quality Corporation, a U.S. company, expects to sell merchandise to a French customer in three months, denominating the transaction in euros. On April 1, the spot rate is $1.41 per euro.
George purchases used office furniture (seven-year class property) at a cost of $50,000 on April 20, 2009. Determine George's cost recovery deduction for 2009 for alternative minimum tax purposes, assuming George does not elect § 179 and the maxim..
Menke uses straight-line amortization. Ignoring income taxes, the amount reported in Menke's 2010 income statement from this investment should be $4,500.
The Division is considering purchasing equipment for $40,000 that will increase sales by an estimated $10,000, with annual amortization of $10,000. If the equipment is purchased, what will happen to the return on investment for the division?
What is the difference between linear and nonlinear cost function? Give an example of each type of cost function?
Xu Company is considering replacing one of its manufacturing machines. The machine has a book value of $45,000 and a remaining useful life of 4 years, at which time its salvage value will be zero.
Which scheme does not inflate sales? A) Recognizing sales on disputed claims against customers. B) Recognizing sales without shipping the goods. C) Understanding allowances for sales discounts. D) Recognizing full sales amount for partial shipments.
A corporation has 1,000 shares of 10 percent, $50 par-value preferred stock and 10,000 shares of $5 par-value common stock outstanding. If the board of the directors decides to distribute dividends totaling $40,000, the common stockholders will re..
Lyman uses straight-line amortization. Ignoring income taxes, the amount reported in Lyman's 2007 income statement from this investment should be ??
Top management has decided the transfers between the two divisions should be at $19. Compute the effect of the transfer on the net income for the Battery Division, Automotive Division, and the total company
Determine their shares to the net income or net loss for each of the following independent situations:
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