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What are some inherent risks of material misstatement associated with intangible assets?
A 2010 study on fraudulent financial reporting by COSO notes ways in which long-lived assets can be fraudulently overstated, including:
? Fictitious assets on the books (WorldCom)
? Improper and incomplete depreciation (Waste Management)
? Failure to record impairment of assets, especially goodwill (Sun Microsystems)
? Expired or worthless assets left on a company's books (Millacron)
? Assets overvalued upon acquisition, especially in the purchase of a company (WorldCom)
a. What might motivate management to overstate fixed assets?
b. What other factors should the auditor consider when assessing fraud risk related to long-lived assets?
What considerations go into choosing a cost allocation plan? Companies can choose among a few allocation methods. Do some methods make more sense in certain situations than others?
Using the general guideline presented in the chapter, what is the minimum price at which the Airbag Division would sell airbags to the Igo Division?
What was the probability of selling 1 or 2 units on any one day and what were the average daily sales units?
Prepare an adjusted trial balance and make the necessary adjusting entries.
Comment on amortization of NBA Franchise and other intangible assets - Would the discontinued operations be included in projecting the future?
Write a five page essay, using a minimum of three academic references and proper APA formatting on the following topic: pros and cons of tariffs.
Jason recorded an adjustment of $110,000 due to the overstatement (from mathematical error) of 2011 depreciation expense. Prepare a retained earnings statement for 2012.
seek out a conversation with a friend relative classmate co-worker or instructor. attempt to engage them in a
bayesian revision of probabilitiesseepage from dams containing uranium tailings is known to cause radio-active
To implement target costing for a new product, companies often set up a cross-functional team with members from engineering, marketing, and costing accounting. Why is a cross-functional team desirable when implementing the target costing approach..
One way to own your own fitness business is to buy a franchise. Snap Fitness is a Minnesota-based business that offers franchise opportunities. For a very low monthly fee ($26, without an annual contract) customers can access a Snap Fitness center..
Fill in the missing amounts and prepare the adjusting entries that were made.
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