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Problem 1: If, during the audit of a firm, the auditor discovers something of a material nature that indicates the client's financial statements are erroneous or misleading external readers should be warned of this in the auditors' report.
a- although false for most of the times, there are several exceptions detailed in Canadian GAAPb- this is always a true statementc- this is always a false statementd- although true for most of the times, there are several exceptions detailed in Canadian GAAPe- Cannot say if it is true or false given the limited information provided
Problem 2: Identify the generally accepted accounting concept principle, assumption, or constraint violated in the following situation: A company which expects to discontinue operations next month, records an equipment purchase as an increase in capital assets and plans to amortize the cost over the next ten years.
a- None of the others alternatives are correctb- Separate Entityc- Matchingd- Going Concerne- Revenue recognition
Foster Inc. purchased a truck by paying $5,000 and borrowing the remaining $25,000 required to complete the transaction. Explain briefly how this transaction affects the company's basic accounting equation?
You are a certified public accountant (CPA) and one of your clients has asked you to explain the statement of cash flows statement because the client's bank is requesting one. Explain this statement to the client and include a brief description of th..
Which of the situations would follow the general rule for basis of inherited property? Louis died on August 12, 2019, leaving his house to his sister, Etty.
Calculate the "Amount the Balance Sheet is Out of Balance". Complete a Pro Forma forecast of the income statement and balance sheet. Set up your calculation using the same format as is shown in part 1b.
The Gorman Group issued $820,000 of 13% bonds on June 30, 2016, for $881,688. The bonds were dated on June 30 and mature on June 30, 2036 (20 years). The market yield for bonds of similar risk and maturity is 12%. Interest is paid semiannually on Dec..
On December 31, 2010, before the books were closed, the management and accountants of Baker Inc made the following determinations about 2 of its depreciable assets: Prepare all necessary journal entries in 2010 for the above determinations. Distingui..
Schaefer Organic Farms purchased a new tractor at a cost of $80,000. Annual operating cash inflows are expected to be $30,000 each year for four years. At the end of the teachers useful life, the salvage value of the tractor is expected to be $5000. ..
The company is now in the process of preparing a production budget for the second quarter. Past experience has shown that end-of-month inventory levels must equal 15%
Early in the current year, Keith meets Dan through a business associate. Dan tells Keith that he is directing a business venture that purchases poorly managed restaurants in order to turn them around and make them profitable. Dan mentions that he is ..
Prepare journal entries as necessary for each of the transactions below including any adjusting entries at 30th June 2020 (narrations are not required).
Identify net cash from operating activities for the year of 2014 & 2013. Identify net cash used in investing activities for the year 2014 & 2013. Identify net cash from financing activities for the year 2014 & 2013.
You have been asked to calculate how many units need to be sold to break even, based on the costs provided in task #3.
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