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You are the senior manager or audit engagement partner on Care For Kids Inc., a not-for-profit organization that has a December 31 year-end. While performing year-end substantive procedures, the engagement team identified an error in the entity’s year-end adjusting entries. Care For Kids Inc. had inadvertently not recorded an unrealized gain of $5 million in one of its many investment portfolios. The investments total approximately $200 million. Through inquiry of client management, the engagement team learned that the accounting department had not reviewed the broker’s statement for this particular portfolio. The portfolio, which consisted of traded securities, had increased in market value by $5 million. Materiality for the audit was $10 million. As part of the audit, you must assess the operating effectiveness of controls related to the misstatement. Required: What factors would you consider to determine if a deficiency, significant deficiency, or material weakness exists?
The corporation's net operating income is $31,800. The YDI Division's divisional segment margin is $111,800 and the QCC Division's divisional segment margin is $152,800. What is amount of the common fixed expense not traceable to the individual d..
The auditor traced the payment through the entry records of May 11 and found that the payment had been made with cash instead of a check. What type of embezzlement scheme does this appear to be, and how does that scheme operate?
Analysis of unfavorable income variance and standard variable manufacturing costs per unit and the budgeted monthly fixed manufacturing costs established for the current year
Computation of machine hours for product mix and evaluate how the 3,600 hours of machine time should be allocated to the three products to provide the most profitable product mix.
Cottonwood considers catalogs as advertising and expenses the catalogs at the end of the month based on how many catalogs are sent out during the month.
Illustrate what bonus system would you suggest that incorporates these measures and also encourages the managers to work as a team?
Based on the corporate valuation model, Hunsader’s value of operations is $300 million. The company has 10 million shares of stock outstanding. Illustrate what is the best estimate of the stock’s price per share?
Determine how Kmart and Sears approached the change in ownership interest under current GAAP and how that approach would differ under proposed GAAP. Provide specific examples to support your response.
Prepare basic journal entries under the proper accounting method to record Big Co.'s investments in Little Co. and Small Co. based on facts provided.
Discuss the effect of the different traffic loading patterns on the queue length and the time it takes for the queue
The fair value of the options, estimated by an appropriate option pricing model, is $4 per option. No forfeitures are anticipated, ignoring taxes, what is effect on earnings in the year after the options are granted to executives?
The Taxpayer Compliance Measurement Program has been controversial. Illustrate what public service do you think it provides? Should it be discontinued or changed in any way? If yes, in what ways and why? If not, why not?
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