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As Vice President of Internal Audit, Cynthia Cooper reported directly to WorldCom's, Scott Sullivan, and not to the CEO or audit committee. Research professional standards of the IIA to identify recommendations for the organizaional reporting lines of authority appropriate for an effective internal audit function within an organization.
Birch issued 200 shares of $12 par common stock in exchange for a piece of equipment with a current market value of $3,000. Which of the following is not part of the journal entry for this transaction?
William's basis in the WAM partnership interest was $100,000 just before he received a proportionate liquidating distribution consisting of investment land (basis of $30,000. fair market value $40,000), and inventory (basis $30,000, fair market va..
Prepare example journal entries to account for transactions related to accounts receivable and bad debt using both percentage of sales and the percentage of receivables methods.
An important element of evaluating leases is determining whether substantially all of the risk and rewards of ownership are transferred in the lease. How os "Substantially all" defined in the authoritative literature?
There are two stocks, stock A and stock B. The price of stock A today is $70. The price of stock A next year will be $50 if the economy is in recession, $80 if the economy is normal and $95 if the economy is expanding.
Under a plan of complete liquidation, Coast Corporation distributes land with a $300,000 adjusted basis and a $400,000 FMV to William, a 25% shareholder. William has a $200,000 basis in his Coast stock. The land is inventory in the hands of Coast ..
When computing the weighted-average number of shares outstanding during the year for the purpose of calculating diluted EPS, what is the proper treatment of a midyear issuance of securities convertible to common stock?
Which of the following would probably not cause the stock price of a foreign target to decrease?
On July 1, 2011, Patton Company should increase its Held-to-Maturity Debt Securities account for the Scott Co. bonds by
The equipment will provide cost savings of $7,300 and will be depreciated straight-line over its useful life with no salvage value. Cleaners, Inc. requires a 10% rate of return. What is the approximate net present value of this investment?
The lower-of-cost-or-market concept is used in the valuation of inventory. Describe this concept. How does this concept affect your company's profitability, or the profitability of a company with which you are familiar?
On October 1, 2010, Mann Company places a new asset into service. The cost of the asset is $40,000 with an estimated 5-year life and $10,000 salvage value at the end of its useful life. What is the depreciation expense for 2010 if Mann Company use..
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