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use of professional skepticism when evaluating the results of testing - auditor should conduct the audit of internal control over financial reporting
unqualified opinion - audit opinion not qualified for any material scope restrictions nor departures from generally accepted accounting principles
uniform capitalization rules- these are a set of rules intended to be a single comprehensive set of rules to govern capitalization or inclusion in
uniform accountancy act uaa - uaa is the proposal for a new regulatory framework for the public accounting profession that was developed jointly by
trust - ancient legal practice where one person grantor transfers the legal title to an asset known as principal or corpus to another person the
troubled debt restructuring - agreement between creditor and debtor which amends the terms of a debt which has little chance of being paid in
q what do you understand by tax courttax court - us tax court is a legislative court functioning to adjudicate controversies between taxpayers and
swap - financial contract in which 2 parties agree to exchange net streams of payments over a specified period payments are normally determined by
surviving spouse - this is a person whose wife or husband died during tax year a surviving spouse can file a joint return for the year in which death
q explain about material eventsubsequent event - material event which takes place after the end of accounting period and before the publication of an
straight-line depreciation - accounting method which reflects an equal amount of wear and tear during every period of an assets useful life for
q what is stock splitstock split - increase in number of shares of a companys common stock outstanding that result from the issuance of additional
stock rights - stock rights are rights issued to stockholders of a corporation which entitle them to purchase new shares of stock in the corporation
new rules seci effective for years after december 15 2006ii new disclosures mandated1 fair value of options on grant date2 value of grant per 123r3
q explain about tax ramificationsi exercise price effects capital gains of individual and effects compensation expense used by corporation for
sec reporting implicationsi potentially inaccurate reporting of executive compensation in proxy statements and annual reportsii potential violation
q illustrate accounting ramificationsaccounting ramificationsi restatementii unable to file on timely basis while go back and determine what periods
q explain forward loading with exampleterms may involve option to be issued with price to be determined based upon lowest price as of the issue date
q explain about spring and forward loadingspring loading - timing of option grants to occur before good news or after bad news is releasedconcerns
q describe about backdatingi exercise price is based on a lower share price prior to option grant date practice of marking a document with a date
q explain in the money and out of the money optionin the money option - option granted with an exercise price below market price on grant dateout of
q what is fair value in stock marketfair value - amount at which an asset or liability could be bought or incurred or sold or settled in a current
q what do you understand by measurement date in stock optionmeasurement date - the date at which equity share price and other pertinent factors like
q what do you mean by grant date in stock optiongrant date - the date at which an employee and an employer reach a mutual understanding of key terms
stepped up basis -usually the foundation of property acquired by inheritence bequest or device from a decendant is the fair market value of the