Explain for the board member why the district audit report

Assignment Help Accounting Basics
Reference no: EM13126460

A new board member for the Fire Protection District (a special purpose government) was reviewing the audit report for the district and noted that, although the district received an unqualified opinion, the audit report was longer the one received by the corporation for which he worked. Assuming that the district received only an AICPA GAAS audit; explain for the board member why the district audit report is longer than the corporate audit report.

Reference no: EM13126460

Questions Cloud

Left and right ideals : Show that if R is a ring with identity element and x is an element in R, then Rx = {rx: r in R} is the principal left ideal generated by x. Similarly,
What is the direct labor cost : In August direct labor was 60% of conversion cost. If the manufacturing overhead for the month was $54,000 and the direct materials cost was $34,000, the direct labor cost was:
Draw a project diagram network for project : the finished subassembly 2 must be inspected. A list of activities, their predecessors, and their durations. Draw a project diagram (network) for this project? What is the total project time?
Information about rings-ideals : Let S be a subset of a set X. Let R be the ring of real-valued functions on X, and let I be the set of real-valued functions on X whose restriction to S is zero.
Explain for the board member why the district audit report : A new board member for the Fire Protection District (a special purpose government) was reviewing the audit report for the district and noted that, although the district received an unqualified opinion, the audit report was longer the one received ..
Determine the markup necessary to make the desired return : Rollie Company is launching a new cleaning product for ceramic vases. The company invests $1,200,000 in operating assets, such as production equipment,and plans to produce and sell 400,000 units per year. Rollie wants to make a return on investmen..
Actual rate of pay for direct labor : The standard number of hours that should have been worked for the output attained is 10,000 direct labor hours and the actual number of direct labor hours worked was 10,500. If the direct labor price variance was $10,500 unfavorable, and the stand..
Given route measured in terms of passengers carried : Given route measured in terms of passengers carried (range is 0.1 to 1). Regress lfare on dist, passen and concen, and provide the heteroskedasticity-robust standard errors.
Prepare dold''s journal entries for the initial transaction : Prepare Dold's journal entries for the initial transaction, recognition of interest each year, and the collection of $35,843 at maturity. (Round answers to 0 decimal places, e.g. $6,538. Credit account titles are automatically indented when the am..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute the break-even point in dollars and in units

In August, Gold Company sold 770 units of their only product. For the month, fixed costs were $10,400, variable costs were 57% of sales, and the average sales price was $62.

  What is the business purpose doctrine

The U.S. Tax Code has evolved over time to include many credits and deductions. Certainly, the legislative process encourages offering tax benefits for certain behavior, such as buying a new car or home, investing in manufacturing equipment, and s..

  Fasb codification-inventory research

What is the formal definition in the glossary of the term "Inventory?" What is the Codification topic number for inventory? What types of entities are not covered by the guidance in the Inventory Topic? (Provide the Codification reference for your ..

  Accounting issues-ifrs and us gaap

Identify three major accounting issues on which IFRS and US GAAP currently differ. For each, outline briefly the nature of the divergence, and discuss the potential impact if the IFRS position is adopted in the US.

  Liquidity and profitability

Distinguish between liquidity and profitability.

  Tax bases in the shares

Given the income statement above, what are their tax bases in their shares at the end of year 1?

  Compute the macaulay duration

A bond with a five-year term to maturing, a 12 percent coupon (annual payments), and a market yield of 10 percent.

  Analyze the types of risks and rewards

Speculate which regulatory changes will be the top priority for management. Then, suggest a timetable in which management should start getting ready for the change.

  Payroll journal entry

Maggie Moo's Ice Cream Shop had a gross pay of $19,000 and a net pay of $13,200 for the latest payroll. The journal entry to pay the payroll would be:

  Short term profitability exist of government

In business, there is a tension between the principals (stockholders) and agents (managers). The managers may choose policies that increase short-term profitability (and their bonuses) at the expense of long-term profitability.

  Calculate the preliminary sample size

Calculate the preliminary sample size using a 100% average misstatement assumption.

  Investment as trading securities

Goofy reclassified this investment as trading securities in December of 2011 when the market value had risen to $125,000. What effect on 2011 income should be reported by Goofy for the Crazy Co. shares?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd