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Your audit firm was recently engaged by Bomba Ltd, a manufacturer of industrial pipes to review the general controls at the company.
The report on the review which was presented to you contained, inter alia the following:
You are required to:
Question 1: Discuss weaknesses in the general controls of Bomba Ltd based on the information given above.
Declare bankruptcy/close Company.In what sense is this a business problem? A community problem? An individual problem?You are responsible for developing a plan of action for the Board of Directors.
Preparation of Cash Flows Statement in Indirect method - Purpose a statement of cash flows, using the indirect method of presenting cash flows from operating activities.
How much was the book value of plant assets? Show computations.- The financial statements give three evidences that Avril purchased plant assets and goodwill during fiscal year 2012. What are they?
Job costing information is used? a. for internal financial reporting b. to enhance public relations c. to determine target customers d. to calculate the percentage of completion
On March 31, 2010, what amount of loss should Winn recognize on this exchange?
Guy makes $250,000 a year. He is paying out a year’s worth of income to may medical expenses for a nonresident alien. If he marries her in 2016 can he deduct expenses incurred and paid in 2016 prior to marriage? He would get her an ITIN and file a jo..
A company has notes receivable, classified as non-current, that has a fair value of $920,000 at 12/31/14 and an acquisition cost of $710,000. Management decided at the acquisition date, to use the fair value option for this recently-acquired receivab..
What is meant by the "money measurement concept"?- Explain the concept of prudence in relation to the recognition of profits and losses.- Explain the term "materiality" as it is used in accounting.
(Calculating free cash flows) Presently, Solartech Skatenboards is considering expanding its product line to include gas powered skateboards, however, it is questionable how well they will be received by skateboarders. While you feel there is a 60% c..
Song earns $152,500 taxable income as an interior designer and is taxed at an average rate of 15 percent (i.e., $22,875 of tax). a. If Congress increases the income tax rate such that Song’s average tax rate increases from 15 percent to 20 percent, h..
On March 31, 2016, Ashley, Inc.'s bondholders exchanged their convertible bonds for common stock. The book value of these bonds on Ashley's books was less than the fair value but greater than the par value of the common stock issued. If Ashley used t..
On January 1, 2013, Fisher Corporation paid $2,290,000 for 35 percent of the outstanding voting stock of Steel, Inc. and appropriately applies the equity method for its investment. Any excess of cost over Steel s book value was attributed to goodw..
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