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Question - Consider the following independent situations.
1. The company's auditor finalises the financial statements after the (non-listed) client has substantially prepared the accounting records. The auditor proposes a number of adjustments to account for impairment of assets. The client admits to having limited knowledge of identifying and calculating impairment.
2. You are a sole practitioner with both an audit practice and an account preparation company, both of which are solely owned and operated by you. Your client provides original documents (invoices and other relevant documentation). The journal entries and general ledger records and financial statements are prepared by the account preparation company. These are then audited by the audit practice.
Required - For each of the independent situations above:
a) Identify potential threats to independence.
b) Recommend safeguards to reduce the independence threats.
Prepare the journal entries to record the payment of interest and the amortization of the discount on December 31, 2016; on June 30, 2017
Watson Corporation owned 600,000 shares of Nixon Corporation stock. On December 31, 2012, when Watson's account "Investment in Common Stock of Nixon Corporation" had a carrying value of $5 per share, Watson distributed these shares to its stockhol..
From a conceptual and practical standpoint please discuss the benefits and/or negatives of the consolidating (financial statements) multiple companies.
Lasta Co. uses the allowance method for estimating uncollectible accounts. Prepare journal entries to record the January 02- sold merchandise to Nile Co.
What is your company's WACC and How many different equity market capitalization calculations can you make? Which seems most instructive
Calculate the prospective change in depreciation required as a result of the shortened useful life of the piece of plant. Show all your workings
Explain the logic underlying those treatments. Also, describe how disclosure requirements are designed to address the departure from consistency and comparability of changes in accounting principle.
inventory.inventory valuation methods basic computations.the january beginning inventory of the white company consisted
Prepare a tabular summary of the effects of the alternative actions on the components of stockholders' equity, outstanding shares, and book value per share. Use the following column headings: Before Action, After Stock Dividend, and After Stock Sp..
Illini files separate tax returns in Bears and Packers. Illini's balance sheet should have the following disclosure of deferred tax assets and liabilities
The board of directors of performance ltd. appointed a new manager to the Southern division of the company at the start of year 6
Calculate the monthly operating income (or loss) that would result from changing the compensation plan to a salary of $400 per month, plus a commission.
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