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1. Describe the reporting options when there is a material problem identified in the financial statements (i.e., they are not in conformity with GAAP). Also describe the reporting options when there is a material problem with the audit (i.e., in some way the auditor could not follow GAAS). Include in your answer both the type of opinion and which paragraphs would be affected.
2. Give a brief definition of a compilation and a review performed in accordance with SSARS. Include the type of assurance provided. Also, describe one difference in the auditor's procedures when conducting a review under SSARS vs. a review of interim financial information conducted under auditing standards.
Total 2008 gift of life insurance policy is 72,000. annual exclusions are 24,000 (two donees at 12,00). Current taxable gifts equal 48,000.
You're an IT auditor working for $15 million sales per year speciality chocolate candy manufacturer. The company is planning to engage in e-commerce over Internet. What would be your five biggest concerns regarding risk and why?
Maine Company reported a pretax operating loss of $150,000 for financial reporting and tax purposes in 2012. The enacted tax rate is 40% for 2012 and subsequent years.
They made major capital improvements through their 10-year ownership, which totaled $50,000. What is their recognized gain
At the end of 2011, Tatum Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $28,000. On January 24, 2012, it is learned that the company's receivable from Novinger Inc-Make the journal entries to record the payment.
Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR
Find out the amount of Milt's income which is subject to income tax by each state. Make sure to compute the full taxable income and show all computations.
Yuli Copters is known to be aggressive in ignoring intellectual property claims. Imagine they just go ahead with the project as stated above. (In other words, they decide not to pay for the license.)
Write an analysis about test of liquidity that compare Radio Shack and Conn's to Best buy.
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
How could the foreign competitors profitably sell a similar product for less than manufacturing costs to Houston Electronic?
Warren Co. recorded a right-of-use asset of $900,000 in 8-year lease under which no profit was recorded at commencement by lessor-The balance in right-of-use asset after 2 years will be:
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