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Problem 1: If an entity does not prepare interim financial reports
a. The year-end financial statements are deemed not to comply with PFRS.
b. The year-end financial statements' compliance with PFRS is not affected.
c. The year-end financial statements will not be acceptable under local legislation.
d. Interim financial reports shall be included in the year-end financial statements.
Problem 2: Interim financial reports shall be minimum
a. A complete set of financial statements
b. A condensed set of financial statements and selected notes.
c. A statement of financial position and an income statement only.
d. A condensed statement of financial position, income statement and statement cash flows only.
Compute the profit margin, asset turnover, and return on assets for 2013 and 2014. Comment on the apparent cause of the increase or decrease in profitability.
Who is responsible for detecting fraud within an organisation? What is the auditor’s responsibility? What should they do to meet their responsibility? Give specific examples.
Determine the net incomefrom the given data - Variable and absorption costing unit product costs and income statement; Explanation of Difference in Net Operating Income
Ortiz Inc. has the following balances before doing adjusting entries for the year ended 12/31/Year6. All sales were on credit (and were recorded earlier in the period.). What will Ortiz Inc. report as bad debt expense for on the income statement for ..
Explain what steps could you have taken to prevent this theft? Remember that this small company had limited financial resources and limited personnel.
What liability relative to the 2015 warranties would appear on the December 31, 2016, statement of financial position and how would it be classified?
Crush Can pays 40% of merchandise purchases in the month purchased and 60% in the following month. General operating expenses are budgeted to be $62,000 per month of which depreciation is $8,000 of this amount. Hoover pays operating expenses in the m..
The Morgan Corporation has two different bonds currently outstanding. Bond M has a face value of $30,000 and matures in 20 years. The bond makes no payments for the first six years, then pays $800 every six months over the subsequent eight years, and..
Assume that you adopt a custom software package. Using present value tables, evaluate the cost vs. benefit of a system under the following scenario: The probable cost of the best package is estimated at $20 million to implement. his method considers ..
1) Compute (a) the working capital (b) the current ratio, and (c) the quick ratio. Round to one decimal place.
Describe the purpose of debt service fund and the types of long term debt incurred by government units and the accounting issues
Definition in accounting than it does in everyday life. What does "material" mean in the context of an audit, and who determines whether an item is material?
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