Reference no: EM132666703

Questions -

Q1) Your new client Granny Sue, the owner of Red Door Dairy Farm, is worried that the earnings management strategy you've implemented is fraud, and questions your motives. How would you explain to Granny Sue the four common motives for legal earnings management practices, and why they are important

Q2) You notice that there are fraudulent practices occurring on some of the financial statements at your accounting firm. You know that the accountant that executed the documents, Andrew, recently found out that his wife has cancer and that he is struggling to pay her medical bills. How you would ethically handle this situation.

Q3) Ariel, a new accountant at your firm, wants to know the difference between ASC-606 and IFRS 15 regulations. She's confused because they both regulate how revenue is recognized. What is the differences between the two

Q4) What are the concessions the GAAP accounts for that the ASC-606/IFRS 15 does not? why does the ASC-606/IFRS 15 not make these concessions.

Q5) Marie is a florist and has landed a big deal with a prestigious wedding venue in town, Radiant Villa. She has oral confirmation from the owner of Radiant Villa that the venue will solely use her florist business for any wedding held at their location. You are Marie's accountant, and you advise her to execute a written contract for the deal. What would you say to Marie what specific details the contract should include to follow best practices?