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 the audit (1) confirms the accuracy of management’s financial representations. (2) lends credibility to the financial statements. (3) guarantees that financial data are fairly presented
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purchased a 49 cent cup of coffee at the New Mexico franchise. She purchased it through the drive-thru and while her grand son drove‚ she opened the lid while the cup was between legs to add sugar and cream. The opening of the lid was that action that caused as serious problem for McDonald’s‚ by doing so she spilled coffee on her lap. Even though coffee is know to be hot this one was a little more than hot‚ Mrs. Liebeck endured third degree burns form it. Since the coffee was directly on her lap the
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Week 3 Assignments Chapter 7 7. Differentiate between the following: active income‚ passive income‚ and portfolio income. 13. Briefly‚ what is "material participation"? Why is the determination of whether a taxpayer materially participates important? 46. Mary Beth is a CPA‚ devoting 3‚000 hours per year to her practice. She also owns an office building in which she rents out space to tenants. She devotes none of her time to the management of the office building. She has a property management
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At outset‚ a coffee spill case might seem trivial and outrageous‚ but there are various factors for which we feel McDonalds did deserve to be punished. Temperature Conformation to industry standards: Spokesperson of national coffee association says that McDonalds conforms to industry temperature standard and any temperature above 130 degrees could cause third degree burns. Although doctors mentioned that lowering temperature to 160 degrees takes a longer time for burns to take effect
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E6-5 (Computation of Present Value) Using the appropriate interest table‚ compute the present values of the periodic amounts‚ shown on page 344‚ due at the end of the designated periods. (a) $50‚000 receivable at the end of each period for 8 periods compounded at 12%. 50‚000* 4.9676= $248‚380 (b) $50‚000 payments to be made at the end of each period for 16 periods at 9%. 50‚000* 8.3126= $415‚630 (c) $50‚000 payable at the end of the seventh‚ eighth‚ ninth‚ and tenth periods at 12%. 50‚000*
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Alex Garcia Sociology 002 12:10-1:35 5/21/2014 “HOT COFFEE” REACTION ESSAY After watching the documentary “Hot Coffee‚” I realized that it greatly explained how one incident started a domino effect that shook up the way Government protects big business forever. I strongly believe that Tort reform was meant to back big business and take away the rights of Americans who are wronged by these corporations. From a sociologist standpoint I can especially see the concerns of
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creates harm should make things right by compensating those harmed II. Classification of Torts * In the US‚ torts are classified as intentional‚ negligent‚ or strict liability. * Negligent Torts occur when the defendant acts in a way that subjects other people to an unreasonable risk of harm * Strict-Liability Torts occur when the defendant takes an action that is inherently dangerous and cannot ever be undertaken safely‚ no matter what precautions the defendant takes *
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Homework. Everybody has it. it’s just a fact of life for any middle school student. You go to school‚ and you work. You come home and you work some more. Work at home. Homework. it’s been given out and policed for so long that no one really questions it anymore. But now we are. Homework doesn’t help; it hurts. Middle schoolers in particular should not be assigned homework. First of all‚ most teachers give out homework because they believe the practice will help kids understand and learn more
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Contracts‚ Torts and Product Liability Name Institution Chapters 6 and 7 of John McAdams book are on contracts‚ business torts‚ and product liability respectively. In order to understand these chapters fully‚ I will provide an appropriate case and the court’s ruling due to the influence of factors discussed in these two chapters. Before I discuss this case‚ an introduction on the keywords in these chapters in relation to business law is necessary. A contract is a binding legal
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Is Homework Really Necessary? Where is your pencil! Get your books out now! Stop mucking around! Get on the table this instant! Do you recognise this? This is just an average day of my life with my parents when I have to finish my homework. Is homework really necessary? I do not think so. Homework is just hours and hours of late nights that ruin your social life and sporting activity.
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