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For the BakFirn Corporation, an accounting audit of accounts payable, vendor invoices, and inventory material acceptance is in progress. You notice that the three-way-match of pricing, amount, and units is not matching. You go to your next-level supervisor-the supervisor of the audit firm YOUCPA-and the supervisor informs you that you do not need to worry so much because they are not within the materiality amounts. He requests that you complete the outside audit as quickly as possible; the firm is under a tight budget with this client.
• What do you believe your response should be in this situation?
• Explain your reasoning.
• Develop a thorough understanding of accounting standards and principles.
• Fulfill the core accounting educational requirement to sit for the CPA exam.
• Prepare to practice in public and private accounting position.
The company allocates any under applied or over applied overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts.
Jerry's assistant Jan Kramer, suggests that they can still meet their deadline if they use "direct conversion" rather than "parallel conversion". Assuming that you are CIO of the company, how would you react to Jan's suggestion? Discuss.
Calculate this company's profit margin, total asset turnover, and return on total assets for 2009 and 2010. Comment on the results.
Discuss factors or conditions that contribute to such a possibility. How can additional information and supplementary data (beyond financial statements) help prevent this possibility?
Analysis of unfavorable income variance and standard variable manufacturing costs per unit and the budgeted monthly fixed manufacturing costs established for the current year
Evaluate Alumbat's current TIE ratio and Calculation of times-interest-earned ratio
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Jim received an insurance recovery of 80% of the value of the car at the time of the accident. If Jim’s AGI for the year is $50,000, determine his deductible loss on car.
How much knowledge about computer security do internal and external auditors need to be effective?
Illustrate what is the probable type of behavior that each of the costs exhibits? The company expects to produce 10,000 caps this month. Would you expect each type of cost to increase or decrease? Why? Can the total cost of 10,000 caps be determi..
Examine the steps involved in the preparation of an advance plan for the distribution of cash in a partnership liquidation to determine which step is the most difficult to execute correctly. Discuss possible ways to address the difficulties you id..
Your trust fund will pay distribute $60,000 per year over the next 20 years. Using a 10% rate of return, what is present value of the distributions?
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