Lstd 210 Week 8 Final Exam Answers

Case 1: Contingencies 1. For the year-end December 31, 2007, financial statements, what amount should M record as a liability?

a. only the expenses incurred for office space, equipment, and supplies b. only her foregone salary of $42,000 per year c. both the expenses incurred for office space, equipment, and supplies, and her foregone salary of $42,000 per year

Accounting 4210, Practice Exam 1 Solution Name______________ Section___ Instructions: You have 75 minutes to complete 11 questions on this exam. The 10 multiple choice questions are worth 4 points each. a. Credit will only be given for clearly circling one of the four options. The workout questions are worth a total of 60 points. a. Credit will only be given if you clearly show your work, and clearly indicate the final answer.

Unit 6 Assignment Eddie Mathis AC410-01, Unit 6 Professor Cochran 12–21. Nolan Manufacturing Company retains you on April 1 to perform an audit for the fiscal year ending June 30. During the month of May, you make extensive studies of internal control over inventories. All goods purchased pass through

| | | | | Selected Answer: |    Agency Fund. | Correct Answer: |    Agency Fund. | | | | | Question 2 4 out of 4 points | | | At the beginning of the year, the permanent fund of  Rapid During the current year, the earnings from this gift were $24,000.  The earnings from this gift should generally be considered revenue to which of the following funds?Answer

be used (1) to pay fees to Bank A and expenses incurred with third parties (accounting

The nonprofit purchased Herzing University for $86 million from the Herzing family, effective January 1, 2015, and continues some leases of property from Herzing family members. According to a press report, a state official said that Herzing likely made the change to avoid new federal regulations and to gain access

c. There is inadequate segregation of duties and independent supervision of social worker entries into the recipient list. Each addition to the recipient list ought to be verified by someone independent of the caseworker establishing the account.

manufacturers of building materials to drive the development and normalization of ‘greener’ products, before statute so requires, can save jobs and promote a highly sustainable construction industry. b. Duties and Investment Powers of the Pension Fund Trustee Union pension funds, financed by a regular contribution of each participant’s income, are formed to manage the retirements assets of member-beneficiaries employed under a collective 4 bargaining agreement.6 Assets of the fund are held in trust under a board of trustees or

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c. I think that doing the right thing is the going to cause the greatest good and least harm. We as humans make mistakes but we need to own up to those mistakes. As the President of this company I cannot have on my conscious something like the Attorney proposed. It is conniving, wrong and harmful to the

(a) Philip The question here is whether Philip’s express trust is binding on Kenneth and, if so, whether it is a legal or equitable interest. Philip is a beneficiary, he has a beneficial interest on the house. One may argue that Philip has an equitable interest to the house as it does not fall within those listed as legal interest under s.1(2) of the Law of Property Act 1925(LPA) . Kenneth will only be bound by Philip’s interest if it was registered as a restriction under s.40 of the LRA

1. You can see what I mean when you examine your paycheck. B. The money that is collected is put in a trust fund that provides a monthly income for retired workers.

a) Provide a detailed explanation of the business process as provided by the case. Contrast the processes in place with those that should have been followed. Explain in detail any deficiencies.

The amount of £300,000 is used to create a discounted discretionary trust using an investment bond, Jeans is the (Settlor) and both her children are made the trustees and her wishes have been made known to them. As a standard process of establishing the trust a discount has to be determined and this is done