What are the legal repercussions accounting wise

Assignment Help Accounting Basics
Reference no: EM13131056

What happens if a company fails to follow the realization concept or revenue recognition concept and say, records revenue they have not yet earned to hide the fact that they are having a bad year in sale? what are the legal repercussions accounting wise?

Reference no: EM13131056

Questions Cloud

Can george claim andy as a dependent : George contributed $3,000 (food, shelter, and medical care) toward the support of his nephew, Andy, who lives with him. Andy earned $1,000 from a part-time job and received a $2,000 scholarship to attend a local university. Can George claim Andy a..
Declaration and issuance of the stock dividend : A company with 100,000 authorized shares of $4 par common stock issued 50,000 shares at $9. Subsequently, the company declared a 2% stock dividend on a date when the market price was $10 a share. The effect of the declaration and issuance of the s..
Depict a flow sheet to show how you would separate : Separation of acidic, basic & neutral substances in solution, Draw a flow sheet to show how you would separate the components of a mixture containing and acid substance
What should salary be if number of years of experience given : Assume that the variable B is the number of years of experience. Suppose the person has 2 years of college and 7 years of experience. What should their salary be?
What are the legal repercussions accounting wise : What happens if a company fails to follow the realization concept or revenue recognition concept and say, records revenue they have not yet earned to hide the fact that they are having a bad year in sale? what are the legal repercussions accountin..
Illustrate what would expected net income of company : Illustrate what would expected net income be if the company experienced a 10 percent increase in fixed costs and 10 percent increase in sales volume?
Ratios and proportions-dilution of solution : Chemist has 400ml of solution of which 80% is alcohol. How much water needs to be added to dilute solution to 50% alcohol? Please provide step by step breakdown so I can understand how this is solved.
What is the greatest shortcoming of this approach : Analysts often take a short cut in estimating a firm's cash from operations: they just add depreciation back to net income. What is the greatest shortcoming of this approach?
Illustrate what were the total manufacturing costs incurred : Direct materials used in production totaled $330,000. Direct labor was $415,000 and manufacturing overhead was $220,000. Illustrate what were the total manufacturing costs incurred for the month?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the cash collections

Calculate the cash collections that would be included in the cash budgets for August and September.

  State or compute for the year the following amounts

Using these data, state or compute for the year the following amounts ,  Direct materials puchased for this answer I put $410,00 but what is the credit entry then and what is the connection with the end and beginning of the year. confused here.

  Prtoblem related to single taxpayer

Anil, a single taxpayer, acquired 100 shares of Section 1244 stock in 2003 for $200,000. In 2010, Anil sold all of the shares to William for $50,000. How should Anil treat the loss?

  What are lily taxable income and tax liability for year

What are Lily's taxable income and tax liability for the year?

  Determining the felts gross profit

The beginning inventory (Jan. 1, 2010) was $170,000; in the past Felt's gross profit has averaged 40% of selling price.

  Give the journal entry made on sears

Sears collected $57000 from the issuance of bonds with a face value of $50000. A portion of the cash receivable, $2000 was accrued interest. give the journal entry made on sears book to account the issuance of the bonds.

  Justify effective funding strategies

Please explain, identify, and justify effective funding strategies in the following areas:

  Statements concerning the ultramares

Which of the following statements concerning the Ultramares Corp. v. Touche case is not true?

  Tax bases in the shares

Given the income statement above, what are their tax bases in their shares at the end of year 1?

  Bond entries-held-to-maturity securities

On January 1, 2006, Hi and Lois Company purchased 12% bonds, having a maturity value of $300,000, for $322,744.44. The bonds provide the bondholders with a 10% yield. Prepare the journal entry at the date of the bond purchase.

  Purchase of marketable securities

The securities sold on December 9 had cost the company $7,000, whereas the securities sold on December 18 had cost the company $6,000. (a) Record the purchase of marketable securities on December 4.

  Define advantages and disadvantages to fsc decision

What are the advantages and disadvantages to FSC's decision to not use the BSC as a performance tool- i.e., linking it to the employee evaluation and reward system?

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