EXAMPLE - QUIZ QUESTIONS 1. Prepare journal entries to record the following transactions of a public company: (3 Marks) a) 1 Feb. 2009 Omega Ltd issued a prospectus inviting subscription for 500‚000 ordinary shares at an issue price of $2.00 each‚ payable in full on application. b) 20 Feb. 2009 Applications closed and 500‚000 shares were received. c) 28 Feb 2009 Directors allotted the shares ____________________________________________________________________________________
Premium Balance sheet Goodwill
|Case 4.6 | |Instructional Notes | | | |Phar-Mor‚ Inc.:
Premium Audit Auditing Financial audit
discrimination after the abolition of slavery. However‚ the housing landscape began to shift in the early 20th century. Although its studies were limited to population samples within the city‚ the Kansas City Board of Public Welfare’s 1913 Social prospectus of Kansas City played a significant role in the inception of racial housing segregation by singling out race as a cause for the social problems a number of blacks faced in their neighborhoods. The report was
Premium Urban decay African American Racism
BBGP Case 8.3: In this case study‚ you are asked to do work related to performing a substantive analytical procedure for ticket revenues. AU-C 520 will be helpful in completing this assignment. You were previously assigned to read this standard but it would be helpful to review it before beginning the assignment to understand some of the factors that affect substantive analytical procedures‚ particularly forming an expectation. Please complete the following table AFTER reading the case. Below
Premium Scientific method Logic Thought
1. We are all familiar with the basic revenue recognition rule: revenue should generally be recognized when it is realized or realizable and when it is earned. Although seemingly simple‚ that rule can be difficult to apply‚ particularly in rapidly evolving high-tech industries. Revenue recognition within the software industry has been a complex and controversial issue since the inception of that industry during the latter part of the twentieth century. The FASB addressed that issue at length
Premium Audit Auditing Financial audit
Question 1. Ethical Considerations (A) As an auditor when provide professional service and client have to follow the fundamental principle of the code of Ethics Integrity An auditor has to be fair and honest to the client. There is an obligation on the auditor to be straightforward and honest in all the professional and business relationships. In this case‚ an auditor has to be integrity to present their honest and fair to the client. Even Game’s Limited’s managing director is unhappy with
Premium Audit Auditing Inventory
statements? (1) A misappropriation of assets may exist‚ and it is more likely to be detected by independent auditors. (2) Different interests may exist between the company preparing the statements and the persons using the statements. (3) A misstatement of account balances may exist and is generally corrected as the result of the independent auditor’s work. (4) Poorly designed internal controls may be in existence. b. An independent audit aids in the communication of economic data because
Premium Auditing Audit Internal control
Audit & Investigation AQ002-3.5-2-AINV-T 15-Jun-12 WASEED AHMED LECTURER: MR. MEGAT ABDULLAH MEGAT MAHMUD Table of Contents Different roles of internal and external auditors. 4 Internal auditors: 4 External auditors: 4 Identify the benefits in forming an audit committee. 6 Evaluate the strengths and weaknesses of MPL’s control environment: 7 Control Environment: 7 a. Integrity and Ethical Values:
Premium Management Auditing Education
The SEC’s Case against California Micro Devices: A Lesson in Using Professional Skepticism and Obtaining Sufficient Appropriate Evidence This particular case‚ involving the SEC‚ Coopers & Lybrand‚ and California Micro Devices‚ Inc. encompasses charges for neglecting to comply with auditing standards. The Securities and Exchange Commission makes these charges against Michael Marrie‚ audit partner‚ and Brian Berry‚ manager‚ of Coopers & Lybrand. There are three main areas in which the
Premium Auditing Audit Financial audit
BUSINESS RISK EVALUATION FOR DELL COMPUTER CORPORATION OPERATIONAL ANALYSIS: For the fiscal year ending February 2008‚ Dell’s net revenue totaled $61.1 billion‚ and its net income was $2.9 billion. The company’s total assets valued $27.561 billion‚ with cash and equivalents making up the largest portion‚ which totaled $7.764 billion. The company’s cash flow in operating activities was $3.949 billion‚ and had approximately 88‚200 total employees‚ including around 82‚700 regular employees and 5‚500
Premium Generally Accepted Accounting Principles Strategic management Income statement