chief accounting
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A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a...
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A: Consignment is the facility available to the consignor by transferring the goods to the consignee on...
Q: Assume the labor rate variance is $400 unfavorable and the labor spending varlance is $200 unfavorab...
A: Solution. Labor rate variance = $400 Unfavorable Labor spending variance = $200 Unfavorable Labor ...
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A: The product costs are the costs which are directly related to the production. The variable costing i...
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Q: Distinguish between Tax Exemption and Tax Amnesty?
A:
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A: Capitalized costs are incurred when purchasing fixed assets. A capitalized cost is an expense added ...
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A: The partnership comes into existence when two or more persons comes together to do the business and ...
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A: Liquidation means where the company affair has been closed and payment is made to the outside liabil...
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A: Calculation of Current Ratio Current Ratio = Current Assets/ Current Liabilities Current Ratio = $ 8...
Q: If GENERAL MILLS failed to recognize depreciation expenses, how would it impact the financial statem...
A: Depreciation shows the value of fixed assets used in the business during an accounting period. It is...
Q: Share certificates are issued to subscribers upon-
A: Shares are the capital for the company that is issued by the company in order to fulfill its capital...
Q: As You Read QUESTION What could happen if your employer did not deduct federal income taxes from you...
A: Introduction:- A paycheck, also known as a paycheck is a paper document issued by an employer as pay...
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A: Variable cost means the cost which vary with the level of output and fixed cost means the cost which...
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A: Regression line equation shows the relationship between two variables, one being dependent variable ...
Q: $73
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A: Here while calculating the deduction in the vehicle by using standard mileage rate and actual cost m...
Q: iventor entory:
A: Branch AccountingIn simple term branch accounting are kept separate accounting which each branch in ...
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A: Suey is getting interest on capital P4,000 and Salary P10,000 But his total Share is P40,000. Diff...
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Q: e applicable to the pla
A: A statement showing the item-wise amount of all the money received by an individual from the employe...
Q: The following data were taken from the books of A&B Co, a partnership of Alpha and Beta for 20x1: A...
A: The partnership comes into existence when two or more persons agree to do the business and further s...
Q: CCC Company purchased a building for S500,000 on January 1. 2016. The building is estimated to have ...
A: Annual depreciation = Cost of asset - Residual valueEstimated useful life = $500,000 - $050 years ...
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A: Solution 1: MSI Differential Analysis Particulars Make Buy Difference in cost Direct Mat...
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A: Given: Yield of result=10 years Percentage=2.6%
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Q: During 2021, Montoya (age 15) received $2,300 from a corporate bond. He also received S900 interest ...
A: Solution We are provided with the following information Amount received from corporate bond = $ 2,30...
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A: 2) nd option -to record depreciation and amortisation expenses is false because LIFOis an inventory ...
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A: Phantom share are not actual shares, therefore the same shall not be included in equity component.
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A: Here asked for multi sub part question we will solve firs three sub part question for you. If you n...
Q: Find the future value of the ordinary annuity. Interest is compounded annually. R=8000; i=0.07; n=15...
A: Future value of ordinary annuity = P x [(1 + i)^n - 1]i where, P = Annuity amount i = rate of inte...
Q: Crush and Ni are in partnership and prepare their accounts to December 31 each year. On July 1, 2015...
A: “Since you have asked multiple questions, we will solve the first question for you. If youwant any s...
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A: Let three engineers are A and B and C. If A invested 4500£ B invested 3000 £ and C invested 1500 £
Q: A company uses a predetermined manufacturing overhead rate C
A: Direct labor cost = Total factor labor cost – Indirect labor cost Direct labor cost = 538,112 - 124,...
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A: Net sales = 900,000 Fixed assets = 1,500,000 - 50,000 = 1,450,000 Fixed assets turnover = ?
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A: Answer ; Given that : Units : Work in progress inventory, July = 0 Started production = 50,000 Compl...
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A: The question is related to Marginal Costing. The Contribution Margin is calculated with the help of ...
Q: the statement of financial position of the partnership of Bee, Cee and Dee, who share profits in the...
A: Solution Partnership is a formal arrangement by two or more parties to manage and operate a business...
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A: Given that Eva age is 15, since her age is below 19 she can be treated as qualifying child.
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A: Statement of cash flows is one of the financial statement which shows all cash inflows and cash outf...
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A: Viraj Limited obtains a machine costing $ 45 Lakhs by way of lease, The life of asset is 14 years an...
Q: ased on that in
A: Introduction The consumer surplus is the difference between the expected consumer expenditure and t...
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A: Cash budget refers to estimation of periodic expenses and income which mentions prospective cash flo...
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A:
Your spouse has just accepted a new job as chief accounting officer at conpany ABC, which is an iesba restricted audit client
you are a member of the audit engagement team what are independence inplications
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- One of your friends remarks, I understand that before voting on an Update to Accounting Standards, the FASB allows written comments and oral presentations in which interested parties can lobby for a particular ruling. Do you think this is a good idea? Required: Prepare a written response that discusses the advantages and disadvantages of the FASBs allowing interested parties to provide input to its deliberative process.Barbara Wells is a first-year auditor for a large public accounting firm. She was assigned to audit Larson Brothers; the CEO of Larson is her brother. She discussed some of her findings with family members. What is the relevant requirement (s) for the ethical behavior of an auditor? a. Qualified to carry out the scope of service b. Confidential c. All of those listed d. IndependenceComment upon each of the following statements you heard in a conversation between two newly hired staff auditors.a. “Of course, I’m qualified to be assigned to this engagement. I have an accounting degree from a top university and was an honors graduate. I know some of the accounting rules have changed since I graduated, but I’ll be able to figure that out as we go through the audit.”b. “It doesn’t really matter what others think. . . . I’m completely independent of Acme Industries and should be a member of the audit team. While I own some stock, it’s a small amount and I’m holding it for the long term, anyway.”c. “You really have to question everything the client tells you. That’s what professional skepticism is all about. It’s a shame you can’t believe a word they say.”d. “The evidence is lower in quality, but we typically use internal evidence when we audit property, plant, and equipment. It just takes too much time and costs too much to get more reliable evidence.”e. “On that last…
- You have recently been appointed as auditor to Johnson Plc; a company whoseshares are traded on the Stock Exchange. The Directors of Johnson Plc haverecommended that you perform the following services .(i) The statutory audit of the annual financial statements.(ii) Taxation services, and(iii) Consistency services in respect of the implementation of a new informationtechnology systemYour firm has not acted for Johnson Plc before but does act as auditor for one of themajor competitors.Required.(a) Identify and explain the professional and ethical issues that should have beenidentified by your firm in relation to the provision of the services outlined above,and describe the safeguards that should be in place in order to address theseissuesJohn works as a manager in the Aster office of an international public accounting firm. His father has just taken a position as a purchasing agent for one of the public accounting firm’s Aster clients. Has Mr. John’s independence been impaired with respect to this audit client? Has the public accounting firm’s independence been impaired if John does not work on the audit?Tana Thorne is an accountant who aspires to become a partner in a public accounting company. Thorne is invited by Allnet Company's management to submit a proposal to audit Allnet's financial accounts. When considering the audit charge, Allnet's management offers a price range based on Allnet's reported earnings. The more the profit, the greater the audit fee payable to Thorne's business. What ethical considerations apply to this situation? Explain.
- Your spouse has just accepted a new job as an Accountant at an SEC restricted audit client. Which factors must you consider in order to determine whether this impacts your independence?Victoria Lilly is a practicing CPA. A long-time audit client has asked Lilly to design and implement a computer-based accounting information system. The fees associated with this opportunity are very attractive. However, Victoria is concerned that she will not be able to maintain objectivity in future financial statement audits if she was responsible for the design and implementation of the client's accounting system. Furthermore, Victoria knows that professional standards require her to remain independent in "fact" and "appearance" from her auditing clients.1. In regards to financial statement audits, what is the difference between independence in "fact" and independence in "appearance"?2. Why do professional standards require that an auditor remain independent of their audit clients?3. Do you believe that Victoria can accept the engagement to develop the client's accounting system and still remain independent? (Support your answer)Discuss how each of the following could affect independence of mind and independence in appearance, and evaluate the social consequence of prohibiting auditors from doing each one: Owning stock in a client company. Having bookkeeping services for an audit client performed by the same person who does the audit. Having a spouse who is the chief financial officer of a client company. (More detail)
- Which of the following is true?a. Members of an audit engagement team cannot speak with audit client officers about matters outside the scope of the audit while the audit engagement is in progress.b. Audit team members who leave the public accounting firm for employment with auditclients can provide audit efficiencies (next year) because they are very familiar with thefirm’s audit plans.c. Audit team partners who leave the public accounting firm for employment with auditclients can retain variable annuity retirement accounts established in the person’s formerfirm retirement plan.d. The public accounting firm must discuss with the audit client’s board or its audit committee the independence implications of the client’s having hired the audit engagement teammanager as its financial vice president.Discuss whether the chartered accountants/registered auditors identified in each of the situations described below have failed to comply or are in danger of failing to comply with the fundamental ethical principles in the SAICA Code of Professional Conduct (2022). (First state the ethical principles/s and then the explanation for each principle.) Note: Any of the given situations may amount to non-compliance with more than one principle. Q2.1. John Smith is a registered auditor and the engagement partner on the audit of Letsatsi Safaris Ltd, a large company that owns several wildlife game reserves in South Africa and neighbouring countries. One of the perks of being the audit partner of Letsatsi Safaris Ltd, is that the managing director of the client grants a seven night free stay at a five star all inclusive lodge for four people. John is very excited about this prospect. However, in return, the managing director of the client requires an unqualified audit opinionYou have recently been appointed as auditor to Johnson Plc; a company whoseshares are traded on the Stock Exchange. The Directors of Johnson Plc haverecommended that you perform the following services .(i) The statutory audit of the annual financial statements.(ii) Taxation services, and(iii) Consistency services in respect of the implementation of a new informationtechnology systemYour firm has not acted for Johnson Plc before but does act as auditor for one of themajor competitors.Required. (b) What are the fundamental principles of ethics? Briefly explain their meaning
