Create an argument for the use of principles

Assignment Help Accounting Basics
Reference no: EM131017827

Create an argument for the use of principles-based accounting for leases over rules-based accounting under GAAP, based on the financial statement restatements in the restaurant industry. Provide support for your argument. Assess the materiality of the errors, direction provided by the Securities and Exchange Commission (SEC), and the Sarbanes-Oxley Act (SOX) on the decision by management to restate the financial statements. Indicate the likely impact to stakeholders when financial statements are restated. 

Reference no: EM131017827

Questions Cloud

Gill corporation reported accounts receivable : An analysis of Gill Co.'s December 31, 2016, accounts receivable suggests that the allowance for uncollectible accounts should be 3% of accounts receivable. Bad debt expense for 2016 would be:
What was the balance of accounts receivable on january : What was the balance of accounts receivable on January 1, 2016, if $190 in accounts receivable were written off during 2016 and if the allowance account had a balance of $930 on December 31, 2016?a) $42,000.b) None of these answer choices are correct..
What accounts receivable balance would dinty report : What accounts receivable balance would Dinty report in its first year-end balance sheet?a) $408,700b) None of the above is correct.c) $429,200d) $377,900
What is the balance in the allowance for sales returns : What is the balance in the allowance for sales returns account at the end of 2016?
Create an argument for the use of principles : Create an argument for the use of principles-based accounting for leases over rules-based accounting under GAAP, based on the financial statement restatements in the restaurant industry.
Why budgeting is an essential part of a business plan : State three reasons why budgeting is an essential part of a business plan. Discuss how financial statement information, including ratio analysis, would assist an Open MRI Clinic in its business planning.
Describes how each reason pertains to an open mri unit : Describes how each reason pertains to an Open MRI Unit; do not merely recite the reasons given in the Lecture and Research Update and Required Readings.
Draft a mission statement for the open mri unit : Draft a mission statement for the Open MRI unit. Discuss eight (8) factors you considered when drafting the statement. Be sure that your discussion is specific to an Open MRI clinic.
General geographic location : Identify one nation (not the USA or Canada) that falls under each classification and for each of the three nations, report: 1) their general geographic location, 2) per-capita GDP and 3) ranking on the latest UN Human Development Index.

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  The wright company has a standard costing system the

the wright company has a standard costing system. the following data are available for september actual quantity of

  Callaghan motors bonds have 9 years remaining to maturity

callaghan motors bonds have 9 years remaining to maturity. interest is paid annually they have a 1000 par value the

  Lamont works for a company in downtown chicago the firm

lamont works for a company in downtown chicago. the firm encourages employees to use public transportation to save the

  If cost of goods sold in january was 321584 what was the

the following information is for x company a merchandiseraccounts payable january 157907accounts payable january

  Regression predicting calories for burger king foods

Burger King nutrition. Like many fast-food restaurant chains, Burger King (BK) provides data on the nutrition content of its menu items on its website. Here's a multiple regression predicting calories for Burger King foods from Protein content (g)..

  Conducting the audit of pollution control devices

Bengston, CPA, is conducting the audit of Pollution Control Devices

  Problem regarding the break even

How many units (that is, cookbooks) must be sold to break even? How many units will the company have to sell to earn USD 48,000?

  What are the alleged frauds

What circumstances allowed the alleged frauds happen (e.g., internal control failures, lack of background checks, missing policies and procedures) - be specific?

  Gain on sale of investment

What should be the gain on sale of this investment in Rich's 2011 income statement?

  What is activity based costing and how does it work what

what is activity based costing and how does it work? what does it do for a firm employing such a system? how do you go

  Indicate with reasons what the level of production and the

zimmerman manufacturing limited produces and sells one product a three foot canadian flag. during 20x6 the

  Compufurn inc manufactures furniture for computer work

compufurn inc. manufactures furniture for computer work stations. compufurn uses a job-order costing system and employs

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd