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Question: Some time after these events, you are involved in reviewing the work carried out by your team at LVA as part of the first audit of their financial statements.
You see a schedule produced by the audit junior but then queried by the audit senior that describes a building acquired by LVA for $1 million 12 months ago that, according to Larry Vaughn, was to be developed as flats to be either sold or rented, depending on market conditions The junior has written the details of a conversation held between himself and Larry, who states that due to accounting laws, some properties can be held at fair value in the financial statements and any increases can be credited directly to profits. Given that the building is in a location where prices have apparently risen by around 12% recently, Larry has decided to increase profits by $120,000 and the junior has used this as evidence for this income item.
Required: Explain the matters you should consider and state the evidence you should expect to find in respect of the increase in value of this building.
Discuss the factors to be considered in determining when revenue should be recognized for the purpose of accounting measurement of periodic income.
The fund was replenished on March 15 when the fund contained $6 in cash. Journalize the entries in March that pertain to the operation of the petty cash fund
Rewrite the auditor's report in an acceptable and complete format, incorporating any necessary departures from an unmodified report
what are the most difficult aspects of simultaneously balancing the four perspectives in the Balanced Scorecard? Be specific and give examples from your Case analyses and/or SLP.
Compute the depreciation charge on this equipment for 2015, for 2022, and the total charge for the period from 2016 to 2021
Compute the failure to pay and failure to file penalties for John. John filed his 2019 income tax return on December 20, 2020, paying the $10,000 amount
IAS pronouncements and FASB Codification.
ACC 561- Write a paper that describes the main aspects of the regulatory environment which will protect the public from fraud within corporations, Pay particular attention to SOX requirements.
Equipment acquired on January 5, 2009, at a cost of $380,000, What was the book value of the equipment at December 31, 2012, the end of the year
The average total cost per machine hour was P9.75. On the basis of this information, compute the company fixed maintenance costs
Identify the type of accounting change this decision represents and prepare the journal entry to effect the reclassification of treasury shares as retired shares.
Interest earned on loans to other industry segments, P400,000. Under the revenue test, what is the minimum revenue of a reportable segment?
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