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Assignment: Reading "It's Time for Principles-Based Accounting Ethics
Answer to the following questions:
1. Do you agree with the authors that a code of ethics should do more than establish minimum acceptable standards? Why or why not?
2. Describe the five cardinal virtues of professional accountants that the article's authors discuss.
3. We've talked about rules-based versus principles-based accounting standards. Should we have rules-based ethics standards? Why or why not? Should they tell you exactly what to do in specific ethical situations?
4. Compare and contrast the AICPA's Code of Professional Conduct and the IFAC Code of Ethics for Professional Accountants.
How do the requirements originally established by SFAS N. 157 affect the use of fair value measurement in financial statements?
You are the plaintiff in a lawsuit. Your legal counsel advises that your eventual victory is inevitable. "You will be awarded $12 million," your attorney confidently asserts. Describe the appropriate accounting treatment.
You will analyze and classify the costs of your cookie company and evaluate contribution margin - calculate the break-even in number of cookies per day. What is the break-even in sales dollars each day? How many cookies must you sell in o..
Case Study on Data-Driven Schools
The new truck is worth $37,000. Cheng also made cash payment of $36,000. Prepare Cheng's entry to record the exchange. (The exchange lacks commercial substance.)
Began operations when the business acquired $40,000 cash from the issue of common stock. Performed services and collected cash of $2,000. Collected $9,000 of cash in advance for services to be provided over the next 12 months. Provided $24,000 of ser..
To make the project worthwhile, Toy Box, Inc., would require a $5,000 profit per month. What level of sales, in units and in dollars, would be required to reach this target profit. Show all computations completely, in a table inserted into your do..
Collectibility of the lease payments by the lessor was reasonably predictable and there were no costs to the lessor that were yet to be incurred.
Jarret's interest payments on the loan this year are $4000,and his principal payments are $900. a. Should Jarret report any interest income this year? b. Can Jarret deduct any interest expense this year?
a department store has budgeted sales of 12000 mens suits in september. management wants to have 6000 suits in
Rena Reynolds, one of your firm's workers, has just come into the payroll department and says to you: "I am thinking of amending my Form W-4 so that an additional $10 is withheld each week. That way I will get a fat refund next year."
tiberand inc. sold 150000 in inventory to schilling company during 2010 for 225000. schilling resold 105000 of this
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