1. A change in the amortization rate for an intangible asset should be accounted for as a a. change in accounting principle. b. change in reporting entity. c. correction of an error. d. change in accounting estimate d 2. Wriglee‚ Inc. went to court this year and successfully defended the brand name of its product‚ "Sweet Gum‚" from infringement by a competitor. The cost of this defense should be charged to a. patents and amortized over the legal life of the patent. b. legal fees and amortized
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Investigating the water potential of a potato Aim Osmosis is the movement of water molecules from a region of high water concentration to a low water concentration through a semi-permeable membrane. Our aim is to investigate the water potential of a potato through osmosis‚ by finding the difference in weight before and after the potato has been set in a solution of water‚ sugar or salt. Trial Method Firstly we collected the equipment. This included a scalpel‚ potato cutter‚ and test tubes. Then we cut
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Vacation pay affects your payroll processing. This is true of almost any jurisdiction you operate in‚ including different states and provinces‚ and even different countries. In Canada‚ the provinces have final say over how vacation pay is to be tabulated and disbursed to employees. Quebec‚ for example‚ has some unique rules about how much vacation time employees are entitled to and how much pay they receive. Ontario’s rules are different‚ as are BC’s and Alberta’s. What about Saskatchewan? Vacation
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Management ’s attitude toward aggressive financial reporting and its emphasis on meeting projected profit goals most likely would significantly influence an entity ’s control environment when A. The audit committee is active in overseeing the entity’s financial reporting policies. Answer A is incorrect. An active audit committee tends to temper management ’s aggressive stance. B. External policies established by parties outside the entity affect its accounting practices. Answer B is incorrect
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Eureka! Test A proposal presented to the faculty of software technology Datamex College of Saint Adeline Pasig City In partial fulfillment Of the requirements in the subject “Software Project” Presented To: Mr. Mark Bryan O. Mercado Presented By: Anna Bien Suriaga Angela Soriano Johnvie Tolentino Date of Submission: January 12 2011 Chapter I. Introduction Intelligence quotient (I.Q.) A numerical quotient obtained by multiplying the mental age of a person and dividing
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receivable turn days 2. a. Describe the implications of the resulting ratios for the auditor’s audit strategy for year 20x9. b. What specific audit objectives are likely to be misstated? c. How should the auditor respond in terms of potential audit tests? 14-28 (Controls over cash receipts processing at a church) You have been asked by the board of trustees of a local church to review its accounting procedures. As a part of this review‚ you have prepared the following comments relating to the collections
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SWOT MATRIX TOPIC: Mini Mart’s Inventory System with Barcodes INTERNAL EXTERNAL FACTORS | A. STRENGHTS * Existing customer base * Good quality of the products * Existing brands * Worker’s unique skill set * Location of the business | B. WEAKNESSES * Lack of knowledge * Lack of customer service * IT skills-Process * Financial Position * Undifferentiated products | C. OPPORTUNITIES * Sales * New products * Cross-selling
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Internal Control Definition Internal control is broadly defined as a process‚ effected by an entity’s board of trustees‚ management‚ and other personnel‚ designed to provide reasonable assurance regarding the achievement of objectives in the following categories: 1. Effectiveness and efficiency of operations 2. Reliability of financial reporting 3. Compliance with applicable laws and regulations 4. Safeguarding of assets Internal control consists of five interrelated components:
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Payroll plays a major role in a company for several reasons. From an accounting point of view‚ payroll is crucial because payroll and payroll taxes considerably affect the net income of most companies‚ and they are subject to laws and regulations. The primary mission of the payroll department is to ensure that all employees are paid accurately and timely with the correct withholdings and deductions‚ and to ensure the withholdings and deductions are remitted in a timely manner. Because of the self-policing
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Ethical Dilemmas for Auditors Discussion Paper May 2006 1 The Institute of Certified Public Accountants in Ireland Ethical Dilemmas for Auditors Dilemma One – Non-Audit Services 3 Dilemma Two – Fee Levels 6 Dilemma Three – Ethics Partner 7 Dilemma Four – Long Association with the Audit Client 8 Dilemma Five – Commencement in Practice 9 Dilemma Six – Financial Interest in a Client 10 Dilemma Seven – Business relations with audit clients 11 Dilemma
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