c. IAS 1
Q: DO
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A: Solution: Journal entries : The straight line method :
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Q: Spotted Cow Dairy Company manufactures three products—whole milk, skim milk, and cream—in two…
A: Answer:- Formula:- 1. Direct labor overhead rate = Overhead Cost / Total Direct labor hours 2.…
Q: had $3,800 in medical expenses and paid an additional $8,009 for medical insurance. The insurance…
A: The expenses done on the medical can be used in the income tax filing and can be deducted from…
Q: Julian used $90,000 of his savings to purchase a single premium annuity, which pays him $600 per…
A: A single premium annuity is a type of annuity that is purchased with a lump-sum payment. The…
Q: Luke, Lando and Leia decide to start a partnership called LLL Consulting on May 1, 2023. Each of…
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Q: Which of the following statements regarding income recognition is true? A. Owners in a regular…
A: Sole proprietorship is the type of business entity in which its operations and management is…
Q: At the end of the first pay period of the year, Sofia earned $4,000 of salary. Withholdings from…
A: FICA stands for the Federal Insurance Contributions Act, and it refers to the taxes that are…
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A: FIFO (First in, first out) is an inventory valuation system in which inventories entered into…
Q: The XR Company’s Financial Year Ended on December 31, 2021. However, before the completion of the…
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Q: Question one Black, Brown and Cook are partners. They share profits and losses in the ratios of 2/9,…
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A: As per given info we can say that yes there is a contract between the two…
Q: On January 1, 2020, Cage Company acquired bonds of Rand Products, Inc. Additional information…
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A: Lets understand the basics. There are two costing methods are generally followed which are, (1)…
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The concept of adequate disclosure continues to be one of the most important issues facing accountants. Disclosures are also necessary to the public for their protection against fraud when securities or stocks are offered to the public for sale. Disclosure requirements for the financial statements are covered in:
IAS 36
IAS 7
IAS 1
IAS 3
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- Which one of the following concepts is an important issue for the Auditors of financial accounts? O a. Understandability concept O b. Business entity concept O c. Disclosure concept O d. Materiality conceptIn the Caribbean Region, the regulatory body for Accountants is: a. The institute of Chartered Accounting Professionals of the Caribbean b. The Association of Certified Corporate Accountants in the Caribbean c. The Institute of Chartered Accountants of the Caribbean d. The Association of Certified General Accountants in the Caribbean The concept of adequate disclosure continues to be one of the most important issues facing accountants. Disclosures are also necessary to the public for their protection against fraud when securities or stocks are offered to the public for sale. Disclosure requirements for the financial statements are covered in: a. IAS 36 b. IAS 7 c. IAS 1 d. IAS 3 The City of Sanderville donated land to Max Company. The fair value of the land was $100,000. The city purchased the land at a cost of $45,000. Under the recommendations outlined by the Financial Accounting Standards Board (FASB), the…Which of the following is not true of a registration statement? A . It helps the SEC make judgments about the worth of securities. B. It contains financial statements certified by independent public accountants. C. It provides information about the management of the company. D. It is different for different types of companies that offer securities for sale.
- What are some examples of assurance services performed on nonfinancial information?What are some of the major areas of public accounting services?What organizations and agencies have rules of conduct that you must observe when you practice(a) public accounting, (b) internal auditing, (c) management accounting, and (d) fraud examination?Select the necessary words from the list of possibilities to complete the following statements. 1 Statements Answer When CPAS are associated with 1. the CPAS' services and believe that the accountants are acting as auditors. a possibility exists that the client may misinterpret the extent of Under the Securities Act of 1933, initial purchasers of securities may sue the auditors for misleading audited 2. financial statements and need not prove that they relied on the financial statements. The burden of proof is on the auditors to prove that they were in the performance of their work. 3. Unwritten law that has developed through court decisions is referred to as 4. When damage to another is directly attributable to a wrongdoer's act, is said to exist. of financial statements involves the performance of limited investigative procedures that provide a basis for the expression of limited assurance that there are no material departures from generally accepted accounting principles. 5.
- If a nonissuer wants an accountant to perform an examination of its internal controls, the accountant should follow:a. PCAOB AS 2201, “An Audit of Internal Control over Financial Reporting That Is Integrated with an Audit of Financial Statements.”b. AICPA AT 501, “An Examination of an Entity’s Internal Control over Financial Reporting That Is Integrated with an Audit of Its Financial Statements.”c. AICPA AU-C 315, “Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement.”d. FASB Concepts Statement No. 1, “Objectives of Financial Reporting by Business Enterprises.”{Auditing} 19. Choose the statement/s, which explains the concept of true and fair view. a. All the options b. Accuracy in the accounting transaction and records c. Financial statements are free from material misstatement d. Presentation of financial statements according to accounting standards framework{Auditing} 16. A professional accountant should respect the confidentiality of information acquired as a result of professional and business relationships. How could an auditor achieve confidentiality of the information? a. Non-disclosure any such information to third parties b. All the options c. Disclosure of any such information to third party with proper and specific authority d. Disclosure any such information to third parties as required by law
- PLEASE HELP SOLVE ALL 3) Describe guidelines issued by Securities Commission in relation to company’s financial reporting. 4) Who are the key players in the accounting regulatory process and what is their role in protecting public interest and enhancing investor confidence? Discuss 5) Explain the elements of disclosure based reporting (DBR) and analyse the usefulness of the reporting.Explain the auditor's role in ensuring that rules and regulations are being followed. For laws and regulations that have a direct impact on financial reporting, how is this obligation different from other laws and regulations that have no direct impact on financial reporting?What is involved in the legal requirements of financial governance? Select an answer: having a process in place for internal and external auditing of financial records collecting, managing, monitoring, and controlling financial information holding accountants legally responsible for the accuracy of financial reports
