REQUIRED: Draft the appropriate audit opinion given the following scenarios. Each situation is independent of the other situations. 1. Proli Footwear’s management refuses to accrue the accounts receivable loss related to the bankruptcy of Moccasins For All. 2. The bank is expected to withdraw its financing because: a. The Company has projections that indicate continued decrease in earnings and reduced revenues; OR b. The Company has violated certain loan covenants that the bank will not waive
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of these conditions can be seen in the fraud at Waste Management. Waste Management was under pressure from other companies within the industry that could offer the same services at lower prices to customers. Dean L. Buntrock‚ founder‚ chairman‚ and CEO of Waste Management was the driving force behind the fraud. Buntrock set the earnings targets‚ fostered a culture of fraudulent accounting‚ and personally directed certain of the accounting changes to make the targeted earnings. Buntrock presented
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file for medical case management. Instructions were given to meet with Timothy Blackmore and assist with coordination of appropriate and related medical care‚ and identify needs to facilitate recovery. INTERVIEW SETTING On 6/27/17 I met Mr. Blackmore at the office of St. Joseph Bone and Joint. Mr. Blackmore arrived with his wife. He is alert and oriented. He was open and provided medical history and current status of his right hand. Mr. Blackmore is willing to work with a nurse case manager. MEDICAL
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costs Labor costs of assembly-line workers $110‚000 – Direct labor Sales commissions $35‚000 – Period costs Factory supplies used $13‚000 – Direct materials Salaries paid to sales clerks $50‚000 – Period costs (b) Explain the basic difference in accounting for product costs and period costs. Product costs are manufacturing costs‚ direct components‚ direct labor and manufacturing overhead‚ do not become expenditures until the company sells inventory. Period costs are non-manufacturing costs‚ including
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(a) Briefly explain what prompted some countries over the world to strongly advocate harmonization of accounting. The important reasons which necessitate harmonization of accounting practices are well contained in the observation made by Saudagaran. “While the initial efforts at harmonization were mainly championed by political bodies and professional accounting organizations‚ current pressures to harmonize are driven by investor groups who use financial statements‚ multinational companies which
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Chapter 8 Non-Current Liabilities Assessment Questions AS-1 ( 1 ) Name the typical forms of non-current debt. A typical and common form of non-current debt is a term loan from a bank. Another form of ______________________________________________________________________________ non-current debt is bonds. ______________________________________________________________________________ ______________________________________________________________________________ AS-2 ( 1 ) What is a bond
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The lecture last night discussed accrual accounting concepts such as timing issues‚ and the basics of adjusting entries. The discussion went into more detail on periodicity assumption and how accounting divides the economic life of a business into artificial time periods. These time periods are generally a month‚ a quarter‚ or a year‚ now whether it is a fiscal year or a calendar year that is determined by the company itself. The lecture then reviews the revenue recognition principle which expects
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Comparing Accounting Software Programs to Manual Accounting Manual accounting uses several paper ledgers to record financial transactions. It is very time consuming to record each single transaction onto paper‚ being very cautious not to make an error. There are several ledgers for each part of the accounting system‚ such as accounts payable‚ accounts receivable‚ and revenue accounts. Combining these ledgers into one general ledger‚ provide the balance for each ledger. The general ledger
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CHAPTER 11 CHAPTER 11 Question 1 How would you evaluate jobs in terms of the Big Five personality dimensions? Conscientiousness‚ Jobs returned to rescue apple in his parent’ garage from near bankruptcy. He helped to transform seven industries likes personal computing‚ animated movies‚ music‚ phones‚ tablet computing‚ retail store and digital publishing. It was producing an array of computers and peripherals including a dozen different versions of the Macintosh. Part of jobs’s compulsion to take
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What Counts as ‘Theory’ in Qualitative Management and Accounting Research? By: Robert Hartono Qualitative research in the management and accounting disciplines rely in empirical work to gather information on organizational actions‚ events‚ structures‚ and process. This article will focus on what is theory‚ levels of theorization‚ how recent works related to the level of theorizing‚ the implications of defining different level of ‘theory’. It will also explain how ‘levels’ of theory relate to
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