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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
What's the difference between random error resulting from manual processing and systematic error resulting from IT processing?
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,
(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?
Calculate depreciation expense for 2012 and 2013 by each of the following methods, showing the figures used.
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?
Prepared, in general journal form, all eliminating entries for the preparation of a consolidated statements workpaper on December 31, 2014.
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
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.
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
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
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
How do the risks associated with network systems compare with the risks associated with centralized IT functions?
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
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
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
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
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
Complete the monthly flexible budget for each $10,000 increment of sales within the relevant range for the year ending December 31, 2010.
Describe the history, current status, and adoption implications of a Financial Accounting Standards Board ongoing project.
Pension data for the Cookie Monster Company included the following for the current calendar year: Determine the amount of pension expense.
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
Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on July 23, 2011.
What is the budgeted factory labor costs for July? What amount would appear in the July selling, general, & administrative expense budget?
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?