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You are one of three partners in a firm of accountants. Five years ago the firm was appointed as external accountants to a young, successful and fast-growing company, engaged to prepare year end accounts and tax returns. The business had started trading with a handful of employees but now has a workforce of 200, while still remaining below the size of company requiring a statutory audit. Due to your close relationship with the directors of the company (who are its owners) and several of its staff, you become aware that staff purchases of goods manufactured by the company are authorised by production managers, and then processed outside the accounting system. The proceeds from these sales are used to fund the firm's Christmas party.
Problem 1: What are some of the ethical questions that you will ask to yourself in light of the fundamental principles of professional code of conduct for accountants?
Vivaldi & Co. has several branches located in key cities in the south namely, What transfer resulted to difference in freight charge which should be disposed?
Business model as investment at amortized cost, at what amount should the investment account be reported in December 31, 2018 financial statement?
How does the time value of money have an effect on the role of an accountant? What are the key items that an accountant must understand around present and future value concepts, annuities, and compound interest?
Net income for 2016 was P1,500,000. What amount should be reported as retained earnings on December 31, 2016
If you were the Chief Financial Officer, what things should have you done to mitigate the effects of the 2007-2008 global financial crisis going to 2009?
ompany T had the following information for the years 19C-19E:- Prepare journal entries in 19E for the carryback and carryforward- Show an income statement for 19E.
What was the cost of the merchandise destroyed by fire? The Manila Branch of the Great Company is billed for merchandise by the home office at 20% above cost.
Prepare a classified balance sheet with a proper heading on a spreadsheet. For assets, use the classifications of current assets, plant and equipment, intangibles, and other assets.
Jay Vato works at Batwing Industries from midnight until 8:00 AM. His normal wage rate is $17 per hour, while Ben Phillips, who does the same job from 8:00 AM until 4:00 PM makes $15 per hour. Since Ben and Jay have the same seniority within the plan..
A stock has a market return of 8%, risk free rate of 1% the beta remains at 1.2 but increases by 50%, what is the new required return for the stock
From the preceding information, prepare contributory income statements for the first year of operations for each of the three departments.
Lebo made two errors: 2011 ending inventory was overstated by $3,340 and (2) 2012 ending inventory was understated $6,290 - compute the correct cost of goods sold for each year
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