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Question - You have been assigned to the audit of Processing Solutions, Inc., a privately held corporation that develops and sells computer systems. The systems are sold under one- to five-year contracts that provide for a fixed price for licensing, delivery, and setup of the systems and maintenance and technical support for the life of the contract. Your review of the working papers reveals that premature revenue recognition is a risk that must be addressed in the audit.
a. Summarize the guidance of the FASB regarding recognition of revenue on contracts.
b. Describe two techniques that management of Processing Solutions might use to overstate revenue.
c. For the two techniques identified in (b), describe an auditing procedure that might be employed by the auditors to detect the overstatement of revenue.
Gardner Corporation purchased a truck at the beginning of 2012 for $90,000. The truck is estimated to have a salvage value of $3,600 and a useful life of 120,000 miles. It was driven 18,000 miles in 2012 and 32,000 miles in 2013. What is the depr..
Explain what would be implications of situation for XYZ Ltd's financial statements? YZ Ltd is a mining company and have been in the industry for last 20 years.
Describe b riefly the substance over form concept and exactly what it requires. What responsibility, if any, do auditors have when a client violates this principle
On September 1, 2010, Herman Co. issued a note payable to National Bank in the amount of $1,200,000, bearing interest at 12% and payable in three equal annual principal payments of $400,000. On this date, the bank's prime rate was 11%. The first paym..
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question 1the first case focuses on madoff securities and in particular the role that his accountant david friehling
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Total stockholders' equity at December 31, 2014 was $236,000.
If demand is bad, then the net cash flows will be $5,000 per year for 2 years. Fethe's cost of capital is 10%. What is the expected NPV of the project
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