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Question - During the course of the work, BROWN discovered an accrued expense account labeled "professional fees" and learned that the balance in the account represented an accrual for the cost of BROWN'S services. BROWN suggested to CALHOUN's bookkeeper that the account name be changed to "fees for limited audit engagement." BROWN also reviewed several invoices to determine whether accounts were being properly classified. Some of the invoices were missing. BROWN listed the missing invoice numbers in the working papers with a note indicating that there should be a follow-up on the next engagement. BROWN also discovered that the available records included the fixed asset values at estimated current replacement costs. Based on the records available, BROWN prepared a balance sheet and Income Statement . In addition, BROWN drafted a footnotes but decided that any mention of the replacement costs would only mislead the readers. BROWN suggested to CALHOUN that readers of the financial statements would be better informed if they received a separate letter from CLAHOUN explaining the meaning and effect of the estimated replacement costs of the fixed assets. BROWN sent the financial statements and footnotes to CALHOUN with the following note included on each page:
"The accompanying financial statements are submitted to you without complete audit verification."
Question - Identify the inappropriate actions of Brown and what should he have done in order to avoid those actions?
ida sidha karya company is a family-owned company located in the village of gianyar on the island of bali in indonesia.
Ships arrive at a port facility at an average rate of two ships every three days. On average, it takes a single crew one day to unload a ship. Assume that interarrival and service times are exponential.
The company marks up it unit product costs by 25%. With the provided information, compute the selling price of the unit in JOCS
Prepaid expenses of 17, 500 and accrued expenses of 5,000 are to be recognized. Compute the amount of cash to be invested by Mendez
how many shares of stock will be outstanding, and what will be the approximate market price per share
Assume that Barker Company has sufficient capacity to produce 124,600 Zets each year without any increase in fixed manufacturing overhead costs. The company could increase sales by 40% above the present 89,000 units each year if it were willing to in..
Discuss how an auditor may go about evaluating the effectiveness of the internal controls of a company.
Calculate the amount of the loss recorded on the sale of the building. Enter your answer as a number (i.e., 2,000).
Explain how accrual accounting differs from cash-basis accounting; - adjust the account:- An accountant made the following adjustments at December 31, the end of the accounting period:
This question relates to Accounting Basics and it's discussed about the importance of cash flow statement in addition to balance sheet and income statements. Apart from balance sheet and incomes statement, a cash flow statement is also used for ar..
the majority of long-term assets consist of property plant and equipment and intangibles. these assets are capitalized
on january 1 2006 sooner or later inc. granted 1000 at-the-money employee stock options. to align the compensation of
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