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1. The Sarbanes Oxley Act was established in 2002. Why was it enacted? Describe 6 provisions of the Act?
2. Define the concept of materiality. Give 2 examples and clearly explain why you think that they are material.
3. Accounting Changes & Correction of Errors
a. List and describe 3 accounting changes. Give an example of each change. Describe how each change should be accounted for in the financial statements. b. What is an error? Give an example. Describe the ways errors can be corrected and accounted for in the financial statements.
4. Comprehensive Income.
a. Define comprehensive income.
b. Explain why comprehensive income is important.
c. List and describe the 4 components of other comprehensive income under US GAAP.
d. What are the components of other comprehensive income under IFRS?
e. What are the two choices for financial statement presentation of comprehensive income under US GAAP?
Assume that cost of sales represents only the cost of inventory that is sold to customers and that accounts payable represents only amounts payable to suppliers of inventory. Calculate the amount of cash paid to suppliers during 2011.
Write a memo of 300-400 words explaining what you would recommend that the museum manager do. mplete next year's budgeted figures for each entity within the same Excel worksheet (yellow cells).
A bond with a face amount of $300,000 and a bond rate of 10% will mature in 10 years. The bond was issued at 98% of face value on January 1, 2013. The bond pays interest on January 1 and July 1. Prepare the entry to record the issuance of the bond on..
Determine the degree of operating leverage for each alternative. Calculate the increase in Net income for each alternative if sales increased by $137,000.
What do you think the impact of leadership on quality is? From your own experience can you describe a situation where leadership behavior had a positive impact on quality? How about a negative impact?
What are the issues that Mr. Satoh must take in setting transfer pricing policies and intra-firm transfers within Tech Sonic? Discuss several transfer pricing scenarios that Tech Sonic may adopt and the likely impact of each on the Tech Sonic su..
An excerpt from the Sun Company's annual report is presented below. Calculating any profit measures deemed necessary, discuss the implications of the profitability of the company.
If you are advising a new client to open a new business, would you advise him to form a corporation or a single proprietorship as a small business? Explain.
Square footage requirements and effective utilization - If you're new strip mall will have 15,000 square feet of retail space available to be leased, to which businesses should you lease and why?
On April 1, 2018, Shoemaker Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting Shoemaker's business. The supplier explains that it has a temporary lack of funds that is slowing its pr..
The following is the unadjusted trial balance for James Trading Pty Ltd as at the close of the financial year ended 30 June 2011. In addition the following entries had not been applied to the general ledger.
What would be the effect on the company's debt to equity ratio, and what would be the effect on the percentage ownership of the company by other stockholders?
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