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Questions -
Q1. Explain how overstating the value of inventory impacts profit.
Q2. A maker of disk drives overstated inventory by placing bricks in the disk drive boxes. Other companies have pretended that empty shipping containers are full of inventory. What internal controls are likely to catch this type of fraud?
Q3. A better method of conducting an inventory fraud was perpetrated by a U.S. retail chain where the volume of inventory was overstated in total but they shipped the appropriate level of inventory to specific store locations when the auditor was going to count the store inventory at the end of the accounting period. How does this type of fraud work? What type of actions could the auditor take to catch this type of fraud?
Q4. How does under-reporting of obsolete stock result in overstated profits? In which industries is obsolete stock likely to be a more significant problem?
Financial Statement Analysis and Preparation
Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?
An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.
Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.
This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited
Prepare general journal entries for Goela Ltd
Prepare the journal entry to record the acquisition of the assets.
Prepare general journal entries to record the transactions, assuming use of the periodic inventory system
Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.
Explain the IASB Conceptual Framework's perspective of users and their decisions.
T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
Computation of Free Cash Flow
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