What is the aasb rule

Assignment Help Accounting Basics
Reference no: EM132477570

Point 1: Golddiggers Pty Ltd, is a family run business, operating a small goldmine. The board is represented by Mr Smith and his sister, Ms Smith, who are also the predominant shareholders. In the final audit meeting, Ms Smith has told you she suspects that the vein they are presently mining will last 13 months at the least to 17 months at the most. She has also noted that after they extract the gold they will close the business, let the license expire and retire to Goldfields-Esperance. Ms Smith then showed you a land-surveyor's report confirming her statement regarding the amount of gold in the vein. This information has not been disclosed in the financial report.

Question 1: What is the AASB rule? and what is your opinion as a audit manager?

Reference no: EM132477570

Questions Cloud

Discussing the relevant audit issues : Identify the type of auditor's report to be issued, discussing the relevant audit issues you have considered in forming your opinion
Why is selecting a systems development approach : Why is selecting a systems development approach an important business decision? Who in your organization should participate in the selection process? Why?
Identify the type of auditors report to be issued : Identify the type of auditor's report to be issued. Main Insurance is a reporting entity. Ms Pit is the finance director and refuses to adopt AASB
Accounting and human resources business processes : A medium-sized widget manufacturing company with (approximately 200 employees) who needs you to evaluate their computer needs
What is the aasb rule : Golddiggers Pty Ltd, is a family run business, Determine What is the AASB rule? and Determine what is your opinion as a audit manager?
Why do think the comprehensive code of conduct : Driling into disaster: BP in gulf of Mexico why do you think this comprehensive code of conduct and whistleblower policy was not implement effectively?
Neurlogic disorders in med surg : Looking for ch27 neurlogic disorders in med surg nursing exam questions
What the operating profit will be : A variable cost is $40 per unit. If the company expects sales quantities to increase by 10% next year, the operating profit will be
How were accuracy and completeness of data assured : How were accuracy and completeness of data assured? Are the results relevant to patient values and/or circumstances? How may the results be applied to clinical.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine contribution margin per unit for each type of vase

BU330 Determine the contribution margin per unit for each type of vase. Determine the contribution margin per machine hour for each type of vase.

  Prepare an unadjusted trial balance

Prepare an unadjusted trial balance. Accounts with zero balances can be left blank - Find a blank end-of-period work sheet in the Excel spreadsheet.

  Review problem of Devine Distributing Company

Dec. 6 Paid $1,600 for salaries due employees, of which $600 is for December and $1,000 is for November salaries payable.

  At what selling price per unit would the company upgrading

At what selling price per unit would the company be as well off upgrading the computers as if it just sold the computers in their present condition?

  Emporia state university sells 4000 season basketball

emporia state university sells 4000 season basketball tickets at 180 each for its 12-game home schedule. give the entry

  Compute the margin of safety ratio for current operations

Prepare a CVP (Cost-Volume-Profit) income statement for current operations and after Mary's changes are introduced.Compute margin of safety ratio for current

  Give me two examples of relatively reliable documents

1) Give me two examples of relatively reliable documents(evidence) and two examples of less reliable documentation. what characteristics distinguish the two?

  Roadside markets has a 675 percent coupon bond outstanding

roadside markets has a 6.75 percent coupon bond outstanding that matures in 10.5 years. the bond pays interest

  What amount of cash interest should be paid on june

On January 1, 2014, TCU Utilities issued $1,019,000 in bonds that mature in 3 years. What amount of cash interest should be paid on June 30, 2014

  Discuss issued the shares for the stock dividend

Credit account titles are automatically indented when amount is entered

  How does this doctrine act as an exception to the elements

research the doctrine of promissory estoppel online. use an actual case to help you discuss the following questions

  On jul 1 2009 gerdin company borrowed 100000 the company

on jul 1 2009 gerdin company borrowed 100000. the company signed a note payable with interest at 6 per year. the note

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd