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On January 1, CBU installed a new computer system for tracking and calculating inventory costs. On December 31, at yeas-end closing, CBU's system reported inventory at $4.5 million for financial statement purposes. At midnight, the auditors performed a physical inventory count and found the inventory total to be $3.5 million. To correct the discrepancy, CBU's accounting staff processed an adjusting entry to reduce inventory by $1.0 million. The next day, two accountants were discussing the events of the previous night. Accountant A was proud of the audit and said it illustrated a benefit of having a good system of internal control. CBU had followed good internal control procedures by having a regular physical inventory count to safeguard a valuable enterprise resource. Accountant A was relieved that the problem was resolved: the financial numbers were corrected before they were reported. In short, he felt successful and thought CBU should feel fortunate to have his accounting staff as control advisors. Accountant B felt differently. She was concerned about the bad decisions that were made throughout the year based on the incorrect inventory numbers. She felt that she and the other accountants should have helped develop more timely and effective system controls. With which accountant's philosophy do you agree? How can you explain the diverse opinions? What policies or procedures, if any, should CBU develop to avoid such problems in the future? Your response should also include a Biblical perspective.
Barry owns a 30% interest in a partnership that earned $300,000 this year. He also owns 30% of the stock in a C corporation that earned $300,000 during the year.
Audra elects section 179 for asset C. Audra's taxable income from her business would not create a limitation for purposes of the section 179 deduction. Audra elects not to take additional first-year depreciation. Determine her total cost recovery ..
Explain clearly why each of the qualitative characteristics discussed in the IASB conceptual framework is important. Which characteristic or characteristics do you think are the most important? Why?
Only executives are permitted to buy yogurt machines at a discount. What is Sarah's adjusted basis for the yogurt machine and how much must she include in her gross income?
Compute the fixed overhead variance. (Indicate the effect of variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input the amount as positive value. Do not round your intermediate calculati..
What amount of capitalized interest should Brick report as part of its building account at December 31, 2011?
An alumnus donates securities to St. Aloysius College, a private college, and stipulates that the principal be held in perpetuity and income from the securities be used for faculty travel. Dividends received from the securities should be recognize..
Debt investments are recorded at the : a. face value of the bonds purchased. b. face value of the bonds purchased plus interest. c. price paid for the bonds plus interest. d. price paid for the bonds plus brokerage fees
Assume there is a well-financed, one-year-old company in the biotech industry that is concentrating on developing chemical-based compounds that are aimed at developing drugs to reduce the effects or onset of Alzheimer's Disease.
if a company liquidates, which investment has priority? what if you had preferred stock?
When both borrowed an owned funds are mingled int he same account for purposes of categorizing interest expense a repayment of the debt is allocated first to?
What is the Year 3 cash flow if Brisbane keeps using its current system? What is the Year 3 cash flow if Brisbane replaces its current system? supposing the discount rate of 8%, what is the net present value when Brisbane keeps using its current syst..
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