If you become aware of a breach or violation, you should
Q: Required information [The following information applies to the questions displayed below.] Lawson Co...
A: All assets and expenses normally has debit balance. All liabilities normally has credit balance. All...
Q: Rosenthal Company manufactures bowling balls through two processes: Molding and Packaging. In the Mo...
A: The equivalent units are calculated on the basis of percentage of the work completed during the peri...
Q: The following transactions took place at the Cook Employment Agency during November 20X1. DATE TRANS...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: Under the new Tax Cut and Jobs Act of 2017 rules for the computation of taxable income did not chang...
A: ANSWER Tax Liability: Tax liability is the total amount of money that is liable to pay the tax b...
Q: Davao Company prepares quarterly interim financial reports. The entity sells electrical goods and no...
A: Given data: Sales in the first quarter = P10,000,000 Sales in the second quarter = P15,000,000 Provi...
Q: Prepare the company’s journal entries for (a) the January 1 issuance, (b) the July 1 interest paymen...
A: Effective Interest rate refers to the compounded interest rate that the bond holder actually pays as...
Q: 21. A nonprofit hospital reported the following final ending amounts in its financial statements for...
A: Non profit organization as the name suggest is run not for profit motive but the main objective is t...
Q: An interest-bearing note for 118 days at 6.4% p.a. simple interest has a face value of $4053. If the...
A: An interest bearing note is a loan from the lender to the borrower on which interest is accrued and ...
Q: You are buying your first house for $220,000 and are paying $30,000 as a down payment. You have arra...
A: Answer) Calculation of monthly payment Installments are to be paid monthly Amount Borrowed $19...
Q: ABC and XYZ Inc had the following balance sheets on December 31, 2021: (see image below) On January ...
A: Consolidated financial statements are those statements which are prepared by the parent company in c...
Q: Selected transactions for Martinez, an interior decorator corporation, in its first month of busines...
A: Increase in assets should be debited and decrease in assets should be credited. Increase in liabilit...
Q: Determine the fair value of consideration transferred on the business combination? How many shares w...
A: solution given Number of ABC co’s share 60000 Par value per share 40 Fair value of i...
Q: Miss A has P300,000 annual income while Miss B has P800,000 annual income. Explain the ability to pa...
A: As per ability to pay theory, a taxpayer who earns more income has the ability to pay more tax , no...
Q: XYZ Co had the following accounts at the time it was acquired by ABC Inc (see image below). ABC paid...
A:
Q: On December 30, 2018, Ethnic Museum, a not-for-profit organlzation, recelved a P3,000,000 donation o...
A: A non-profit organization (NPO) is one that is not motivated by financial gain. They are not formed ...
Q: Noncurrent asset or disposal group is classified as "held for sale" when the asset is available for ...
A: Non current assets is one of the type of assets which will be held by the business for longer period...
Q: Problem 9 Johnson Corporation is preparing a flexible budget and desires to separate its electricity...
A: High low method: Variable cost per unit = (Highest activity cost - Lowest activity cost) / (Highest ...
Q: On December 1, 2021, ABC Company acquired all the assets and liabilities of XYZ Inc. issuing 100,000...
A: Purchase consideration for business combination = Fair value of shares of ABC Company issued ...
Q: 1. Journal Entries 2. Cost of Production Report for Department 1 and 2 for the month of June 2021 3....
A: The question provides us with the data of units and the costs incurred under various elements in bot...
Q: Lolo Boy, a senior citizen went to MCDO to treat his 4 grandchildren on account of his retirement. T...
A: Given data, Number of grand children =4 Gross amount =P1,120(inclusive of VAT) The general rate of...
Q: 6. ABC and XYZ Inc had the following balance sheets on December 31, 2021: (see image below) On Janua...
A: Consolidated financial statements are being prepared for combining and consolidating two entities, i...
Q: What did Dennis Kozlowski of Tyco do that was so unethical or illegal in the world of business and a...
A: The answer for the question on unethical or illegal doings of Dennis Kozlowski of Tyco is discussed ...
Q: A chart of accounts is a list of all ledger accounts and an identification number for each. Identify...
A: >Ledger accounts are the accounts of various accounting elements. >These accounts are of R...
Q: Grouper had in beginning inventory 2,320 CDs with a unit cost of $7. During March, Grouper made the ...
A: FIFO: FIFO stands for First-In, First-Out. In this method inventory purchased first will be sell ou...
Q: First Quarter First Quarter Second Quarter Second Quarter 25-Dec-21 25-Sep-21 25-Dec-21 25-Sep-21 26...
A: Vertical analysis is an analysis method in which each figure of the financial statement is compared ...
Q: Question: 1. How many ordinary shares are available for subscription? 2. How many preference shares ...
A: Shares refers to the equity ownership within the company or of the financial assets that are owned t...
Q: San Miguel Beer Manufacturing business reported the following for its first year of operation: Purch...
A: Net Revenue - Net Revenue is calculated after deducting Returns and discount from the gross sales.
Q: Prepare the journal entries to record the following transactions on Pharoah Company's books using a ...
A: The systematical recording of all monetary business transactions is called a journal entry. They are...
Q: Husserl Company included a coupon in each box of its cereal. For every 10 coupons returned by a cust...
A:
Q: se the following information for the next five questions:On January 1, 2021, ABC Co. acquired all of...
A: solution given Number of ABC co’s share 60000 Par value per share 40 Fair value of i...
Q: Determine the ending balance of each of the following T- accounts. Cash Accounts Payable 250 200 3,5...
A: All assets normally have a debit balance. All liabilities normally have a credit balance. All equity...
Q: B3. LO 8.5Record the following transactions: Started a petty cash fund in the amount of $340. Rep...
A: Petty cash fund is that fund which is maintained for small petty expenses of the business. Accountin...
Q: Prepaid insurance 50 Retained earnings (beginning) 1,600 Salaries and wages expense 600 265 Salaries...
A: Net income (NI), also known as net earnings, is calculated by subtracting sales from the cost of goo...
Q: Selected transactions for Marigold, an interior decorator corporation, in its first month of busines...
A: Increase in assets should be debited and decrease in assets should be credited. Increase in liabilit...
Q: Repeat the requirements for part (a), assuming that Bonita Company has no reliable data with which t...
A: The question is based on the concept of Financial Accounting.
Q: Conts XYZ Company prepares monthly interim financial statements. The company needs to estimate the m...
A:
Q: Mayfair Sdn. Bhd. which prepares account to 31.12 annually has the details of the following expendit...
A: Under Malaysian taxation, the capital allowance is allowed to business activities for deduction on a...
Q: nerine College, a private 1 P5,000,000 from alumni for construction of a new wing on the science bui...
A: Restricted Funds These are the funds that are received by a NPO for a specific purpose. So, these fu...
Q: uds are sold in cases, with each case containing a pair of earbuds. SOUND CORE began the last quart...
A: The journal entries of the perpetual and periodic inventory system are as follows:
Q: relates to CEE Company: (Refer to image). Assuming CEE Company used the conventional retail inventor...
A: The value of goods still available for sale and held by a company at the end of an accounting period...
Q: SUPREME, a private not-for-profit fraternal organization, should prepare a statement of finandal pos...
A: Financial statements are those statements and reports which are prepared at the end of accounting pe...
Q: Installment Sales Cost of Installment Sales Gross Profit 1,500,000.00 2,400,000.00 8 1 2,400,000.00 ...
A: In case of multiple sub-parts, only first 3 sub-parts shall be answered. Kindly repost the question ...
Q: 1. What is a compensating balance?
A: Hi student Since there are multiple questions, we will answer only first question.
Q: Question 7 Explain the financial presentation and classification of cash and cash equivalent. (Write...
A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please ...
Q: Cash ccounts receivable quipment ccounts payable . Lawson, Capital $ 11,500 I. Lawson, Withdrawals 5...
A: Solution: Statement of owner's Equity is a statement which represents beginning and ending balances ...
Q: Indicate the financial statement on which each of the following items appears: income statement, sta...
A: Balance Sheet includes asset and liability of the Company Income Statement includes revenue and expe...
Q: A corporation which started in 2016 reported the following date in 2020: Total gross income 3,000,00...
A: Here to calculate the details of income tax due for the corporate sector regular income which are to...
Q: junior banker's salary at Pans bakery has increased to $110,000 per year. This is an example of the:...
A: The level of management help in measurement .There are qualitative and quantitative analysis. Ordin...
Q: 16. Oliver entered into a 40-year lease contract with Bernas. Per agreement, Oli will construct a bu...
A: Under outright method, improvement is recognised as income when the improvement is completed.
Q: In the Invoice Lookup, when view
A: Answer: SAGE 50 is the accounting software that is used by many business to record their day to day ...
Step by step
Solved in 2 steps
- 3 All of these steps will help an auditor minimize litigation risks when performing the audit work, except ___________ Question 3 options: a) Have enough legal fees ready b) Maintain proper documentation and working papers c) Maintaining independence d) Perform quality audit workPlease no written by hand solutions 41. John Yu is an internal auditor currently assigned to a new internal audit assignment at the HR department. However, he is noticing that HR department audit subjects are not cooperative in assisting his requests. On multiple occasions, he noticed that people are avoiding him. John talked to his audit partner, Michelle, and she informed that HR has always been "unfriendly." Which of the following action should John take? a. Raise the issue to the HR manager and reiterate the authority and objective from the audit charter b. Report the the audit committee directly and communicate the risks of scope limitation due to uncooperative auditee. c. Participate in HR department functions and get to know the audit subjects in order to build better rapport. d. Do nothing, it is important that audit subjects and the auditor maintains an arms-length relationship.3. Which of the following is not a computer facility control? (a) Place the data processing center where unauthorized individuals cannot gain entry to the facility. (b) Limit access to the data processing center all employees of the company. (c) Buy insurance to protect against loss of equipment in the computer facility. (d) Use advanced technology to identify individuals who are authorized access to the data processing center. 4.For internal control over computer program changes, a policy should be established requiring that: (a) All proposed changes be approved by a responsible individual and logged. (b) The programmer designing the change should be responsible for ensuring that the revised program is adequately tested. (c) All program changes be supervised by the information system control group. (d) To facilitate operational performance, superseded portions of programs should not be deleted from the program run manual.
- 3. Which of the following is not a computer facility control? (a) Place the data processing center where unauthorized individuals cannot gain entry to the facility. (b) Limit access to the data processing center all employees of the company. (c) Buy insurance to protect against loss of equipment in the computer facility. (d) Use advanced technology to identify individuals who are authorized access to the data processing center. 4.For internal control over computer program changes, a policy should be established requiring that: (a) All proposed changes be approved by a responsible individual and logged. (b) The programmer designing the change should be responsible for ensuring that the revised program is adequately tested. (c) All program changes be supervised by the information system control group. (d) To facilitate operational performance, superseded portions of programs should not be deleted from the program run manual. 5. Auditing "around the computer": (a) Assumes that accurate…Assume Ethan sets a meeting with Vick in two days to follow-up on his request. Vick has decided not to be part of the cover-up. Use the GVV framework to help Vick prepare for the meeting. Consider the following: What should Vick say to counteract Ethan's request? How might Vick's intended action affect the company and the external auditors? Who can Vick go to for support?Match each of the numbered descriptions 1 through 7 with the term or phrase it best reflects. Indicate your answer by writing the letter A through G for the term or phrase in the blank provided. A. Ethics B. Fraud triangle C. Prevention D. Internal controls E. Sarbanes-Oxley Act 1. Requires the SEC to pay whistleblowers. 2. Examines whether financial statements are prepared using GAAP; it does not ensure absolute accuracy of the statements. 3. Requires documentation and verification of internal controls and increases emphasis on internal control effectiveness. 4. Procedures set up to protect company property and equipment, ensure reliable accounting, promote efficiency, and encourage adherence to policies. 5. A less expensive and more effective means to stop fraud. 6. Three factors push a person to commit fraud: opportunity, pressure, and rationalization. 7. Beliefs that distinguish right from wrong.
- LO B-5B.52 Other Responsibilities and Practices Cases. Read the following cases. For each, statewhether the action or situation shows a violation or potential for violation of the AICPACode of Professional Conduct; if so, explain why, and cite the relevant rule.a. CPA Ron Stout completed a review of the unaudited financial statements of Wolfe Gifts.Arvida Wolfe was very displeased with the report. An argument ensued, and she toldStout never to darken her door again. Two days later, she telephoned Stout and demandedthat he return (1) Wolfe's cash disbursement journal, (2) Stout's documentation scheduleof adjusting journal entries, (3) Stout's inventory analysis documentation, and (4) allother documentation prepared by Stout. Wolfe had not yet paid her bill, so Stout repliedthat state law gave him a lien on all of the records and he would return them as soon asshe paid his fee.b. CPA O'Dell May teaches a CPA review course at the university. He needs problem andquestion material for…Question 1The accounting information systems designed and installed in organizations are exposed not only to risks that emanate from users such as fraud, terrorisms, theft and other intentional acts for which control measures must be installed to check and minimize these risks, but also risks that emanate from natural disasters such as widespread flood, earthquake, fire, hurricanes, pandemic outbreak etc. which in most cases are uncontrollable or prevented. In this regard, organizations must have a disaster recovery plan (contingency plan) in place so that the full impact of a naturally occurring disaster can be absorbed to ensure business continuity.Explain how the outbreak of the COVID-19 pandemic impacts on the accounting information system as a natural disaster and the strategies businesses can adopt to maintain current business operations.Question 1The accounting information systems designed and installed in organizations are exposed not only to risks that emanate from users such as fraud, terrorisms, theft and other intentional acts for which control measures must be installed to check and minimize these risks, but also risks that emanate from natural disasters such as widespread flood, earthquake, fire, hurricanes, pandemic outbreak etc. which in most cases are uncontrollable or prevented. In this regard, organizations must have a disaster recovery plan (contingency plan) in place so that the full impact of a naturally occurring disaster can be absorbed to ensure business continuity.Discuss the contingency plans that must be in place before, during and after the outbreak of COVID-19 so that businesses can fully absorbed the pandemic to ensure business continuity.
- Problem 6: Planning the audit is essential for a. obtaining sufficient, appropriate evidence b. keeping costs reasonable to the client c. avoiding a misunderstanding with a client. Elaborate on each step below for the auditor’s objective in achieving the above essential elements. Discuss in detail what each step consists of and give an example for each. Accept the client and perform initial audit planning Understand the client's business and industry Assess client business risk Perform preliminary analytical procedures Set materiality levels and assess acceptable audit risk and inherent risk Understand internal control and assess control risk Gather information to assess fraud risks Develop overall audit plan and programQ2. Consult Paragraphs 3-6 of Quality Control Standard No. 20 (QC 20). Considering the example in the Waste Management case, please explain why a review by the practice director and audit division head is important in the operations of a CPA firm. In your opinion, was this review effective at Waste Management? Why or why not? Q3. Consult Paragraph 7 of PCAOB Auditing Standard No. 13. Do you believe that Andersen’s final decision regarding the PAJE’s was appropriate, under the circumstances? Would your opinion change if you knew that all of the adjustments were based on subjective differences (such as a difference in the estimate of the allowance for doubtful accounts), as compared to objective differences (such as a difference in the account receivable balance of their biggest customer)? Q4. Refer to Sections 203 and 206 of SARBOX. How would these sections of the law have impacted the Waste Management audit? Do you believe that these sections were needed? Why or why not?
