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On January 1, CBU installed a new computer system for tracking and calculating inventory costs. On December 31, at yeas-end closing, CBU's system reported inventory at $4.5 million for financial statement purposes. At midnight, the auditors performed a physical inventory count and found the inventory total to be $3.5 million. To correct the discrepancy, CBU's accounting staff processed an adjusting entry to reduce inventory by $1.0 million. The next day, two accountants were discussing the events of the previous night. Accountant A was proud of the audit and said it illustrated a benefit of having a good system of internal control. CBU had followed good internal control procedures by having a regular physical inventory count to safeguard a valuable enterprise resource. Accountant A was relieved that the problem was resolved: the financial numbers were corrected before they were reported. In short, he felt successful and thought CBU should feel fortunate to have his accounting staff as control advisors. Accountant B felt differently. She was concerned about the bad decisions that were made throughout the year based on the incorrect inventory numbers. She felt that she and the other accountants should have helped develop more timely and effective system controls. With which accountant's philosophy do you agree? How can you explain the diverse opinions? What policies or procedures, if any, should CBU develop to avoid such problems in the future? Your response should also include a Biblical perspective.
On December 31, 2013, the child crisis center establishes an endowment fund with a $5 million gift of securities. Income from the endowment is to be used exclsuively to support a nutrition program.
Give a detailed overview of U.S. publicly traded company, Priceline. This should be 3 pages. Measure the company's vulnerability to current financial threats, such as a recession, higher interest rates, and global competition.
Ohare Company's only asset as of January 1, 2007, was limousine. During 2007, only three transactions occurred:
What is the minimum annual interest rate they must earn to achieve their goal of $20,300 if the interest is compounded semi-annually?
Explain the relationship between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB).
Find two annual reports from competing publicly traded companies of your choice. Prepare an overview of the two companies including a brief synopsis of the industry the companies are in, the market share each company holds, and the length of time ..
Under the economic unit concept, what amount should have been assigned to the non-controlling interest immediately after the combination? Show all of your work. Showing only the answer will result in zero points.
Can you think of an instance when a capital project projection might satisfy the hurdle-rate requirements, but the project would be rejected anyway? What other criteria impact the decision?
Ripoff Corporation was organized on January 3, 2003. The firm was authorized to issue 100,000 shares of $5 par common stock. During 2003, Ripoff had the following transactions relating to shareholders' equity:
If a lease transaction is accorded capital lease treatment rather than operating lease treatment, it would have what impact on the following financial items of the lessee?
While preparing the bank reconciliation, you notice that a check, written by the company for $750, has been outstanding for 5 months. What is the best action for you to take?
The sensitivity and importance of payroll and payroll information cannot be overstated. The managing and protecting of this information deserves and has the attention of any number of managers within an organization.
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