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How does The Veil of Ignorance apply to the below scenario:
You are an internal auditor of a small rural bank with 3 branches. The bank's customers are mainly farmers. The bank is a publicly traded corporation (OTC) and qualifies under the Sarbanes-Oxley Act of 2002 (SOX) regarding financial reporting requirements since the bank has over 500 shareholders and over $10 million in assets. Section 806 of SOX specifically requires that the CEO and CFO personally certify as to the accuracy of the financial statements. The CEO has asked you to make specific journal entries that appear to be improper and definitely unusual in nature. You have some reservations about the CEO's request for these journal entries. You have been recently hired by this bank. You are the parent of newborn twins and recently purchased a new house. Additionally, this bank is the largest employer in the county with approximately 150 employees. (Ignore the separation of duties issue).
Actual overhead for June was $15,800 variable and $9,100 fixed, and standard hours allowed for the product produced in June was 3,000 hours. The total overhead variance is:
Relate your explanation to the audit functions in your organization, or an organization with which you are familiar.
Identify the five components that comprise pension expense. Briefly explain the nature of each component. What is a private pension plan? How does a contributory pension plan differ from a noncontributory plan.
Managerial accounting: a. has its primary emphasis on the future. b. is required by regulatory bodies such as the SEC. c. focuses on the organization as a whole, rather than on the organization's segments. d. Responses a, b, and c are all correct.
Determine the cost ratio (retail method) for T games and comics store if the cost of goods available for sale is $36,000 and the retail value of goods available for sale is $90,000
Buffon Electronics Company issues a $1,000,000, 10%, 20-year mortgage note on January 1. The terms provide for semiannual installment payments, exclusive of real estate taxes and insurance, of $58,276. After the first installment payment, the prin..
Compute the predetermined overhead rate. Compute the overhead applied. Find out the amount of overhead that is over or under applied.
Assuming that MARR is 10% and all maintenance costs and production savings are incurred at the end of the year, should the present lease be continued, or one of the two machines be purchased?
What makes a contribution income statement unique? Using the company (National Linen) discuss how a contribution income statement could be used to improve planning in that particular company.
Varton Corp. acquired all of the voting common stock of Caleb Co. on January 1, 2011. In 2011, Varton owned some land with a book value of $84,000 that was sold to Caleb for its fair value of $120,000. How should this transaction be accounted for ..
Maximum earnings per share (EPS), Minimum cost of debt (rd), Highest bond rating, Minimum cost of equity (rs), or Minimum weight average cost of capital (WACC).
Three years ago a piece of machine was purchased for $10,000. Assuming an eight-year life and straight-line depreciation, financial statements for the third year will show:
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