Estimated liabilities are a known obligation that is of an uncertain amount but that can be reasonable estimated. Common examples are employee benefits such as pensions‚ heath care and vacation pay‚ and warranties offered by a seller (Fundamental Accounting Principles‚ Chapter 11‚ Pg 437). When a firm sells products or renders services with a warranty‚ the firms has an obligation towards the customer when the warranty is honored. The warranty liability is an estimate of the obligations. Hence‚ a
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analytical procedures. You have been asked to focus your attention on two purposes of analytical procedures: Assess going concern and Indicate where there is an increased likelihood of misstatements Required for Part 1 Calculate at least ten ratios that are useful to assess going concern using Heritage’s financial statements‚ which are located on Blackboard‚ appendix 1 & 2. Document the ratios in a format similar to the following: Ratios 2009 2008 2007 Current assets 44‚497 Current ratio:
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constructed. We are born either as male or female. Without going any further these statements appear normal and one can take the view that this is the general assumption. What then is sex? Is there a difference between sex and gender? Distinctions between sex and gender have been made by social scientists from the feminist movement of 1970’s‚ when feminists argued that the traditional views of masculinity and femininity often led to the disempowerment of women. Ann Oakley (1972) in particular
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A liability hazard or risk emerges from any activity obliging somebody to pay remuneration for another’s misfortune. However this originates from break or breach of some legitimate commitment. Liability tenets or rules are those figured in delict. There are a few basis utilized by insurers as a part of underwriting liability protection these incorporate the accompanying beneath. Causation Basis By utilizing the causation basis the occasions that cause the misfortune or loss must occur amid the time
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external financial statement audits. 1. What is the purpose of a financial statement audit? a. To confirm the accuracy of management’s financial statements. b. To provide assurance that the audited entity is financially sound. c. To express an opinion on the fairness of the financial statements. d. To provide assurance that fraudulent activities have not occurred. 2. Information risk arises from which of the following situations? a. Adverse selection threats. b. Audit risk‚ inherent risk‚ control
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Print Form 00-1 2009 General Audit Engagement Checklist 20‚401 Section 20‚400 General Audit Engagement Checklist Checklist for Review of Audit Engagements Contents Section I. The Auditor’s Report With Regard to the Auditor’s Report............................................................................................... II. General Audit Procedures With Regard to Client Acceptance .................................................................................................. With Regard
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at NAC 409 Course Prerequisite(s) ACT 201 Course Credit Hours 3.0 Course Description The course covers numerous interesting and important topics for the would-be managers. The course emphasizes on usage of accounting information for managerial decision. Course Objectives The students are expected To understand what sort of information managers need to carry out their planning‚ controlling‚ and decision-making responsibilities. To understand the sources from which the information can be obtained
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choice Ch13 Liabilities TRUE-FALSE—Conceptual 1. A zero-interest-bearing note payable that is issued at a discount will not result in any interest expense being recognized. 2. Dividends in arrears on cumulative preferred stock should be recorded as a current liability. 3. Magazine subscriptions and airline ticket sales both result in unearned revenues. 4. Discount on Notes Payable is a contra account to Notes Payable on the balance sheet. 5. All long-term debt maturing
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has a multi- party system rather than a two party system. Discuss. A political two party system is one where two parties have complete dominance over voting‚ in terms of seats and the general vote. The multi- party system however describes a system where more than two parties have the ability to win role as government. In this essay I will give a balanced argument on whether Britain is a two party‚ or multi- party system. Throughout a significant period in history‚ 1945-79‚ a two party system was
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CHAPTER 6 Audit Evidence |Learning Check | 6-1. a. Audit evidence is all the information used by the auditor in arriving at the conclusion on which the audit opinion is based. Audit evidence includes (1) the accounting records underlying the financial statements and (2) other information that corroborates the accounting records and supports the auditor’s logical reasoning about fair presentation in the financial statements. b. Any information that is obtained
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