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Discussion 1: Use the Internet or visit the Securities and Exchange to research at least two (2) sanctions levied against companies that have violated general accounting principles. Next, briefly analyze whether or not investors who were misled by relying on financial statements could hold the audit firm liable for audit failure either by common or securities laws. Provide a rationale for your response.
Discussion 2: According to an article in the CPA Journal, the accounting profession has long contended that an audit conducted in accordance with generally accepted auditing standards (GAAS) provides reasonable assurance that there are no material misstatements contained within financial statements. Suggest at least two (2) alternative methods that auditors can use to provide a more concrete level of assurance to investors. Provide support for your responses with examples of such methods in use.
what is the cost of goods sold cogs? how is it computed? what two financial reports does it impact and how?championship
What type of account is Cash? Your choices are asset, contra asset, liability, stockholder's equity, contra stockholder's equity, revenue, or expense
What is the current environment regarding revenue recognition? When is revenue usually recognized? What conditions should exist for the recognition at date of sale for all or part of the revenue and income from the sale transaction? When is revenu..
The balance in Accumulated Depreciation at January 1 is $20,000. What entry would Crawford make to record the sale of the equipment
What is the balance in Non-controlling Interest in Garvin Co. after the sale of the 10,000 shares of common stock
Overhead costs are applied to jobs on the basis of machine hours, and predetermined overhead rate is $50 per machine hours. Determine the cost of each job
An industrial machine requires an emer- gency shutoff switch that must be designed so that it can be easily operated with either hand. Design an experiment to find out whether workers will be able to deactivate the ma- chine as quickly with their ..
What is the relevant per unit cost for the original part it assumed that the capacity now used to manufacture this part will become idle
Job 488 is sold at the end of the month for $100,000. Prepare a gross income statement including the overhead indirect costs expensed within this month.
rand company sells fine collectible statues and has implemented activity-based costing. costs in the shipping
In early 2017 Kalkay Inc. found itself with idle cash that it decided to invest in the shares of another business. Prepare the journal entries for transactions
Record entries for any items on the bank reconciliation statement that must be journalized. Date the entries December and Prepare bank reconciliation statement
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