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You have been asked to speak at a career fair for high school students in your home town. Specifically, you are making a presentation about your role as an accountant.
• Describe for the students the primary objectives of accounting.
• Explain the basic terminology of the accounting process or financial reporting.
• Explain how accounting can affect your personal life emphasizing professional ethics.
• Explain the role that technology has played in small business accounting.
What were the limitations of the audit proceedures regarding management assertion of existence in the zzz best case?
X transferred property to an LLC and received a 25% interest in the partnership profits, losses, and capital. X's basis in the property was $200 and it was subject to a nonrecourse mortgage for $500.
How might the senior audit manager or partner on a particular engagement determine how much cost is acceptable to incur in order to test a particular area? Can you think of any lower cost alternatives?
Peter Catalano's Verde Vineyards in Oakville, California produces three varieties of wine: Merlot, Viognier, and Pinot Noir. His winemaster, Kyle Ward, has identified the following activities as cost pools for accumulating overhead and assigning i..
A single product in one department and uses a process costing system. At the start of May, there were 10,000 units in process that were 100 percent complete with respect to direct material and 60 percent complete with respect to conversion costs (..
Rae Corporation has $100,000,000 in invested capital. The income (NOPAT) is $12,000,000. Sales were $240,000,000. The required return is 10%.
Danni, who is single, maintains a home in which she, her 15-year old brother, and her 21-year old niece live. Danni provides the majority of the support for her brother, her niece, and her cousin, age 18, who is enrolled full-time at teh universit..
Compute for the company's break-even point in unit sales using the equation method.
(Expected rate of return and risk) Carter Inc. is evaluating a security. One-year Treasury bills are currently paying 9.1 percent. Calculate the investment's expected return and its standard deviation. Should Carter invest in this security?
Chuck contributed cash of $30,000 and land with a basis of $40,000 (fair market value of $70,000). Greg contributed cash of $60,000 and a fully depreciated property ($0 basis) valued at $40,000. Which of the following tax treatments is not correct..
On January 1, 2004, Digital, Inc. leased heavy machinery from Young Leasing Company. The terms of the lease require semi-annual payments of $20,000 every six months for ten years beginning on June 30, 2004. The annual interest rate on the lease is..
Discuss the efforts made toward convergence of International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP) on the financial performance reporting by business enterprises.
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