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What are some inherent risks of material misstatement associated with intangible assets?
A 2010 study on fraudulent financial reporting by COSO notes ways in which long-lived assets can be fraudulently overstated, including:
? Fictitious assets on the books (WorldCom)
? Improper and incomplete depreciation (Waste Management)
? Failure to record impairment of assets, especially goodwill (Sun Microsystems)
? Expired or worthless assets left on a company's books (Millacron)
? Assets overvalued upon acquisition, especially in the purchase of a company (WorldCom)
a. What might motivate management to overstate fixed assets?
b. What other factors should the auditor consider when assessing fraud risk related to long-lived assets?
Prepare entries to reflect correct land, building, and depreciation accounts at December 31, 2011 - show the proper presentation of land, building, and depreciation on the balance sheet at December 31, 2011.
Consider the Business Application feature, "Customer Profitability Revenue and Cost Effects."
students should review the following statements and write 3paragraphs that provide support for your answers1.managers
Read the following scenario. Respond to the scenario with an essay laying out a managerial plan that is rooted in the Managerial Accounting knowledge that you have acquired thus far in the semester.
Factors which must be taken in account when making decisions regarding price, such as any change in risk involved in cost-volume-profit structure; the link between short- and long-run prices
Toni is relying on financial feedback, and the product costing method adopted by the large bakery. What are the strengths and weaknesses of these approaches?
question 1 decision analysis show all calculations to support your answers. round all probability calculations to 2
Outsourcing these additional functions would mean that BKFin would not need either an e-mail information technology staff member or the separate virus protection license. Should CEO Wise outsource these extra services to Mail?
The DiCiolla Co has sales of $12 million, CGS of $9 MM, and has $2.5 MM of inventory. Receivables are $750,000, payables are $666,667 and the company pays its payables in 30 days.
Do you think that you should face the same integrity issues that an outside auditor faces with respect to conflicts of interest? Why, or why not?
Prepare the journal entry for Green Company and assume that the exchange lacked commercial substance. Prepare the journal entry for Ice Mountain Company.
Conducted and reviewed primary and secondary market research for new product development and worked closely with Brand Managers to identify each product lines message, identity, and share end-user feedback on new and existing products along with..
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