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The American Institute of Certified Public Accountants (AICPA) and the Institute of Internal Auditors (IIA) have positioned the auditing professions to become assurance professions. What is the difference between assurance services, attestation services, and auditing services? What are the economic issues that drive the increased demand for assurance services? What is one assurance engagement and one attestation engagement other than an audit of financial statements? What are the differences between the two engagements?
Johnson alarm systems had $800,000 of retained earnings on December 31, 2004. The company paid dividends of $60,000 in 2004 and had retained earnings of $640,000 on December 31, 2003.
assume that the accountant preparing the consolidation worksheet has chosen to make the optional accumulated
Determine the amount to be added to Allowance for Doubtful Accounts in each of following cases.
Assume that on October 1, 2013, Board entered into a forward exchange contract to hedge the net investment in this subsidiary. On that date, Board agreed to sell 200,000 kites in three months at a forward exchange rate of $0.76/1 kite. Prepare the..
FocusMore Inc. had the following alphabetical list of accounts taken from its adjusted trial balance at December 31, 2010.
Monthly loan payment deducted directly by the bank from the account (includes $320 in interest) (3320)
You can tax shelter only one-half of your retirement savings. You want to invest one-half of your savings in bonds and one-half in stocks. How much of the bonds and how much of the stocks should you allocate to the tax sheltered investment?
A company had net income of $242,000. Depreciation expense is $26,000. During the year, accounts receivable and inventory increased $15,000 and $40,000, respectively. Prepaid expenses and accounts payable decreased $2000 and $4000, respectively. T..
Based on your readings, do you agree with the notion of value costing for the 21st Century organizations. Why or Why Not?
Record the following transactions of a company in a general journal form: Reacquired 8,000 of its own $10 par value common stock at $40 cash per share. The stock was originally issued at $15 per share.
The Pickle construction division was working on one project for the 2012 fiscal year. They use the percentage of completion revenue recognition method.
What is the ending finished-goods inventory cost under absorption costing? What is the ending finished-goods inventory cost under variable costing?
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