Acct 496 CH5 Assignment Kangkang Guo Q1. What is a provision‚ and when must a provision be recognized? Provision provides guidance for reporting liabilities of uncertain timing‚ amount‚ or existence. A provision should be recognized when: 1). The entity has a present obligation (legal or constructive) as a result of a past event. 2). It is probable (more likely than not) that an outflow of resources embodying economic events will be required to settle the obligation. 3). A reliable estimate of
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Contemporary Auditing Chapter 5 – Comprehensive Question 5-30 (Assertions) In planning the audit of a client’s financial statements‚ an auditor identified the following issues that need audit attention. Please only write in the associated assertion 1. Valuation or allocation 2. Completeness 3. Existence and occurence 4. Completeness 5. Rights and obligations 6. Completeness 7. Valuation and allocation 8. Existence and occurence 9. Presentation and disclosure 10. Valuation or allocation
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Audit Documentation Purpose: 1. Main evidence of procedures‚ work performed on audit 2. Prepare sufficient & appropriate audit documentation on timely basis 3. enhance audit quality 4. facilitate effective review 5. evaluate audit evidence obtained & conclusions reached before finalizing auditor’s report 6. assisting audit team plan & perform for audit 7. assist audit team members’ supervise & direct audit work‚ discharge responsibilities (Quality Control
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Netflix Business Risk Maria C. Martinez FIN-317-4929 January 21‚ 2013 Professor Russ For a low monthly price Netflix allows their customers not only to streamline videos on their mobile devices and computers but also choose from a wide variety of DVD’s. This allows for the consumer to watch as much which is beneficial for someone that has a busy schedule and would like to go back and catch up where they left off. As with every business there are risks associated with the everyday operations
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A perfectly competitive firm is a: Correct Answer : price taker The Choices Were: • loss leader • price leader • price taker • price maker ________________________________________ Correct Answer A firm that has monopoly power is a: Your Answer : price maker Correct Answer : price maker The Choices Were: • loss leader • price leader • price taker • price maker ________________________________________ Correct Answer For a perfectly competitive firm‚ price is always identical
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Chapter 5: The Sale of Goods and Consumer Protection Law Exercises True or False? 1. Leases are governed by the Sale of Goods Act. (F) 2. Fitness for intended purpose is an implied condition under the Sale of Goods Act. (T) 3. Specific performance is a remedy available in special circumstances only. (T) 4. Unpaid sellers have no statutory remedies. (F) 5. The Consumer Protection Act‚ 2002 requires that ambiguous contract terms be construed in favour of the consumer. (T) 6. The Consumer
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One TV show that has meaning to me within the show is "7th Heaven." The show is based on the lives of a preacher‚ his wife‚ and seven children. The show‚ "7th Heaven‚" started when I was in 6th grade‚ in 1999‚ and I hardly ever miss an episode. Each episode holds a life lesson that everyone can connect with in some way. "7th Heaven" has captured the hearts of television audiences with its witty‚ charming and heartwarming stories and has been praised for providing high-quality entertainment for all
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------------------------------------------------ Business Risk vs. Audit Risk By Gabriel Agboola The following article first appeared online in the IT Compliance Institute Ask The Auditor column. Used with Permission. What’s the difference between business risk and audit risk? Business risk relates mainly to an organization’s goals and objectives. It is essentially the potential cost incurred if the business does not achieve its strategic plans. The assessment and management of business risk has evolved into formalized
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accordance with an identified financial reporting framework. An auditor is setting out to achieve enhanced credibility of information disclosed to increase reliability for the users of the financial statements. A definition from the Committee on Basic Auditing is as follows: A systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating
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JESUS CHRIST: GOD’S REVELATION TO THE WORLD CHAPTER 5 KINGS AND PROPHETS AWAITING THE MESSIAH Conquest of the Promised Land Joshua The Lord fought for Israel‚ and without his help‚ the Israelites would never have settled in the “land flowing with milk and honey.” Joshua led the Israelites into the Promised Land. Judges In ancient Israel‚ judges were those who acted as temporary military leaders‚ as well as arbiters of disputes within and between tribes. Judges were also expected to remind the
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