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Q1. Discuss the civil liability of auditors to third parties under Federal Securities Laws. Do the auditors have any defenses against suits under such laws?
Q2. What do you understand by ‘management assertions? Discuss one transaction related and one balance related audit objective and relate each to the applicable management assertions. Illustrate with examples.
What are Generally Accepted Accounting Principles (GAAP)? How does GAAP affect financial reporting? How might GAAP need to change to accommodate today's dynamic business environment.
In our real life, the value of assets cannot be estimated perfectly because we cannot be certain for the future cash flows that the asset generates, and also we cannot be certain for the discount rate.
in early january 2011 lab tech purchased computer equipment for 147000 to use in operating activities for the next four
amber moss and latoya pell decide to form a partnership by combining the assets of their separate businesses. moss
Cleveland Metals uses a job cost system and applies factory overhead to production at a predetermined rate of 180% of direct labor cost. Data pertaining to recent operations follow.
a machine costs 400000 and is expected to yield an after-tax net income of 9000 each year. management predicts this
miller company manufactures a product for which materials are added at the beginning of the manufacturing process. a
Canoe Company uses a job order cost accounting system and allocates its overhead on the basis of direct labor costs. Canoe Company's production costs for the year were: direct labor, $30,000; direct materials, $50,000; and factory overhead applied..
consider the advantages of performing dual tests. what are some examples of dual tests that you might normally
1.the direct labor and overhead costs of providing services to clients are accumulated in a work-in-process account. a
precision numbers inc. manufactures pocket calculators. costs incurred in making 25000 calculators in april included
Thomas's employment-related expenses
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