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Significant Deficiency -Control deficiency or combination of control deficiencies, which adversely affects company's ability to authorize, initiate, process, record or report external financial data reliably in accordance with GAAP such that there is more than a remote likelihood that a misstatement of company's annual or interim financial statements which is more than inconsequential won't be detected orprevented.
THE SURPLUS CAPITAL METHOD Under this method, the initial amounts repaid to partners are in order to reduce their capitals to amounts such that these are now in the same ratio
Q. The British Mini car was designed by a team headed by Sir Alec Issigonis in the late 1950's. Describe the process of the design of this product. Consider the context of
Simons Corp has unadjusted net income from continuing operations before tax of $168,000 before the following items were entered in the accounting records in 2013: 1. Unrealized
Q. Show the nature of business operations? The nature of business operations that influences the proportion of fixed costs to total costs. Capital intensive business operations
profit and loss account
ARG Co presently has $50m of fixed assets and long-term debt of $10m. The issue of $3m of 9% debentures will raise fixed assets by $2m of buildings and machinery. There appears to
Deferred tax A company may enter into transactions in the current financial period that may result in the firm either paying or saving some tax in the future. The tax that may be
Company A(lessee) will rent inventory for you for 3 years rather than buying it for the regular price of $240,000. Normally these units, which cost us $120,000 to produce, will las
Q. What is Financial Statements? Financial Statements - Presentation of financial data involving BALANCE SHEETS, INCOME STATEMENTS and STATEMENTS OF CASH FLOW or any supporting
GoFlo is a small growing firm that is considering the purchase of another truck to serve GoFlo's expanding customer base. The new truck will cost $21,000 and should generate annual
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