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Why do auditors have to consider the internal controls of the organization? What are some key elements of internal control? Which are the most important? How will the auditor have to modify the audit program if the internal controls are deemed inadequate to support management assertions?
CPAs are allowed to advertise under the Rules of the AICPA Code of Professional Conduct.
Most companies use historical cost to value property, plant, and equipment assets. What components make up historical cost? Provide an example of an asset's historical cost.
Explain how the statement of retained earnings relats to the balance sheet.
The Keego Company is planning a $200,000 equipment investment which has an estimated five-year life with no estimated salvage value. The company has projected the following annual cash flows for the investment.
A fire totally destroyed office equipment and furniture which Monica uses in her business. The equipment had an adjusted basis of $15,000 and a FMV of $10,000 before the fire.
Discuss the main accounting conventions and concepts.
Pia and Ramona are partners who share income in the ratio of 3:2. Their capital balances are $80,000 and $120,000 respectively. Income Summary has a credit balance of $40,000. What is Pia's capital balance after closing Income Summary to Capital?
Brennan Steel Corporation as lessee signed a lease agreement for equipment for five years, starting December 31, 2007. yearly rental payments of $32,000 are to be made at the beginning of each lease year.
What is the incremental cost assocaited with producing an extra 50,000 jars of salsa? What is the incremental revenue associated with the price reduction of $.40 per jar? Should Santiago's lower the price ofits Salsa?
Which of the following best describes assurance services.
What is the current financial reporting requirement for charity care? Do you agree or disagree with the current financial reporting requirement?
A corporation had 50,000 shares of $20 per value common stock outstanding on July 1. Later that day the board of directors declared a 10% stock dividend when the market value of each share was $27. The entry to record this dividend is:
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