Reference no: EM131292177
1. The Sarbanes Oxley Act
The Sarbanes Oxley Act was established in 2002. Why was it enacted? Describe 6 provisions of the Act?
PART D: SHORT ESSAYS (5 points each) (Use additional pages as necessary).
1. The Sarbanes Oxley Act
The Sarbanes Oxley Act was established in 2002. Why was it enacted? Describe 6 provisions of the Act?
2. Materiality
Define the concept of materiality. Give 2 examples and clearly explain why you think that they are material.
3. Accounting Changes & Correction of Errors
a. List and describe 3 accounting changes. Give an example of each change.
Describe how each change should be accounted for in the financial statements.
b. What is an error? Give an example.
Describe the ways errors can be corrected and accounted for in the financial statements.
4 a-List and describe the 4 components of other comprehensive income under US GAAP
b. What are the components of other comprehensive income under IFRS?
c. What are the two choices for financial statement presentation of comprehensive income under US GAAP?
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What are the effects on the fundamental accounting equation
: A withdrawal by the owner is recorded as a deduction from assets and an increase in expenses: If accounts payable have increased during a period. Ott Company sold services for cash. What are the effects on the fundamental accounting equation?
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How much has accumulated in deferred compensation account
: Under the MLB deferred compensation plan, payments made at the end of each year accumulate up to retirement and then retirees are given two options. How much has accumulated in Sosa's deferred compensation account? How much will Sosa be able to withd..
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Balance sheet disclosures for preferred stock
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Currently employed is experiencing financial crisis
: The company with which you are currently employed is experiencing a financial crisis. The chief financial officer (CFO) has suddenly resigned and no one is discussing the reasons. Explain the value of the public communication in this situation. Exami..
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The sarbanes oxley act was established
: The Sarbanes Oxley Act was established in 2002. Why was it enacted? Describe 6 provisions of the Act? The Sarbanes Oxley Act. The Sarbanes Oxley Act was established in 2002. Why was it enacted? Describe 6 provisions of the Act? Describe how each chan..
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Prepare the necessary journal entries for texttech
: Sold $200,000 of laptops to Marcell Company with term 3/15, n/30. TextTech uses the gross method to record cash discounts. TextTech estimates allowances of $15,000 will be honored on these sales. Prepare the necessary journal entries for TextTech.
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Average collection period for accounts receivable in days
: Recent financial statements of Pillsbury Inc. report net sales of $7,585,650,000. Accounts receivable are $650,555,000 at the beginning of the year and $685,562,000 at the end of the year. Compute Pillsbury’s average collection period for accounts re..
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Statements concerning repair and maintenance expenditures
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The supplier is overstocked in this particular brand of wire
: Assume a company orders 100 rolls of wire that has a listed selling price of $100 per roll, but is offered a trade discount of 25% and an additional 10% since the supplier is overstocked in this particular brand of wire. Terms are 2/10/net 30. Calcul..
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