Homework Answers
1. Tax accounting is more of conservatism accounting is since the firm will always want to pay lesser taxes. Whereas conservatism is not shown in financial reporting as the business will want to disclose being profitable to a large extent. Hence, I agree with the statement.
2. I do not agree. Information concerning tax is relevant for all stakeholders at large rather than just the government. Tax expense is a part of information analysis for investors.
3. I agree with the statement. Only upon fulfillment of certain conditions tax liability or benefit is recognized.
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Part I. Statements (30%) State whether you agree or disagree with the statements. Provide argumentation or descript...
Part I. Statements (30%) State whether you agree or disagree with the statements. Provide argumentation or...
Part I. Statements (30%)
State whether you agree or disagree with the statements.
Provide argumentation or description for each statement.
1. Tax accounting is more conservative toward financial
accounting.
2. Information concerning tax in the financial statements is
not too relevant for the
investors, but only for a government.
3. IFAS 34 basic principle is that the company needs to wait
until the condition is certain
until it can record the tax transactions.
Part II. Cases (70%)
ThecaseI–30%
PT R...
For questions 21-25, state whether you agree or disagree with each of the following statements concerning...
For questions 21-25, state whether you agree or disagree with each of the following statements concerning the auditors' standard report of a non-public company. Write "Agree" or "Disagree" 21. 22. 23. The report should begin with "CPA's Report" at the top. The report is ordinarily addressed to whom it may concern". The report indicates that management is responsible for the preparation of the financial statements. The report indicates that the auditors' responsibility is to obtain absolute assurance about whether the...
For each of the following situations, indicate whether you agree or disagree with the financial reporting...
For each of the following situations, indicate whether you agree or disagree with the financial reporting practice employed and state the basic assumption, component, or accounting principle that is applied (if you agree) or violated (if you disagree) 1. Wagner Corporation adjusted the valuation of all assets and liabilities to reflect changes in the purchasing power of the dollar 2. Spooner Oil Company changed its method of accounting for oil and gas exploration costs from successful efforts to full cost....
H E1-12 Basic Por cach of the following situations, indicate whether you agree or disagree with...
H E1-12 Basic Por cach of the following situations, indicate whether you agree or disagree with the financial reporting practice assumptions and employed and state the accounting concept that is applied Gif you agree) or violated (if you disagree) principles 1. Wagner Corporation adjusted the valuation of all assets and liabilities to reflect changes in the purchasing .LO1-7 through power of the dollar LO1-9 2. Spooner Oil Company changed its method of accounting for oil and gas exploration costs from...
1. Do you agree with Deloitte's assertion that Adams had no "substantive role" in the 2008...
1. Do you agree with Deloitte's assertion that Adams had no
"substantive role" in the 2008 and 2009 Caesars audits? Defend your
answer.
2. The SEC applies a principles-based approach to mitigating the
risks that may undercut auditor independence. Identify the four
guiding principles applied by the SEC to protect the independence
of auditors of public companies.
3. Assume Adams had used his personal funds to finance his
gaming activities in the Caesars casino. Under those circumstances,
would he have...
1) Discuss the company's top risks? 2) Discuss whether the company treats risk reactively or proactively?...
1) Discuss the company's top risks? 2) Discuss whether the company treats risk reactively or proactively? 3) Do you observe a lack of understanding of potential exposures? 4) Does the company focus on internal risks or external risks? 5) Do you think the company is well prepared to respond to potential risks? Orange County he t die Following the debocie Orange County o dmorych of control procedures and financial gove nonce and d e setof o n policies December 1994...
Congn UlIHISsion 074 Cong'c es that arise in research on research to provide guidance on the...
Congn UlIHISsion 074 Cong'c es that arise in research on research to provide guidance on the ethical on human subjects. The result of the commission's work is this report, hics and elucidates which lays out a general approach to thinking about research tes the three most relevant moral principles-respect for three beneficence, and justice. chical Principles and Guidelines for Res h Involving Human Subjects partly because both often occur together (as in re- search designed to evaluate a therapy) and...
PART 1 Introduction to Medical Assisting 12 Grade Name: Date: MULTIPLE CHOICE 1. The branch of...
PART 1 Introduction to Medical Assisting 12 Grade Name: Date: MULTIPLE CHOICE 1. The branch of law concerned with issues of citizen Scenario for questions 6 and 7: A man is found lying unconscious outside the physician's office. You alert several colleagues, who go outside to assess the man's condition. It is clear that he will be unable to sign a consent form for treatment. welfare and safety is: a. private law b. criminal law c. constitutional law d. administrative...
Required: 1. What is the amount of Apple’s accounts receivable as of September 30, 2017? 2....
Required:
1. What is the amount of Apple’s accounts
receivable as of September 30, 2017?
2. Compute Apple’s accounts receivable turnover as
of September 30, 2017.
3. How long does it take, on average, for
the company to collect receivables for fiscal year ended September
30, 2017?
4. Apple’s most liquid assets include (a)
cash and cash equivalents, (b) short-term marketable
securities, (c) accounts receivable, and (d)
inventory. Compute the percentage that these liquid assets (in
total) make up of...
CASE 1-5 Financial Statement Ratio Computation Refer to Campbell Soup Company's financial Campbell Soup statements in...
CASE 1-5 Financial Statement Ratio Computation Refer to Campbell Soup Company's financial Campbell Soup statements in Appendix A. Required: Compute the following ratios for Year 11. Liquidity ratios: Asset utilization ratios:* a. Current ratio n. Cash turnover b. Acid-test ratio 0. Accounts receivable turnover c. Days to sell inventory p. Inventory turnover d. Collection period 4. Working capital turnover Capital structure and solvency ratios: 1. Fixed assets turnover e. Total debt to total equity s. Total assets turnover f. Long-term...
Part I. Statements (30%)
State whether you agree or disagree with the statements.
Provide argumentation or description for each statement.
1. Tax accounting is more conservative toward financial
accounting.
2. Information concerning tax in the financial statements is
not too relevant for the
investors, but only for a government.
3. IFAS 34 basic principle is that the company needs to wait
until the condition is certain
until it can record the tax transactions.
Part II. Cases (70%)
ThecaseI–30%
PT R...
For questions 21-25, state whether you agree or disagree with each of the following statements concerning the auditors' standard report of a non-public company. Write "Agree" or "Disagree" 21. 22. 23. The report should begin with "CPA's Report" at the top. The report is ordinarily addressed to whom it may concern". The report indicates that management is responsible for the preparation of the financial statements. The report indicates that the auditors' responsibility is to obtain absolute assurance about whether the...
For each of the following situations, indicate whether you agree or disagree with the financial reporting practice employed and state the basic assumption, component, or accounting principle that is applied (if you agree) or violated (if you disagree) 1. Wagner Corporation adjusted the valuation of all assets and liabilities to reflect changes in the purchasing power of the dollar 2. Spooner Oil Company changed its method of accounting for oil and gas exploration costs from successful efforts to full cost....
H E1-12 Basic Por cach of the following situations, indicate whether you agree or disagree with the financial reporting practice assumptions and employed and state the accounting concept that is applied Gif you agree) or violated (if you disagree) principles 1. Wagner Corporation adjusted the valuation of all assets and liabilities to reflect changes in the purchasing .LO1-7 through power of the dollar LO1-9 2. Spooner Oil Company changed its method of accounting for oil and gas exploration costs from...
1. Do you agree with Deloitte's assertion that Adams had no
"substantive role" in the 2008 and 2009 Caesars audits? Defend your
answer.
2. The SEC applies a principles-based approach to mitigating the
risks that may undercut auditor independence. Identify the four
guiding principles applied by the SEC to protect the independence
of auditors of public companies.
3. Assume Adams had used his personal funds to finance his
gaming activities in the Caesars casino. Under those circumstances,
would he have...
1) Discuss the company's top risks? 2) Discuss whether the company treats risk reactively or proactively? 3) Do you observe a lack of understanding of potential exposures? 4) Does the company focus on internal risks or external risks? 5) Do you think the company is well prepared to respond to potential risks? Orange County he t die Following the debocie Orange County o dmorych of control procedures and financial gove nonce and d e setof o n policies December 1994...
Congn UlIHISsion 074 Cong'c es that arise in research on research to provide guidance on the ethical on human subjects. The result of the commission's work is this report, hics and elucidates which lays out a general approach to thinking about research tes the three most relevant moral principles-respect for three beneficence, and justice. chical Principles and Guidelines for Res h Involving Human Subjects partly because both often occur together (as in re- search designed to evaluate a therapy) and...
PART 1 Introduction to Medical Assisting 12 Grade Name: Date: MULTIPLE CHOICE 1. The branch of law concerned with issues of citizen Scenario for questions 6 and 7: A man is found lying unconscious outside the physician's office. You alert several colleagues, who go outside to assess the man's condition. It is clear that he will be unable to sign a consent form for treatment. welfare and safety is: a. private law b. criminal law c. constitutional law d. administrative...
Required:
1. What is the amount of Apple’s accounts
receivable as of September 30, 2017?
2. Compute Apple’s accounts receivable turnover as
of September 30, 2017.
3. How long does it take, on average, for
the company to collect receivables for fiscal year ended September
30, 2017?
4. Apple’s most liquid assets include (a)
cash and cash equivalents, (b) short-term marketable
securities, (c) accounts receivable, and (d)
inventory. Compute the percentage that these liquid assets (in
total) make up of...
CASE 1-5 Financial Statement Ratio Computation Refer to Campbell Soup Company's financial Campbell Soup statements in Appendix A. Required: Compute the following ratios for Year 11. Liquidity ratios: Asset utilization ratios:* a. Current ratio n. Cash turnover b. Acid-test ratio 0. Accounts receivable turnover c. Days to sell inventory p. Inventory turnover d. Collection period 4. Working capital turnover Capital structure and solvency ratios: 1. Fixed assets turnover e. Total debt to total equity s. Total assets turnover f. Long-term...
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