Module I - Assessment of Inherent Risk 1. See Figure BR.A-Biltrite’s organizational chart. Based on the chart and the case description‚ the following strengths and weaknesses should be identified: STRENGTHS: • The structure shows adequate separation within the CBIS function‚ i.e.‚ systems analysis and programming are separate from data processing and control (implications for control risk assessment) • Separation is also maintained between the accounting and finance functions (implications
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Derek Greenfield Intermediate Accounting I 3/2/2012 CA1-1.) 1. True 2. False‚ must comply with all standards and interpretations including disclosure requirements 3. True 4. False‚ FASB must operate in full view of public through a “due process” system that gives interested parties ample opportunity to make their views known CA1-3.) 1. D 2. A 3. D 4. B 5. A 6. B 7. A 8. B E2-5.) Assets- F Liabilities- B Equity- I Investment by owners-
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IPSAS 17—PROPERTY‚ PLANT AND EQUIPMENT Acknowledgment This International Public Sector Accounting Standard (IPSAS) is drawn primarily from International Accounting Standard (IAS) 16 (revised 2003)‚ “Property‚ Plant and Equipment” published by the International Accounting Standards Board (IASB). Extracts from IAS 16 are reproduced in this publication of the International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) with the permission
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accounting concept? A) B) C) D) 2) Going concern. Historical cost. Consistency. Prudence. Which statement relating to depreciation is true? A) The cash account is affected by charging depreciation B) Accumulated depreciation represents the portion of an asset’s cost that has been transferred to depreciation expense C) Accumulated depreciation is a contra-expense account D) Depreciation represents cash that can be used to replace assets when they wear out 3) As at 31 December 2010 there are outstanding
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$121‚000 Accounts receivable 83‚200 Allowance for doubtful accounts 13‚300 Inventory 74‚200 Prepaid expenses 17‚800 Investment in subsidiary (equity method) 20‚000 Plant and equipment 210‚000 Accumulated depreciation 130‚000 Accounts payable 80‚700 Accrued liabilities 21‚500 Deferred tax liability 15‚500 8% serial bonds 80‚000 Common stock‚ $10 par 90‚000 Additional paid-in capital 150‚000 Retained earnings—Appropriation
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Chapter 9 Property Acquisition and Cost Recovery McGraw-Hill Connect Homework Answers 40. [LO 1] Emily purchased a building to store inventory for her business. The purchase price was $760‚000. Beyond this‚ Emily incurred the following necessary expenses to get the building ready for use: $10‚000 to repair the roof‚ $5‚000 to make the interior suitable for her finished goods‚ and $300 in legal fees. What is Emily’s cost basis in the new building? $765‚300 cost basis‚ computed
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Exam training Case 1 Chapter 1 Basics of financial reporting Chapter 2 International accounting differences Chapter 3 The process of harmonization Case 1 Case of Sanofi – Aventis Case “Old habits die hard” Case 2 Chapter 11 Basics of interpretation of financial statements Chapter 30 Interpretation of financial statements Chapter 31 Techniques of financial analysis Calculate ratios and conduct the analysis Case 2 Calculate Profitability
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recognizing revenues? Why or why not? Case 3: Depreciation at Delta and Singapore Airlines Presentation date: Dec 3 1. Calculate the annual depreciation expense that Delta and Singapore would record for each $100 gross value of aircraft. (a) For Delta‚ what was its annual depreciation expense (per $100 of gross aircraft value) prior to July 1‚ 1986; from July 1‚ 1986 through march 31‚ 1993; and from April 1‚ 1993 on ? (b) For Singapore‚ what was its annual depreciation expense (per $100 of gross aircraft value)
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Chapter 10 Property: Dispositions SOLUTIONS MANUAL Discussion Questions: 1. [LO 1] Compare and contrast different ways in which a taxpayer triggers a realization event by disposing of an asset. A realization event for tax purposes is created in many ways. Virtually any disposal will result in a sale or other disposition. These include a sale‚ trade‚ gift to charity‚ disposal to the landfill‚ or destruction in a natural disaster. In a sale or trade (exchange)‚ the taxpayer receives something
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market value; 3. Identifying and forecasting incremental expected cash flows‚ including initial and ongoing capital expenditures‚ investment in net working capital‚ and proceeds from asset sales; 4. Understanding the tax consequences of depreciation and asset sales; 5. Evaluating whether a policy of reselling or scrapping a vessel is most valuable. Guideline questions to cover in the case analysis: 1. What is the key issue addressed in this case? Or in other words‚ what is the
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