Chapter 1, Problem 16.2EC

4. Years ago, the company purchased a software package that was used by other companies in the same industry (it was not a specially made software). It was sold by a leadingsoftware company known for their highly rated products.Which management assertions apply to this control? Existence & Occurrence, Rights, Completeness, Valuation

43. Canter plc's industry regulator has made rules designed to improve the standard of ethical behaviour among companies in the industry. In response Canter plc has complied with the rules exactly by passing on the cost of doing so to its clients. How should Canter plc's response to regulation be classified? Non-response Full compliance Innovation Mere compliance 44. Standlake pkc operates call centres. Clients have complained that the company operates in an unethical manner. In consequence the board of directors has adopted a corporate code of ethics, to be implemented throughout the company and communicated to clients and other third parties. The board has identified the following benefits of introducing the code: (1) Employees will have guidance on how to deal with all third parties (2) External stakeholders will be aware of what Standlake plc is trying to achieve in terms of ethical conduct (3)  Directors will have met their statutory obligation to introduce a corporate code of…

On March 2015, Agency A is taking legal action against its competitor for patent infringement relating to a patent that had been granted to the agency on one of its products. The outcome of the case is uncertain.  However, it is probable that the court will order the competitor to pay damages to the entity. Use facts given in No. 1, but assumes that on June 2015 the Chief Legal Counsel of Agency A informs the management that it is now virtually certain that the court will order the competitor to pay damages to the entity.  State whether a contingent liability or contingent asset exists. Explain your answers by stating the criteria of your answers below.

d. Which of the following correctly identifies a risk facing SSC that might affect Its ability to continue as a going concern over the long run? 4 of 6 Multiple Choice Competition from several competitors. 02:16:38 Your CPA firm's decision to issue standard unmodified audit reports not mentioning the going-concern status during the past five years. Obsolescence of all products due to rapid changes in technology in the industry. The nature of inventory items-small in size, high in value. Untitled docume...pdf A Untitled docume..pdf Untitled docume...pdf roj....docx Presentation se..pdf MacBook Ai

6) Harriet has been reviewing the accounting system for her company and she is very concerned about the accounting for spoilage. It appears that spoilage is accounted for only at the end of the processing cycle. While this concept is acceptable in general, Harriet believes that a better method can be found to properly account for the spoilage when it occurs. She believes that there must be something better than the weighted-average method of accounting for spoilage. She would like the company to use a method that provides closer tracking of the spoilage with the accounting for the spoilage.Required:Discuss the problems Harriet is having with the accounting system.