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Explain premature revenue recognition. You have been asked to advise a business-to- business manufacturing company how to detect fraudulent financial reporting. Management does not understand how early revenue recognition by backdating invoices from next year to this year would affect financial statements. Further, management wants to know which accounts could be audited for evidence of fraud in the case of early revenue recognition.
a. Using your own numbers, make up an example to show management the effect of early revenue recognition.
b. Prepare a short report to management explaining the accounts that early revenue recognition would affect. Suggest some ways management could find errors in those accounts.
A. Low Carb Diet Supplement, Inc. has two divisions. Division A has a profit of $100,000 on sales of $2,000,000. Division B is only able to make $25,000 on sales of $300,000. Based on the profit margins (returns on sales), which division is superior?
Calculating the present value of a bond) If a corporate bond with a face value of $1,000 has 24 years to go until it matures, has a coupon interest rate of 5.7% and a yield to maturity (YTM) of 4.201%, what should be its price in the bond mark..
a 525000 bond issue on which there is an authorized discount of 40000 is redeemed for 475000. journalize the redemption
What is the consolidated balance for the Equipment account as of December 31, 2013?
at the beginning of 2009 emily corporation issued 19000 shares of 100 par 8 cumulative preferred stock for 110 per
Which of the following states that a company must perform strictly proper accounting ONLY for items that are significant to the business's financial statements?
With the number of workers currently employed, that means that the company is committed tp paying its direct labor work force at lease 5600 hours in total each month even if there is not enought work to keep them busy. Construct the direct labor b..
ben transferred property to his newly formed corporation bcd inc. the property had an adjusted basis to ben of 40000
1.the costs assigned to units in inventory are typically lower under absorption costing than under variable
Once you have read the extract by Sen, attempt the review and discussion questions1-3 and 5 (ignore 4) on p.165, and be prepared to discuss your answers with your colleaguesin your tutorial.
mathias has been the sole proprietor of a clothing store for many years. he intends to retire after holding a
Using the percentage of net sales method. uncollectible accounts expense for the year is $54000, balance of allowance for uncollectible is 18000 creedit befor adjustments what is the balance after adjustments?
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