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A friend of yours who is not an accountant heard a story on the news about revenue recognition fraud and doesn't understand what that means.Research the Internet to find a relevant article about revenue recognition fraud from an accounting publication or authoritative source regarding revenue recognition fraud.
• Based on your research, explain what is meant by the GAAP terms recognition and earned.• Based on your research, explain why revenue recognition is an area of significant concern as it relates to ethical behavior of management.• If you were in the situation described, explain to your friend what you would have done to prevent or remedy the revenue recognition fraud.• Include in-text citations and references where appropriate.
• Understand the concepts of income, explain the conceptual guidelines for reporting income, and define the elements of an income statement.
• Discuss the impact of technology on business and effective communication techniques and recognize situations that present potential ethical and legal issues and develop solutions for those issues.
• Understand capital markets and decision making, explain what is included in financial reporting, and discuss generally accepted accounting principles (GAAP) and the sources of GAAP.
What recommendation would you make to the, management of Busy Beaver Corp. about evaluating capital expenditure proposals? Support your recommendation with the appropriate rationale.
Calculation of Overhead Variances - Budget for actual hours of inputand find the Overhead Variances
Franklin Bedding, Inc. has assets of $400,000 and turns over its assets 1.5 times per year. Return on assets is 12 percent. What is its profit margin (return on sales)?
Prepare a worksheet to show the calculation of the new partner's capital and any bonus to or from the existing partners.
Second semiannual interest payment, including amortization of discount and compute the amount of the bond interest expense for the first year.
The forward contract is properly designated as a fair value hedge of the FC100,000 firm commitment. On June 12, when the company receieves the parts, the spot rate is .23. At what amount should Lawrence Company carry the parts inventory on its ..
What are company’s departmental overhead rates if the assembly department assigns overhead based on direct labor hours and the finishing department assigns overhead based on machine hours?
Evaluate the bakery's total required production in units of baked goods for the entire three months period ending 9/30.
Determine a budget variance and a volume variance and determine a budget variance and a volume variance for fixed manufacturing overhead costs for the year
Assume you are a CPA advising your clients about filing bankruptcy. What aspects of bankruptcy would you have them consider prior to making the decision.
What portion of the $3,000,000 computer software costs should be expensed in 2010?
why are the traditional management accounting measure performance misleaded and irrelevant in the new manufactoring evnironment.
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