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The readings for this week talk about restatements and touch on a topic called "dark periods". This is the time it takes a company to restate their financial statements after determining that a material misstatement has occurred either through error or a change in accounting principle. Although most restatements happen within 3 months some can take up to 9 months or longer. During this time investors are in the dark as to the true financial health of the company in question until they can see their restated financial statements. Because of this FASB is considering allowing companies to just do enhanced disclosures for some errors instead of going through the full restatement process. As an investor, do you feel this is a good idea? Why or why not?
meir zarcus and ross are partners and share income and loss in a 145 ratio. the partnerships capital balances are as
Determine the warranty liability at January 31, the end of the first month of the current year. What accounts are decreased for the warranty work provided in February?
mike smith employs two workers in his guitar-making business. the first worker george has been making guitars for 20
How does the auditor's responsibility for detecting errors differ from their responsibility to detect fraud?
a) Calculate the employer's payroll taxes, using the following rates state unemployment, 4.3%: federal unemployment, 0.8% b) Illustrate the effects on the accounts and financial statements of recording the accrual of payroll taxes.
1. External users want answers to all of the following questions except: 2. Debt securities sold to investors that must be repaid at a particular date some years in the future are called:
who is responsible for the materials price variance? and what segment of business is responsible for revenues and
leverage and stockholder wealth lo4sterling optical and royal optical both make glass frames and each is able to
mike crane is an audit senior of a large public accounting firm who has just been assigned to the frost corporations
The following selected accounts and account balances were taken from the records of Bates Company.
Write an essay using the authoritive literature to discuss
Pare Long-Haul, Inc. is considering the purchase of a tractor-trailer that would cost $104,520, would have a useful life of 6 years, and would have no salvage value.
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