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FASB rules do not allow for the keeping of two different sets of accounting records. Ethics maintain that there should be only one set of accounting records and that it be comprehensive. It is also illegal to maintain a separate set of accounting records that are different from those that are expressly for the purpose of presenting them to creditors, the SEC and your investors. Yet, current practice is to have one set of books for financial statement presentation and one set for the preparation of income taxes. Is this "kosher" and why do you agree or disagree with the practice?
When using classical variables sampling for estimation, an auditor normally evaluates the sampling results by calculating the possible misstatement in either direction. This statistical concept is known as
A substantive test of transactions to test the completeness assertion includes?
The required rate of return is 15 percent and the tax rate is 28 percent. What is the net income from this proposed project?
Required: Based on the above information, compute the amounts that should appear in the consolidated financial statements prepared for Barnes Company and it subsidiary, Dean Company, at year end for the following items: 1) sales; 2) cost of goods sol..
Cash flow does not rely on which of the following: A) the payment patterns of customers. B) the monetary policy of the Federal Reserve. C) the speed at which suppliers and creditors process checks. D) the efficiency of the banking system.
Write a research essay on your views as to when each of the two approaches would be appropriate, and provide examples of where each of the approaches might be appropriate in the current economic and business environment.
What is the amount of gain (loss) recognized by Rosa, Arvid, Pine, and Lodgepole on the organization?
Preparing a list of pros and cons do not mean just giving a definition of three entities. Your information presented should be structured toward their prospective business. Please make sure your responsive comprise the necessary references and rule..
Support your speculation with evidence or examples and cite the Websites used in your research.
On March 1, 2012, Chance Company entered into a contract to build an apartment building. It is estimated that the building will cost $2,193,000 and will take 3 years to complete. The contract price was $3,043,000. The following information pertain..
Apply the Theory of Constraints to your own working environment (past or present). Explain why your organization doesn't have unlimited resources (space, inventory, product line, etc)
This game is similar to empire-building game; however, focus of line leaders is solely on attaining a greater portion of the operational budget and effectively crowding out other aspects of the firm. The emergency services director that seeks to u..
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