Develop a thorough understanding of accounting standards

Assignment Help Financial Accounting
Reference no: EM13487138

An engagement team has been established to audit YUH Corporation. YUH Corporation engages in risking hedge fund investments in commodities: gold and silver. The supervisor has asked that you apply an old valuation method that you know is not correct. His explanation is that it worked in the past so it will work now.

You believe that the market has changed so much that valuation of the underlying asset cannot be based on past performance. The ability to price to market has been disqualified. The market is not normal. You propose a new, different method. Your model will lead to a higher valuation of the derivative investment. Your supervisor has told you, in no uncertain manner, that to disobey him will lead to future probation.

• Do you believe that you should listen to your supervisor? Why, or why not?
• What rules and regulations would guide the actions that you would take?
• What actions would you take, and why?


Objective:

•Develop a thorough understanding of accounting standards and principles.

• Prepare to practice in public and private accounting position.

 

Reference no: EM13487138

Questions Cloud

The gas phase ion pairs in order of the quantity of energy : List the following gas phase ion pairs in order of the quantity of energy released when they form from separated gas-phase ions. Start with the pair that releases the least energy.
An investor purchases a call option with an exercise price : An investor purchases a call option with an exercise price of $55 for $2.60. The same investor sells a call on the same security with an exercise price of $60 for $1.40. At expiration, 3 months later
Find the acceleration produced : The same force that gives the standard 1 kg mass an acceleration of 1.00 m/s2 acts first on body A, Find the acceleration produced when A and B are attached
Determine the food caloric content of peanut butter : One tablespoon of peanut butter has a mass of 15g . It is combusted in a calorimeter whose heat capacity is 130kJ/ degrees C . The temperature of the calorimeter rises from 22.1 degrees C to 25.2 degrees C. Find the food caloric content of peanut ..
Develop a thorough understanding of accounting standards : Develop a thorough understanding of accounting standards and principles.
Explain hnmr and cnmr : Given an IR spectra, Mass spectra, HNMR, and CNMR, what's the best way to determine the formula of an unknown compound
Discuss the actions of leo in relation to the new company : Discuss the actions of Leo in relation to the new company. Does the new company have to pay the lease and if so what would be the procedure?
Show the corporate law issues arising : Economic slowdown puts pressure on the business and the new company is unable to service the loan to And.Andy takes possession the company's assets as secured creditor leaving the business creditors with nothing.
Find the frequency of electromagnetic oscillations : A capacitor with C = 36.0 mF is placed in series with a 12.0-V battery and an inductor having L = 350 mH. What is the frequency of electromagnetic oscillations in the circuit

Reviews

Write a Review

Financial Accounting Questions & Answers

  Evaluate the amount of contribution margin

Utilization of constrained resources. Calculation of amount of contribution - Evaluate the amount of Contribution margin that will be obtained per hour of labor time spent on each product.

  The company finance, accounting, and tax-related issues

Litchfield Corporation is a U.S.-based manufacturer of fashion accessories that produces umbrellas in its plant in Roanoke, Virginia, and sells directly to retailers in the United States. As chief financial officer, you are responsible for all ..

  Question gladstone company tracks the number of units

question gladstone company tracks the number of units purchased and sold all through each accounting period but applies

  Part-1process costing and job-order costingwhich method of

part-1process costing and job-order costingwhich method of determining product costs job-order costing or process

  Questionwesterville buckeye company produces and sells two

questionwesterville buckeye company produces and sells two products. cost and revenueinformation by product for the

  Statement of cash flows1 choose the combination that best

statement of cash flows1. choose the combination that best reflects the appropriate classification of cash received

  Finding the net increase decrease in cash during the

finding the net increase decrease in cash during the year.cash flow computations from the following selected data

  Evaluate owner''s equity at the end of 2008 and 2009

Evaluate owner's equity at the end of 2008 and 2009? and If Nobel paid dividends of $100 in 2009, and made no stock issues. what must have been net income during the year?

  Analyze the budget variance by calculating the direct labor

Analyze the budget variance by calculating the direct labor efficiency and rate variances for June. What alternatives to the preceding monthly report could improve control over the stamping departments direct labor?

  Howell company has the following selected accounts after

howell company has the following selected accounts after posting adjusting entriesaccounts payable 45000notes payable

  Illustrate what amount of the above expenditures would croma

Sale of the product began in 2012. Illustrate what amount of the above expenditures would Cromartie expense in its 2011 income statement?

  Compute the missing balance sheet amounts

Balance sheet relations. Selected balance sheet amounts for Kajima Corporation, a Japanese construction firm, are shown in the following table for four recent years -

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd