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1. What is the purpose of an audit performed by a CPA?
2. Do audits signify to financial statement users that no fraud and embezzlement occurred at the organization?
3. How does sampling financial transactions help an auditor identify accounting errors?
4. How do the auditor management letter and opinion letter differ from each other?
5. What is the opinion letter? What are the different opinions that can be rendered?
6. What are the primary reasons for audit failures and the financial scandals that sometimes accompany them?
7. Describe government efforts to reduce audit failures.
At the end of fiscal year 2010, the Acme Company wishes to declare $50,000 in common stock dividends. They currently have 100,000 shares of common stock outstanding and 5,000 shares of $100 par value, 5%, cumulative preferred stock.
Messier Inc. manufactures cycling equipment. Recently the vice president of operations of the company has requested construction of a new plant to meet the increasing demand for the company's bikes.
The total of the individual customer account balances should equal the balance in accounts receivable, which is the
Beck Company is concerned about quality and is considering upgrading the materials used in its product to a higher quality. Doing so would cost an additional $1.65 per unit.
"Cost allocation is arbitrary, so there is nothing gained by it. We should report only the costs we know are direct." Do you agree? Why?
Penny, Miesha, and Sabrina transfer property to Owl Corporation for 75% of its stock. Nancy, their attorney, receives 25% of the stock in Owl for legal services rendered in incorporating the business. What are the tax consequences of these transac..
Keenan Company has had bonds payable of $20,000 outstanding for several years.
At January 1, 2011, a company had a net valuation allowance account credit balance for investments in securities available-for-sale of $20,000. At December 31, 2011, the total cost of the relevant portfolio was $300,000, and total market value was..
Prior to a charitable gift to the Plato University of land with a basis of $6,000 and a value of $13,000, All-Set, Inc. had taxable income of $50,000. If the dividends-received deduction was $80,000, the charitable contribution deduction is:
The following January, Shaver announced a $100,000 net income for 2011 and declared a cash dividend of $.50 per share on its 100,000 shares of outstanding common stock. The Northwick Company dividend revenue from Shaver Corp. in January 2011 would..
a) prepare the journal entries for Myers Co. for 12/31/2010 b) Prepared the required journal entries for for Myers for 2011.
Second Church is going to operate a gift and book shop that will include only religious articles in its inventory. The shop will be staffed by employees who are not church members.
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