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Problem - Lane Cove Classic Automobiles Ltd sells rare and expensive vintage cars. As your audit firm has no expertise in valuing such cars, you employ Chloe Smith, a recognised expert on vintage cars, to value them for you and give you a report. Chloe's report indicates that the inventory of cars is worth $8.3m while the accounts show inventory at the cost price of $6.4m. The client refuses to adjust the figures as they believe the market for vintage cars is volatile and they do not want to risk overvaluing the cars. Materiality for the client is $800,000. How should you deal with this issue in the audit report?
a) Issue a qualified audit opinion with an emphasis of matter paragraph to draw the users' attention to the inventory valuation issue.
b) Issue an unqualified audit opinion with an emphasis of matter paragraph to draw the users' attention to the inventory valuation issue.
c) Issue an unqualified audit opinion.
d) Issue a qualified audit opinion and discuss the inventory valuation.
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
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Term Structure of Interest Rates
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Create a cost-benefit analysis to evaluate the project
Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR
Distinguish between liquidity and profitability.
Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.
Simple Interest, Compound interest, discount rate, force of interest, AV, PV
CAPM and Venture Capital
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