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Write in regular text. "Some people believe that the audit industry has fallen out of touch with the realities of business.
They believe that accounting standards were developed for a manufacturing environment and are not fitted for our modern needs.
As a result, they contend that financial statements have turned into a game in which all companies try to match earnings forecasts set by financial analysts." (Albrecht, 2008) Questions:
- Do you believe these statements are true, or do you think that they are too cynical? Explain your answer.
- How do feel the accounting standards can be modified for our modern needs?
- Please respond to a classmate who has a different opinion than you regarding these statements and respond to the issues raised.
riggins inc. manufactures one product called tybos. the company uses a standard cost system and sells each tybo for 8.
sibble corporation uses activity-based costing to assign overhead costs to products. overhead costs have already been
time tickets for factory employees during the month of august are summarized as follows. prepare a journal entry to
Calistoga Produce estimates bad debt expense at 1/2% of credit sales. The company reported accounts receivable and allowance for uncollectible accounts of $471,000 and $1,650 respectively, at December 31, 2010. During 2011, Calistoga's credit sale..
apple inc. informs us that the fixed costs to produce ipods are 35000 per month. fixed costs to produce the macintosh
1. you are considering investing in an annuity contract to retire that will return 46000 annually at the end of each
xyz earned a net profit margin of 5 last year and had an equity multiplier of 2.8. if its total assets are 86 million
lewis industries adopted a defined benefit pension plan on january 1 2013. by making the provisions of the plan
Streak Merchandising Company expects to purchase $ 60,000 of materials in July and $70,000 of materials in August. Three-quarters of all purchases are paid for in the month of purchase,
tram manufacturing is starting business and is unsure of whether to sell its product assembled or unassembled. the unit
a manufacturer considers two methods for producing a circuit board.the board can be hand-wired at a 0.98 per unit and
The Feldbrand Corporation issued 300 shares of $200 par common stock at $220. Some time later the stockholders donated 100 shares which were retired. Prepare the journal entries under the par value method.
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