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1. The accounting profession has been investigated by Congress over a number of years. However, none of the investigations or recommendations for change seems to have made a difference in that fraud cases continued into the early 2000s. Why do you think instances of accountants going along with fraud continue to occur? Do you believe the trend will continue despite the passage of SOX? Why or why not?
2. Have you ever agreed to do something when you weren't sure that you had the skills to accomplish the job? Why did you agree to do it? Can you draw an analogy between your motivations and the ethical responsibilities of CPAs in the performance of professional services?
3. It has been said that ethical people try to observe both the form and spirit of ethical standards in making professional judgments. What does this mean? How does this relate to the "realistic possibility" and "good-faith belief" standards in tax practice?
Accounts. What does the term account mean? What are the different classifications of accounts? How do the rules for debits and credits impact accounts? Please provide an example of how debits and credits impact accounts.
hco had held-to-maturity securities worth 100 at the beginning of the year. at the end of the year the securities are
Marge's auto, which is used for business purposes only, is totally destroyed by a fire. The fair market value of the auto was $8,000 at the time of the fire and the adjusted basis was $10,000. Calculate the loss, and determine whether it is a ..
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Zephre Company reported net income for the year of $56,000. Depreciation expense for the year was $12,000. During the year, accounts receivable increased by $4,000, inventory decreased by $6,000, accounts payable increased by $3,000, and accrued e..
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explain why using balance sheet accounts to conceal a fraud should make it easier for an auditor to detect the fraud.
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