• Q : How much cost is acceptable to incur in order to test....
    Accounting Basics :

    How might the senior audit manager or partner on a particular engagement determine how much cost is acceptable to incur in order to test a particular area? Can you think of any lower cost alternativ

  • Q : Random error resulting from manual processing....
    Accounting Basics :

    What's the difference between random error resulting from manual processing and systematic error resulting from IT processing?

  • Q : Exchange lacked commercial substance....
    Accounting Basics :

    A machine cost $140,000, has annual depreciation expense of $28,000, and has accumulated depreciation of $70,000 on December 31, 2012. On April 1, 2013, when the machine has a fair value of $56,000,

  • Q : What value should be assigned to the ending inventory....
    Accounting Basics :

    (a) What value should be assigned to the ending inventory using FIFO? (b) What value should be assigned to cost of goods sold using LIFO?

  • Q : Determine the depreciation expense....
    Accounting Basics :

    Calculate depreciation expense for 2012 and 2013 by each of the following methods, showing the figures used.

  • Q : Companies needed to prepare a statement of cash flows....
    Accounting Basics :

    Why are companies required to prepare a statement of cash flows? Why is the statement of cash flows divided into three sections? What does each section tell you about the operations of a company?

  • Q : Preparation of a consolidated statements problem....
    Accounting Basics :

    Prepared, in general journal form, all eliminating entries for the preparation of a consolidated statements workpaper on December 31, 2014.

  • Q : Calculate the volume of sales in units....
    Accounting Basics :

    Snider company produces and sells two products: A & B in the ratio of 3A to 5B. Selling prices for for A & B are, respectively, $1200 & $240; respective variable costs are $480 & $16

  • Q : Difference in income reported by the company....
    Accounting Basics :

    The difference in income reported by the company can be $12,500, depending on the method used to determine cost of goods sold and final inventory values. Why? Please explain in the space provided.

  • Q : Accounting and reporting requirements....
    Accounting Basics :

    Write a 7 page paper compare and contrast the accounting and reporting requirements between federal government, colleges, universities, and health care organizations. Be sure to include the limitati

  • Q : Differences between nfp and for-profit environments....
    Accounting Basics :

    Explore the start-up of a NFP organization. Also discuss the generally accepted accounting principles (GAAP) followed in preparing the required financial statements, and the differences between NFP

  • Q : Cost of purchases move during the period....
    Accounting Basics :

    Quayle Corporation's inventory cost on its balance sheet was lower using first-in, first-out than it would have been using last-in, first-out. Assuming no beginning inventory, in what direction did

  • Q : Network systems compare with the risks associated....
    Accounting Basics :

    How do the risks associated with network systems compare with the risks associated with centralized IT functions?

  • Q : What is rafael basis for the truck....
    Accounting Basics :

    Rafael recently purchased a piece of land, a buildng and a truck for a lump sum of $600,000. The fair market value of the land was $180,000, the fair market value of the building was 500,000, and th

  • Q : Co-insurance clause in insurance policy....
    Accounting Basics :

    Joyce uses $310,000 to purchase additional inventory and invests the remaining $50,000 in short-term certificates of deposit. She received only $360,000 because of a co-insurance clause in her insur

  • Q : Difficulties associated with accounting for land....
    Accounting Basics :

    Land transactions are very common in consolidated groups. Explain the difficulties associated with accounting for land transactions between related/consolidated groups. What procedure should we foll

  • Q : Cattle-feeding partnership problem....
    Accounting Basics :

    In 2012, Shera invested $20,000 in a cattle-feeding partnership that used nonrecourse notes to purchase $100,000 of feed, which was used to feed the cattle and expensed. If Shera's share of the exp

  • Q : Opportunity cost enter to the make or buy decision....
    Accounting Basics :

    How does opportunity cost enter into the make or buy decision? What would be an example of a decision that you might make in your personal life that would involve an opportunity cost? What decision

  • Q : Increment of sales within the relevant range....
    Accounting Basics :

    Complete the monthly flexible budget for each $10,000 increment of sales within the relevant range for the year ending December 31, 2010.

  • Q : History-current status-adoption implications of finance....
    Accounting Basics :

    Describe the history, current status, and adoption implications of a Financial Accounting Standards Board ongoing project.

  • Q : Determine the amount of pension expense....
    Accounting Basics :

    Pension data for the Cookie Monster Company included the following for the current calendar year: Determine the amount of pension expense.

  • Q : Journal entry required to record the payment of the note....
    Accounting Basics :

    On March 17, Grady Company agrees to accept a 60-day, 9%, $10,200 note from Alert Company to extend the due date on an overdue account. What is the journal entry needed to record the payment of the

  • Q : Prepare the journal entries to record the sale....
    Accounting Basics :

    Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on July 23, 2011.

  • Q : What is the budgeted factory labor costs....
    Accounting Basics :

    What is the budgeted factory labor costs for July? What amount would appear in the July selling, general, & administrative expense budget?

  • Q : Income before depreciation deduction....
    Accounting Basics :

    What is Cypress Corp.'s maximum cost recovery deduction for 2012 assuming the corp. expects income before depreciation deductions to be at least $800,000?

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