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Assume that you are a key member on an audit engagement team and discover a breach in internal controls. Discuss how you will report the breach and your expectations of management for a resolution to the breach.
Nance Company owns 30% interest in the stock of Finley Corporation. During the year, Finley pays $25,000 in dividends to Nance, and reports $100,000 in net income. Nance Company's investment in Finley will increase by
Discuss the relevance of budgeting as it relates to the accounting profession in general. Relate lessons learned from a self-selected reading or from something you learned while working on your accounting profession in general.
Jade Corporation merged into Fluorite Corporation 2 years ago. At the time of the merger, Jade had an E & P deficit of $350,000 and Fluorite had a positive E & P of $300,000. The prior 2 years have resulted in a positive E & P of $100,000.
Assume for 2011 that Don made one transfer involving his granddaughter as follows: Don opened a joint checking account with his granddaughter, with right of survivorship, for her college expenses.
What is the Accounting Equation? Does it always have to balance, if so why? Are there exceptions to this general rule? If so, what are they?
Alternatively, SCCC can rent a pre-fabricated building at a cost of $1000 per month with no set-up or dismantling costs. It will benefit SCCC to build the office if it expects the stadium project to exceed.
Help to develop flowcharts to show the flow of data into and from each of the four accounting systems analyzed. Explain the rationale and analysis behind the recommended course of action.
Change in estimated amount of ore to be mined from year one to year 2. year 1 is 400000 and year 2 is 487500 tons. mined 50000tons in first year and mined 80,000 tons second year of which 60000 tons sold residual or salvage value of the land is $1..
The Adams Company, a merchandising firm, has budgeted its activity for November according to the following information:
A is a fixed expense; B is a variable cost. During the current year the level of activity has reduced but is still within the relevant range.
How much is the corporation as a whole better or worse off if the transaction is completed internally as opposed to each division dealing externally? Justify your answer.
At the date of transfer the land and equipment had fair values of $72,000 and $65,000, respectively. Gleason had been depreciating the equipment on a straight-line basis over ten years with no salvage value.
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