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1. Explain how "rules-based" accounting standards differ from "principles-based" standards. How might fundamentally changing accounting standards from "bright-line" rules to principle-based standards help prevent another Enron-like fiasco in the future? Are there dangers in removing "bright-line" rules? What difficulties might be associated with such a change?
2. Enron and Andersen suffered severe consequences because of their perceived lack of integrity and damaged reputations. In fact, some people believe the fall of Enron occurred because of a "run on the bank." Some argue that Andersen experienced a similar "run on the bank" as many top clients quickly fired the firm in the wake of Enron's collapse. Is the "run on the bank" analogy valid for both firms? Why or why not?
What are some of the concepts, methodology, and movements that have provided the capability produce high quality products in shorter runs, which allows us to offer many colors, styles, and sizes without increasing costs to prohibitive levels?
Types of Funds and taxes in government accounting and operations.
The Assembly Division of the same company needs a part that is just like Product A. The Assembly Division can choose whether to buy Product A from an outside supplier for $14.15 or buy it internally from the Parts Division. and evaluate the most ..
Prepare an income statement for 2012 consider that the production-volume variance is written off at year-end as an adjustment to cost of goods sold.
We need transactions like that. And Excel spreadsheet should have different input boxes for different values. The input should be reflected in the solution.
A fund manager states: "I refuse to buy any company that makes a voluntary accounting change, since it's certainly a case of management trying to hide bad news." Can you think of any alternative interpretation?
Evaluate the amount of Clem's expenses that are deductible for AGI this year under the subsequent circumstances
Analyze the company's operations, results and future. Show the three options available to Eileen and Fred.
Preparation of Multi-step Income statement - Using the information provided, prepare a multi-step income statement for the year ended December 31, 2009 in proper format including earnings per share disclosure.
Determine equivalent units in process for direct materials and conversion costs, assuming there was no beginning inventory. Show all of your work.
Actual materials used during the year were $5,500,000,actual direct labor cost was $3,500,000, and actual overhead was $9,000,000. Compute the overhead rate for the current year.
what additional intermediate components of income would be presented if the company uses a periodic inventory system?
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