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Describe the roles of the SEC and the FASB in the setting of accounting standards.
On January 1, Father (Dave) loaned Daughter (Debra) $100000 to purchase a new car. There were no other loans outstanding between Dave and Debra. the relevant federal rate on interest was 6 percent. the loan was outstanding for the entire year.
Identify the major users of financial reporting and the types of information each will use.
What is generalized audit software? What are the tasks for which an auditor would use it? What are the advantages and disadvantages of using generalized audit software?
If the firm issued no stock during the year, the dividends issued were $100, what's the net income over the period?
Fraud is more than just the intentional misstatement of financial statements. What are other areas where they may be fraud risk that are perhaps not on the level of financial statement misstatement?
What are reversing entries and why are they required? What would happen if reversing entries were not made? What transactions might require reversing entries?
How much higher or lower will net operating income be for the year if the underapplied or overapplied overhead is allocated rather than closed directly to cost of goods sold?
Policies in those areas where regulatory requirements exist should articulate with the law. Explain the process you would follow to ensure this, using the example of privacy (privacy policy and privacy laws).
Explain the accounting principle(s) that required Amber to record the $42.7 million charge in 2006 and the $12.1 million reversal in 2009.
Intercompany transactions are very important in the consolidation process. Choose an intercompany transaction. Discuss the effects of intercompany transactions when consolidating financial statements. Your discussion should include the effects on ..
If the standard deviation was .67 and at the 0.025 significant level, has the shelf life of the cupcake mix increased?A. Yes, because computed t is greater than the critical value.
What is the difference between a rule-based and principle-based system? Discuss the Global Reporting Initiative, its purpose, the standard setting process, the use of its reporting system, etc.
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