Chapter 4 Legal Liability for auditors 4-1. Understand litigious environment‚ which CPAs practice According to Google dictionary‚ litigious environment means a controversial environment. Where a simple mishaps can end up in a heavy lawsuit. Under common law‚ audit professionals have the responsibility to their client to fulfill their agreed on contracts. However‚ if one audit fails to fulfill their contract‚ not only they have to take responsibility to their clients but in some circumstances
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CHAPTER 1 MANAGERIAL ACCOUNTING‚ TYPES AND ETHICS. 1) Managerial Accounting: Firms internal accounting system and designed to support the information needs of managers in order to make decisions. Not bound by GAAP. a) Managerial accounting has 3 objectives: i) To provide information for planning organization actions ii) To provide information for controlling organization actions. iii) To provide information for making effective decisions. b) Reports that help mangers that are nonfinancial are:
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of 2‚000 hours of welding time are avail-able annually on the machine. Since each drum requires 0.8 hours of welding time‚ annual production is limited to 2‚500 drums. At present‚ the welding machine is used exclusively to make the XSX drums. The accounting department has provided the following financial data concerning the XSX drums: Management believes 3‚000 XSX drums could be sold each year if the company had sufficient manufacturing capacity. As an alternative to adding another welding machine
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Tutorial questions: Week 1 Prior to discussing the following scenarios‚ a general discussion on CAMPARI - Character‚ Ability‚ Margin‚ Purpose‚ Amount‚ Repayment‚ Insurance/Security would be appropriate. 1. A 19 year old unemployed male is applying for a credit card with a limit of $1‚500. 2. A 23 year old female on a disability allowance due to her physical disability is applying for a $2‚000 line of credit to purchase a computer and associated hardware and software. 3. A 65 year old
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Chapter 04 Analyzing Investing Activities Multiple Choice Questions 1. Which of the following would rarely be classified as a current asset? A. Prepaid insurance B. Goodwill C. Marketable Securities D. Work-in-progress 2. Which of the following would not be classified as a current asset? A. Inventory B. Accounts payable C. Accounts receivable D. Prepaid expenses 3. An asset is considered to be liquid if: A. it is readily converted into a current asset. B. it is
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Editor-in-Chief: Nasim Smadi Scientific Information Co. “SHUA’A” Vol. 12 2004 - No. 24 Issue 288 nasim@edara.com “Find your voice and inspire others to find theirs.” From Effectiveness to Greatness By Stephen Covey What is The 8th Habit? The 8th Habit consists of a two-part solution: “find your voice and inspire others to find theirs.” Finding your voice means to engage in the work that genuinely taps your talents and fuels your passion and discovers your most intimate capabilities
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that results in future taxable amounts and‚ therefore will usually give rise to a future income tax liability. iii. A permanent Difference b) Indicate if the amounts that are involved in the current year will be added to or deducted from accounting income to arrive at taxable income. 1. Financial reporting purposes: straight line depreciation method is used for plant assets that have a useful life of 10 years; for Tax Purposes: CCA declining balance method is used with a rate of 20%
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In this file ACC 300 Week 4 Learning Team Assignment - Managerial and Financial Accounting Paper you will find overview of the following parts: Managerial and Financial Accounting Paper Managerial Accounting Financial Accounting Managerial and Financial Accounting Objectives Conclusion Business - Accounting Learning Team Assignment: Statement of Cash Flows Resource: Ch. 12 of Financial Accounting Read the scenario presented in Broaden Your Perspective (BYP)
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inside What Is Culture? Development of Culture around the World Cultural Variation Role of Language Norms and Values Global Culture War Culture and the Dominant Ideology Case Study: Culture at Wal-Mart Social Policy and Culture: Bilingualism BOXES Sociology in the Global Community: Life in the Global Village Sociology in the Global Community: Cultural Survival in Brazil Sociology on Campus: A Culture of Cheating? 50 At a fairground in Iran‚ a girl enjoys a Spiderman ride. Shared learned behavior—what
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Chapter 4 Ethical and Social Issues in Information Systems Student Learning Objectives 1. What ethical‚ social‚ and political issues are raised by information systems? 2. What specific principles for conduct can be used to guide ethical decisions? 3. Why do contemporary information systems technology and the Internet pose challenges to the protection of individual privacy and intellectual property? 4. How have information systems affected everyday life? Chapter Outline 4.1 Understanding
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