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For each of the following situations, explain how risk of material misstatement should be assessed and what effect that assessment will have on detection risk.
a. Johnson, Inc., is a fast-growing turcking company operating in the south-eastern part of the United States. The company is publicly held, but Ivan Johnson and his sons control 55 percent of the stock. Ivan Johnson is the chairman of the board and CEO. He personally makes all major decisions with little consultation with the board of directors. Most of the directors, however, are either members of the Johnson family or long-standing friends. The board basically rubber-stamps Ivan Johnson's decisions
b. MaxiWrite Corporation is one of several companioes engaged in the manufacture of high-speed, high-capacity data storage devices. The inductry is very competitive and subject to quick changes in technology. MaxiWrite's operating results would place the company in the second quartile in terms of profitability and financial position. The comoany has never been the leader in the industry, with its products typically slightly behind the industry leader's in terms of performance.
c. The First National Bank of POnd City has been your client for the past two years. During that period you have numerous arguments with the president and the controller over a number of accounting issues. The major issue has related to the bank's reserve for a loan losses and the value of collateral. Your prior audits have indicted that a significant adjustment is required each year to the loan loss reserves.
100 chairs were in process at the end of the year with a cost of $9,000. Each month, Ace paid $2,000 for secretarial services. Ace also paid sales commissions of $100 for each chair sold. (a) What was the cost per chair completed ? (b) Prepare a s..
the board of directors and executive officers of a corporation have a fiduciary duty to safeguard the interests of
1.according to a summary of the payroll of scotland company 450000 was subject to the 7.0 social security tax and
smithison company gathered the following information for the year ended april 30 2015units produced 11200units expected
compensated absences bettinghaus corporation began business on january 2 2013 with five employees. its sick leave and
during april the production department of a process manufacturing system completed a number of units of a product and
Journalize the above transaction. The company uses straight-line depreciation for buildings and equip. The bldgs are estimated to have a 50-year life and no salvage value.
Discuss the impact of the newly-passed Financial Regulation Bill after the 2008 financial crisis on the bond rating agencies.
mount royal corporation has two divisions the beta division and the alpha division. the beta division has sales of
lang enterprises was started when it acquired 4000 cash from creditors and 6000 from owners. the company immediately
a co. applies overhead on the basis of direct labor dollars using a rate of 1.65 per hr. how much overhead would be
Judd Harrison owns 200 shares of stock in the Widget Company for which he paid 1600 in 1999. The board of directors of the company decided to pay a 10% stock dividend in April 2010, for which Judd received 20 shares of stock. Was this a taxable st..
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