Difference between a principle and a rule

Reference no: EM132502981

Part 1:

Question 1. What is the difference between a profession and a professional?

Question 2. What is the difference between a principle and a rule?

Question 3. How does the Statement on Standards for Consulting Services No. 1 define consulting services?

Question 4. Compare the principles, standards, and rules set forth by the AICPA, ACFE, and NACVA, and identify five areas of commonality.

Question 5. What is meant by the adversary-advocacy nature of forensic accounting?

Question 6. What is the purpose of the threats and safeguard approach set forth in the AICPA's Guide for Complying with Rules 102-505?

Question 7. What are the two broad categories of safeguards set forth in the Guide for Complying with Rules 102-505?

Part 2:
Question 1. Identify three different situations that commonly drive business valuations.

Question 2. What two items are required to calculate the present value of a future benefit stream?

Question 3. In the context of a business valuation engagement, what are the advantages of historical data relative to prospective data?

Question 4. When using the buildup method for determining a required rate of return, what five components are commonly included? Discuss each.

Question 5. How is a discount rate converted into a capitalization rate?

Question 6. What is meant by a standard of value? Describe the four standards of value commonly used in business valuation engagements.

Question 7. Identify and discuss the eight valuation factors set forth in Rev. Rul. 59-60 (Sec. 4).

Question 8. Describe the income approach and compare it to the asset approach.

Reference no: EM132502981

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