Question

1. The effects of the ruling by the IRS will affect the reported income of Gargantuan Corporation.

 2. The manager of the department called a meeting for 9:00 a.m. to discuss problems with the proposed budget.

 3. An accrual of expenses reports a more accurate picture of the op- erations of the current business period of the company.

 4. Improvements of the efficiency of production will change the forecast for income in the year to come.

5. The main problem of the staff is the determination of the cost at which to record the purchase.

6. The effect on our audit report of the sale of the bonds is twofold.

7. The income tax return for Steve Warren was filed on April 10

 8. The calculation of the present values of the principal of the bonds and their cash flows will reveal our risk.

9. The amortization of the discount of the bond will allow us to real- ize the cash flows of the bond at an even rate throughout the life of the bond.

 10. The determination of the net income of the company will pose no problems for the accountants in our department.