What are the benefits of negative confirmation

Assignment Help Financial Accounting
Reference no: EM131204949

It seems from the discussion in the book that positive confirmations are more useful in detecting misstatements. Do you think there are any instances when negative confirmations are justified? When? What are the benefits of negative confirmation? Are these benefits worth the costs?

Reference no: EM131204949

Questions Cloud

Two basic requirements for the accrual of loss contingency : The two basic requirements for the accrual of a loss contingency are supported by several basic concepts of accounting. Three of these concepts are: periodicity (time periods), measurement, and objectivity. Discuss how the two basic requirements for ..
Plan assets are zero-projected benefit obligation is zero : On January 1, Year One, a company starts a defined contribution pension plan. The contract with the employees requires the company to convey to a trustee $10,000 each year for every current employee who has been working for the company one year or mo..
The budgeted change in inventory levels : The Willsey Merchandise Company has budgeted $44,000 in sales for the month of December. The company's cost of goods sold is 35% of sales. If the company has budgeted to purchase $22,300 in merchandise during December, then the budgeted change in inv..
Double-declining-balance method-straight-line method : Sandblasting equipment acquired at a cost of $42,000 has an estimated residual value of $6,000 and an estimated useful life of 10 years. It was placed in service on October 1 of the current fiscal year, which ends on December 31, 20Y5. Determine the ..
What are the benefits of negative confirmation : It seems from the discussion in the book that positive confirmations are more useful in detecting misstatements. Do you think there are any instances when negative confirmations are justified? When? What are the benefits of negative confirmation? Are..
Selling all of asset for cash-dividing losses on realization : Everett, Miguel, and Ramona are partners, sharing income 1:2:3. After selling all of the assets for cash, dividing losses on realization, and paying liabilities, the balances in the capital accounts are as follows: Everett, $50,000 Cr.; Miguel, $40,0..
Calculate employer total payroll tax liability for period : Suppose Jim worked 72 hours during this payroll period and is paid $14.00 per hour. Assume FICA is 6.2%, Medicare is 1.45% and withholding tax is 10%. Calculate Jim's employer's total payroll tax liability for the period.
Compute the equivalent units of production : Jones Company manufactures a single product and uses process costing (FIFO menthod). The company's product goes through two processing departments, etching and wiring. The following activity was recorded in the etching department during July: Compute..
Essay describing the rules concerning a motion of limine : Essay describing the rules concerning a motion of limine in your jurisdiction. This would include the format and filing of such a motion. How does persuasive writing impact such motions?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Determine project net present value

If you put $75 in a bank account today o§ering a 4% annual yield that is compounded quarterly, how much money will you have after 100 years?

  Question ysl marketing research is a small firm located in

question ysl marketing research is a small firm located in seattle washington. on behalf of its clients the firm

  Prepare an incremental analysis

Brief Exercise 20-8 Lisah, Inc., manufactures golf clubs in three models. For the year, the Big Bart line has a net loss of $3,690 from sales $200,910, variable costs $174,010, and fixed costs $30,590. If the Big Bart line is eliminated, $20,350 of f..

  Prepare the annual adjusting entries for the transactions

Prepare the annual adjusting entries for the following transactions:

  The impression one gains

The impression one gains from the internal inconsistency of many of the arguments upon the which justification of conventional accounting, is made to rest is strongly reminiscent of the underlying philosophy of the rulers of Oceania in George Orwell'..

  Variable cost per unit assumed in goodtaste clubs analysis

The GoodTaste Club collected recipes from members and published a cookbook entitled Eat 'Em Up. The book will sell for $31 per copy. The chairwoman of the cookbook development committee estimated that the club needed to sell 8,100 books to break even..

  Installing a machine that automates several operations

Astro Co. sold 20,900 units of its only product and incurred a $71,860 loss (ignoring taxes) for the current year as shown here. During a planning session for year 2014’s activities, the production manager notes that variable costs can be reduced 40%..

  Statement of cash flows

Statement of cash flows prepared using the direct method - Investing Activities section, or in the Financing Activities

  Carmen corporation acquired

Carmen Corporation acquired a 30 percent interest in Rudy, Inc for $336,000. On that date, Rudy's balance sheet disclosed net assets of $576,000.

  At december 31 2011 an analysis of the accounts of cherry

at december 31 2011 an analysis of the accounts of cherry co. ltd. revealed the following informationfollowing

  Question for several years orbon inc has followed a policy

question for several years orbon inc. has followed a policy of paying a cash dividend of 0.49 per share and having a 9

  Calculate each projects annual expected net cash flows

Ccompute each project's annual expected net cash flows. (round the net cash flows to nearest dollar). Compute each project's accounting rate of return (round the percentage return to one decimal).

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd