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1) If you were given complete authority, how would you propose that generally accepted accounting principles (GAAP) should be developed and enforced in comparison with how the principles are now developed? What issues do you see with the way the current system handles this process?
Please provide reference in APA format and make it about 300 words.
2) Employees are paid every Saturday for the preceding work week. If a balance sheet is prepared on Wednesday, December 31st, what does the amount of wages earned during the first three days of the week (12/29, 12/30, 12/31) represent? Explain. What journal entry would be made for the days worked and what entry would be made when the wages are paid on Saturday?
3) If you were a potential investor and could only review one financial statement of a company in which you would like to buy stock, which financial statement would you choose and why? Be specific with your answer and provide about 250 words.
4) Identify three situations in which accounting measures are based on present values. Do these present value applications involve single sums or annuities, or both single sums and annuities? Explain. Be brief and provide 200 words and provide reference in APA format.
What is meant by planned detection risk? What is the effect on the amount of evidence the auditor must gather and evaluate when planned detection risk is increased from medium to high?
Determine the significance of the notes to the financial statements - Clarify the process by which fund financial statements are converted to government-wide financial statements.
Prepare a memo to the audit partner on the ‘state of the company's industry' and associated risk factors.
What additional types of evidence should the auditor examine prior to recognizing any gain on the transaction?
Which is more important to effective corporate governance: an audit committee or a compensation committee? Why? Explain your answer.
Based on the audit documentation guidelines from the PCAOB, discuss whether or not you believe these guidelines are adequate to protect a certified public accountant from a lawsuit that may be filed by shareholders of a company.
Described below are certain transactions of Edwardson Corporation. The company uses the periodic inventory system. On February 2, the corporation purchased goods from Martin Company for $75,800 subject to cash discount terms of 2/10, n/30.
To identify principal audit risk and corresponding audit procedures
Discuss how the concept of risk can be used to detect one of the financial statement fraud schemes. Ensure to include specific procedures to detect the fraud scheme of your choosing.
A significant component of an audit program is the examination of the organization's internal control procedures and if they are being followed.
What is the rationale for accounting for (nonexpendable) endowment funds on the full, rather than a modified, accrual basis? Why is it important that depreciation be charged on capital assets held as endowment fund investments?
A not-for-profit organization periodically conducts focus groups of employees, service beneficiaries and governance board members to reevaluate its mission, vision, and values to determine the accuracy of the strategic statements to refine them wh..
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