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Question: The governor and his college-age daughter are talking after dinner. The governor has had a rough day at the office discussing the state's budget problems. The daughter is home on vacation after having completed a course in municipal accounting. She has just told her dad about the substance of this chapter in this text. "That's great," says the governor, "you just solved my problem. I'll tell my budget director to prepare the budget using those wonderful GAAP rules you just described. We'll save money by firing our actuary because his ideas about financing pension and retiree benefits cost too much.
We'll save more money by budgeting zero dollars for pensions because the pension plan has enough resources to pay benefits to retirees for several years. And we'll save even more by budgeting just enough for retiree health care benefits to pay the bills of our retirees, rather than putting money into a fund to pay for those currently working." The governor's daughter looks at him and says: "Hold on a sec, Dad, you're getting me a bit worried." What did his daughter say about "those wonderful GAAP rules" that caused the governor to reach his conclusion? Why is his daughter worried?
What is the one-year risk free rate implied by no-arbitrage (hint draw a binomial tree as we did in class)? What would be the no-arbitrage risk free rate if with a probability of 50% the price increases and with a probability of 50% it decreases, ke..
Determine questions to ask Mr. Beridon. Determine other information to gather. Explain how this additional information could help you in your analysis?
Meese Paper Distributors, Inc. has before-tax earnings of $1,900,000. Using the corporate tax table found in the text, calculate the amount of the total tax liability for Meese.
What improvements would you recommend to help the industry prevent and detect the type of fraud?
on may 1 2011 mosby company received an order to sell a machine to a customer in canada at a price of 2000000 mexican
1. list and describe at least three users of a firms accounting information. be specific about how they use the
What are management assertions? How do they affect the financial statements? How does the auditor formulate audit objectives based on management assertions?
1. pimples signs a contract to purchase a parcel of land. the contract recites that 44 acres are being sold. it
Is it probable that the use of information technology will eventually eliminate the audit trail, making it impossible to trace individual transactions from their origin to the summary total on the financial statements?
Compute the gain or loss to Mann on the settlement of the debt. Compute the gain or loss to Mann on the transfer of the equipment.
The Bradshaw Company's most recent dividend was $6.75. The historical dividend payment by the company shows a constant growth rate of 5 percent per year.
1. valley manufacturing corporations beginning work in process inventory consisted of 15000 units 100 complete with
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