What are the legal repercussions accounting wise

Assignment Help Accounting Basics
Reference no: EM13131056

What happens if a company fails to follow the realization concept or revenue recognition concept and say, records revenue they have not yet earned to hide the fact that they are having a bad year in sale? what are the legal repercussions accounting wise?

Reference no: EM13131056

Questions Cloud

Can george claim andy as a dependent : George contributed $3,000 (food, shelter, and medical care) toward the support of his nephew, Andy, who lives with him. Andy earned $1,000 from a part-time job and received a $2,000 scholarship to attend a local university. Can George claim Andy a..
Declaration and issuance of the stock dividend : A company with 100,000 authorized shares of $4 par common stock issued 50,000 shares at $9. Subsequently, the company declared a 2% stock dividend on a date when the market price was $10 a share. The effect of the declaration and issuance of the s..
Depict a flow sheet to show how you would separate : Separation of acidic, basic & neutral substances in solution, Draw a flow sheet to show how you would separate the components of a mixture containing and acid substance
What should salary be if number of years of experience given : Assume that the variable B is the number of years of experience. Suppose the person has 2 years of college and 7 years of experience. What should their salary be?
What are the legal repercussions accounting wise : What happens if a company fails to follow the realization concept or revenue recognition concept and say, records revenue they have not yet earned to hide the fact that they are having a bad year in sale? what are the legal repercussions accountin..
Illustrate what would expected net income of company : 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?
Ratios and proportions-dilution of solution : Chemist has 400ml of solution of which 80% is alcohol. How much water needs to be added to dilute solution to 50% alcohol? Please provide step by step breakdown so I can understand how this is solved.
What is the greatest shortcoming of this approach : Analysts often take a short cut in estimating a firm's cash from operations: they just add depreciation back to net income. What is the greatest shortcoming of this approach?
Illustrate what were the total manufacturing costs incurred : Direct materials used in production totaled $330,000. Direct labor was $415,000 and manufacturing overhead was $220,000. Illustrate what were the total manufacturing costs incurred for the month?

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the investments net present value

Robert Huft retires in 6 years. He would have to purchase equipment costing $590,000 to equip the outlet. Other outlets in the fast food chain have an annual net cash inflow of about $140,000. Mr. Anders would close the outlet in 6 years. He estim..

  Important factor for evaluating pending lawsuit

What accounting factors are significant before evaluating whether a pending lawsuit should be accrued as a liability and reflected in the financial statements?

  What other criteria impact the decision

What are some obstacles to discerning a precise hurdle rate at Big Red Trucking, or in your business or industry? In what ways might you Red Trucking, or in your business or industry?

  Question regarding risk of investments

Over the past 75 years, we have observed that investments with the highest average annual returns also tend to have the highest standard deviations of their annual returns.

  What do you need to find out before next tax season

What do you need to find out before next tax season?

  What are the son and daughter bases in the stock

Hobbes gave his son ABC stock valued at $100,000 that he purchased for $60,000 and his daughter EFG stock valued at $100,000 that he purchased for $250,000. Hobbes paid $30,000 in gift taxes on each of these gifts. What are the son's and daughter'..

  Product versus period costs-fixed versus variable costs

Write a memo to your partner covering all of the following: Write a description of the difference between product and period costs and examples of each. Explain how the financial results of a business would be reported differently if costs were not..

  Computing the revised annual depreciation

On this date, the company concludes that the equipment has a remaining useful life of only 5 years with the same salvage value. Compute the revised annual depreciation.

  What it was designed to accomplish

Regarding the gift splitting provision of 2513, comment on the following.

  Allowance for doubtful accounts

Determine the amount to be added to Allowance for Doubtful Accounts in each of following cases.

  Use the information to identify accounts

Use the three divisional income statements in the Pinnacle_Financials Excel file on the Web site to prepare a common-size income statement for each of the three divisions for all three years.

  Formulating linear program

A garden store prepares various grades of pine bark for mulch: nuggets, mini nuggets, and chips.The following table gives information regarding the different requirements.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd