(The legal rights, responsibilities, and liabilities involved when the accounting function is asked to take action(s)...
(The legal rights, responsibilities, and liabilities involved when the accounting function is asked to take action(s) that may be inconsistent with the accounting basis that the company has traditionally used.
Does it matter if this is a “one-time” shift, or not?
Would it matter if the shift were not disclosed to the company’s lenders or the SEC? Why or why not?
SEC means: Security of Exchange Commission
Homework Answers
The accounting function is a process that summaries the financial transactions taken place during the accounting year of the business.
It matters if there is inconsistentancy in accounting functions as compared to the accounting standards.
Further, all the material facts should be disclosed to the company lenders and SEC.
Add Answer to:
(The legal rights, responsibilities, and liabilities
involved when the accounting function is asked to take action(s)...
Assume you are asked as part of an audit of GE's insurance business to assess fraud...
Assume you are asked as part of an audit of GE's insurance
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Note:
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Assume you are asked as part of an audit of GE's insurance
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report and why?
Required information [The following information applies to the questions displayed below.) On January 30, 2018, General Electric (GE) announced that it was taking an after-tax charge of $6.2 billion in the December 31, 2017 financial statements and additional cash funding of $15 billion in statutory capital contributions to its insurance subsidiary. GE acknowledged a...
Review the Audit report (found in the 10-K) for the following
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Audit Firm, Financial statement
period covered).
Note:
1. Each Company may have two audit reports (one opinion on
financial statements and one for
audit of internal controls) or the two opinions may be combined
into one report.
2. You are not required to review the entire 10-K. Find the
audit report in the 10-K...
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