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A friend of yours who is not an accountant heard a story on the news about revenue recognition fraud and doesn't understand what that means.Research the Internet to find a relevant article about revenue recognition fraud from an accounting publication or authoritative source regarding revenue recognition fraud.
• Based on your research, explain what is meant by the GAAP terms recognition and earned.• Based on your research, explain why revenue recognition is an area of significant concern as it relates to ethical behavior of management.• If you were in the situation described, explain to your friend what you would have done to prevent or remedy the revenue recognition fraud.• Include in-text citations and references where appropriate.
• Understand the concepts of income, explain the conceptual guidelines for reporting income, and define the elements of an income statement.
• Discuss the impact of technology on business and effective communication techniques and recognize situations that present potential ethical and legal issues and develop solutions for those issues.
• Understand capital markets and decision making, explain what is included in financial reporting, and discuss generally accepted accounting principles (GAAP) and the sources of GAAP.
Evaluate the amount of money in a savings account at the end of five years given an initial deposit of $3,000 and an 8 percent annual interest rate when interest is compounded (a) annually, (b) semiannually, and (c) quarterly.
What income amount should be used to evaluate the Alpha Store as an investment of the company?
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Develop the relevant cash flows needed to analyze the proposed replacement, determine the net present value (NPV) of the proposal and determine the internal rate of return (IRR) of the proposal.
Ppaid $25,000 in premiums on a 20-year endowment policy on her life. The policy has a face value of $40,000. At age 60, Linda decides to collect the face value of the policy. In the year of collection, explain how much will Linda include in her ta..
Illustrate what would expected net income be if the company experienced a 10 percent increase in fixed costs and 10 percent increase in sales volume?
On the sale of his principal residence, Cameron realized a $50,000 gain. Explain how much of the gain is Cameron allowed to exclude from his 2012 gross income?
Evaluate the amount to be reported as the cost of the land
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Calculate net cash flows for 10 years, evaluate the project by using the following capital budgeting techniques
Explain to Wendy at least 4 key controls she must establish to protect herself against fraud. You should state specific internal control principles and relate your answer to her hair salon business.
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