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In regards to the provisions of the federal securities acts, do you feel the Securities Acts of 1933 and 1934 were necessary? Why or why not?
What are the potential proprietary costs from expanded disclosures in each of these areas? If you conclude that proprietary costs are relatively low for either, what alternative explanations do you have for management's opposition?
At the end of the year, Marianne's share of partnership liabilities decreased by $30,000. Assuming loss limitation rules do not apply, Marianne's basis in the partnership interest at the end of the year is:
The controller of Ruiz Co. believes that the yearly allowance for doubtful accounts for Ruiz Co. should be 2% of net credit sales.
Explain why the failure of financial statement users to differentiate among business failure, audit failure, and audit risk has resulted in lawsuits.
Depreciation reported on the tax return exceeded depreciation reported on the income statement by $100,000. This difference will reverse in equal amounts of $25,000 over the years 2007-2010.
In addition, Dan reported $5,000 in long-term capital gains from the sale of a stock and $3,000 of income from another real estate partnership. What is Dan's tax basis in XYZ, LP?
What conclusions can be drawn from these analyses regarding The Limited's efficiency in collecting receivables?
Which one of the following statements concerning net working capital is correct?
Why do auditors have to consider the internal controls of the organization? What are some key elements of internal control? Which are the most important? How will the auditor have to modify the audit program if the internal controls are deemed ina..
Several laws, post recently Sarbanes-Oxley, have provided provisions requiring high ranking officials to certify that they have acted ethically in corporate governance and financial reporting. How effective are such laws in protecting the public? ..
Evaluation of Inventory
Arnold purchased interests in two limited partnerships 6 years ago. During 2010, Arnold had income of $22,000 from one of the partnerships. He had a loss from the other partnership of $32,000, salary income of $35,000 and dividend income of $2,000..
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