Acc 400 17-37

In: Business and Management

Submitted By lorenmey
Words 441
Pages 2
Loren Meyer
Acc 400
Case 17-37 1. Your client has declined to depreciate its assets this year because the depreciation expense would reduce the year's small income to a loss. 2. A client's financial statements follow GAAP, but you wish to emphasize that the client is a subsidiary of Webster Corporation in the audit report. 3. In auditing the long-term investments account of a new client, you are unable to obtain audited financial statements for the investee located in a foreign country. You conclude that sufficient appropriate audit evidence regarding this investment cannot be obtained. 4. Due to a very major lawsuit, you have substantial doubt about a client's ability to continue as a going concern for a reasonable period of time. The financial statement disclosures related to this lawsuit are adequate. 5. You decide not to take responsibility for the work of the component auditors who audited a 70 percent owned subsidiary and issued an unmodified opinion. The total assets and revenues of the subsidiary are 5 percent and 8 percent, respectively, of the total assets and revenues of the entity being audited. 6. You decide to take responsibility for the work of the component auditors who audited a 70 percent owned subsidiary and issued an unmodified opinion. The total assets and revenues of the subsidiary are 5 percent and 8 percent, respectively, of the total assets and revenues of the entity being audited. 7. A company has changed the remaining life of a significant asset from 12 to 10 years. You believe that the change is reasonable. 8. A company changes from FIFO to LIFO for inventory valuation and you concur with the change. The change has an immaterial effect on the entity's financial statements this year, but it is expected to have a material effect in the future. 9. Your client is a defendant in a major lawsuit. It is…...

Similar Documents

Acc Chapter 17

...Chapter 17 International Accounting and Financial Management   True / False Questions   1. The purpose of all accounting is to provide internal and external decision-makers with the financial data they need to make their decisions.  True    False   2. There are three points at which operating in a foreign currency raises accounting issues: when transactions are made in foreign currencies, when foreign subsidiaries consolidate their results to the parent company, and when debt is acquired in foreign currencies.  True    False   3. FASB 52 requires that companies record foreign currency based transactions at the spot rate at the time of the transaction.  True    False   4. Consolidation is when a company's various results are aggregated into one report.  True    False   5. The current rate translation method translates current assets at the rate in effect when they were acquired.  True    False   6. The temporal method of translation translates fixed assets at the rates in effect the day the assets were acquired.  True    False   7. Whether to use the current or temporal rates depends on the functional currency of the foreign operation.  True    False   8. Accounting is an objective, fact-based discipline and not influenced by culture.  True    False   9. Accounting standard convergence is unlikely, given the complexities of the systems, all of which would require harmonization.  True    False   10. With......

Words: 11686 - Pages: 47

Acc 400 Complete Course

...ACC 400 Complete Course all Weeks 1-5 Complete DQs and Assignments ( A Grade ) http://devryguide.com/downloads/acc-400-complete-course/ ACC 400 Complete Course all Weeks 1-5 Complete DQs and Assignments ( A Grade ) ACC 400 Week 1 DQ 1 What is a current asset? What is a non-current asset? What is the difference between the two types of assets? In which financial statement would you find these assets? ACC 400 Week 1 DQ 2 What is an example of a significant accounting estimate? What is the importance of these estimates? How do ethics play into the decision-making process? Which financial statements include significant accounting estimates? Why? ACC 400 Week 1 DQ 3 What are internal controls? Why do companies need them? What are some examples of internal controls? Who is responsible for developing internal controls? What are some limitations of internal controls? ACC 400 Week 1 DQ 4 What are intangible assets? How does a business obtain intangible assets? What is goodwill? Why would a business have an account for goodwill? ACC 400 Week 1 E-text Individual Assignments – Problem Set P7-3B & Exercise E9.4 & Exercise 9.8 ACC 400 Week 1 Summary ACC 400 Week 2 Description ACC 400 Week 2 DQ 1 Explain what a current liability is and identify the major types of current liabilities. Explain what a long term liability is and provide examples. In which financial statement would you find these liabilities? ACC 400 Week 2 DQ 2 What are the types of equity accounts? What is the role of......

Words: 734 - Pages: 3

Acc 400 Complete Course

...ACC 400 Complete Course / ACC 400 Entire Course  http://homeworktimes.com/downloads/acc-400-complete-course-acc-400-entire-course/ For More Tutorial Visit: http://homeworktimes.com ACC 400 Week 1 DQ 1 What is a current asset? What is a non-current asset? What is the difference between the two      types of assets? In which financial statement would you find these assets?   ACC 400 Week 1 DQ 2 What is an example of a significant accounting estimate? What is the importance of these estimates? How do ethics play into the decision-making process? Which financial statements include significant accounting estimates? Why? ACC 400 Week 1 DQ 3 What are internal controls? Why do companies need them? What are some examples of internal controls? Who is responsible for developing internal controls? What are some limitations of internal controls? ACC 400 Week 1 DQ 4 What are intangible assets? How does a business obtain intangible assets?  What is goodwill?  Why would a business have an account for goodwill?   ACC 400 Week 1 E-text Individual Assignments – Problem Set P7-3B & Exercise E9.4 & Exercise 9.8 ACC 400 Week 1 Summary   ACC 400 Week 2 Description   ACC 400 Week 2 DQ 1 Explain what a current liability is and identify the major types of current liabilities. Explain what a long term liability is and provide examples. In which financial statement would you find these liabilities?   ACC 400 Week 2 DQ 2 What are the types of equity accounts? What is......

Words: 724 - Pages: 3

Acc 400 Entire Course

...ACC 400 Entire Course To Purchase this Tutorial Copy And Paste Below Link In Your Browser http://www.homeworkwarehouse.com/downloads/acc-400-entire-course/ For Any Information or Any Class Which you Did not find on Our Website, Just Hit US Email On below address Visit : www.homeworkwarehouse.com Email Us : Homeworkwarehouse@gmail.com ACC 400 Entire Course ACC 400 Week 1 DQ 1 What is a current asset? What is a non-current asset? What is the difference between the two types of assets? In which financial statement would you find these assets? ACC 400 Week 1 DQ 2 What is an example of a significant accounting estimate? What is the importance of these estimates? How do ethics play into the decision-making process? Which financial statements include significant accounting estimates? Why? ACC 400 Week 1 DQ 3 What are internal controls? Why do companies need them? What are some examples of internal controls? Who is responsible for developing internal controls? What are some limitations of internal controls? ACC 400 Week 1 DQ 4 What are intangible assets? How does a business obtain intangible assets? What is goodwill? Why would a business have an account for goodwill? ACC 400 Week 1 E-text Individual Assignments – Problem Set P7-3B & Exercise E9.4 & Exercise 9.8 ACC 400 Week 1 Summary ACC 400 Week 2 Description ACC 400 Week 2 DQ 1 Explain what a current liability is and identify the major types of current liabilities. Explain what a long term liability is and......

Words: 749 - Pages: 3

Acc 400 Entire Course

...ACC 400 Entire course To Purchase this Tutorial Copy And Paste Below Link In Your Browser http://www.homework-bank.com/downloads/acc-400-entire-course/ For Any Information or Any Class Which you Did not find on Our Website , Just Hit US Email On below address Email Address: hworkbank@gmail.com Visit Our Website : http://www.homework-bank.com/ ACC 400 Entire course ACC 400 Week 1 DQ 1 What is a current asset? What is a non-current asset? What is the difference between the two types of assets? In which financial statement would you find these assets? ACC 400 Week 1 DQ 2 What is an example of a significant accounting estimate? What is the importance of these estimates? How do ethics play into the decision-making process? Which financial statements include significant accounting estimates? Why? ACC 400 Week 1 DQ 3 What are internal controls? Why do companies need them? What are some examples of internal controls? Who is responsible for developing internal controls? What are some limitations of internal controls? ACC 400 Week 1 DQ 4 What are intangible assets? How does a business obtain intangible assets? What is goodwill? Why would a business have an account for goodwill? ACC 400 Week 1 E-text Individual Assignments – Problem Set P7-3B & Exercise E9.4 & Exercise 9.8 ACC 400 Week 1 Summary ACC 400 Week 2 Description ACC 400 Week 2 DQ 1 Explain what a current liability is and identify the major types of current liabilities. Explain what a long term liability is...

Words: 754 - Pages: 4

Acc/400 Entire Course

...ACC 400 Entire Course With Final Exam Guide To Buy this Class Copy & paste below link in your Brower http://homeworklance.com/downloads/acc-400-entire-course-final-exam-guide/ Or Visit Our Website Visit : http://homeworklance.com Email Us : lancehomework@gmail.com ACC 400 Week 1 DQ 1 What is a current asset? What is a non-current asset? What is the difference between the two types of assets? In which financial statement would you find these assets? ACC 400 Week 1 DQ 2 What is an example of a significant accounting estimate? What is the importance of these estimates? How do ethics play into the decision-making process? Which financial statements include significant accounting estimates? Why? ACC 400 Week 1 DQ 3 What are internal controls? Why do companies need them? What are some examples of internal controls? Who is responsible for developing internal controls? What are some limitations of internal controls? ACC 400 Week 1 DQ 4 What are intangible assets? How does a business obtain intangible assets? What is goodwill? Why would a business have an account for goodwill? ACC 400 Week 1 E-text Individual Assignments – Problem Set P7-3B & Exercise E9.4 & Exercise 9.8 ACC 400 Week 1 Summary ACC 400 Week 2 Description ACC 400 Week 2 DQ 1 Explain what a current liability is and identify the major types of current liabilities. Explain what a long term liability is and provide examples. In which financial statement would you find these......

Words: 55438 - Pages: 222

Acc 400 Entire Course

...ACC 400 Entire Course To Purchase this Tutorial Copy And Paste Below Link In Your Browser http://www.homeworkwarehouse.com/downloads/acc-400-entire-course/ For Any Information or Any Class Which you Did not find on Our Website, Just Hit US Email On below address Visit : www.homeworkwarehouse.com Email Us : Homeworkwarehouse@gmail.com ACC 400 Entire Course ACC 400 Week 1 DQ 1 What is a current asset? What is a non-current asset? What is the difference between the two types of assets? In which financial statement would you find these assets? ACC 400 Week 1 DQ 2 What is an example of a significant accounting estimate? What is the importance of these estimates? How do ethics play into the decision-making process? Which financial statements include significant accounting estimates? Why? ACC 400 Week 1 DQ 3 What are internal controls? Why do companies need them? What are some examples of internal controls? Who is responsible for developing internal controls? What are some limitations of internal controls? ACC 400 Week 1 DQ 4 What are intangible assets? How does a business obtain intangible assets? What is goodwill? Why would a business have an account for goodwill? ACC 400 Week 1 E-text Individual Assignments – Problem Set P7-3B & Exercise E9.4 & Exercise 9.8 ACC 400 Week 1 Summary ACC 400 Week 2 Description ACC 400 Week 2 DQ 1 Explain what a current liability is and identify the major types of current liabilities. Explain what a long term liability is and......

Words: 749 - Pages: 3

Acc 400 Entire Course

...ACC 400 Entire Course To Purchase this Tutorial Copy And Paste Below Link In Your Browser http://www.homeworkwarehouse.com/downloads/acc-400-entire-course/ For Any Information or Any Class Which you Did not find on Our Website, Just Hit US Email On below address Visit : www.homeworkwarehouse.com Email Us : Homeworkwarehouse@gmail.com ACC 400 Entire Course ACC 400 Week 1 DQ 1 What is a current asset? What is a non-current asset? What is the difference between the two types of assets? In which financial statement would you find these assets? ACC 400 Week 1 DQ 2 What is an example of a significant accounting estimate? What is the importance of these estimates? How do ethics play into the decision-making process? Which financial statements include significant accounting estimates? Why? ACC 400 Week 1 DQ 3 What are internal controls? Why do companies need them? What are some examples of internal controls? Who is responsible for developing internal controls? What are some limitations of internal controls? ACC 400 Week 1 DQ 4 What are intangible assets? How does a business obtain intangible assets? What is goodwill? Why would a business have an account for goodwill? ACC 400 Week 1 E-text Individual Assignments – Problem Set P7-3B & Exercise E9.4 & Exercise 9.8 ACC 400 Week 1 Summary ACC 400 Week 2 Description ACC 400 Week 2 DQ 1 Explain what a current liability is and identify the major types of current liabilities. Explain what a long term liability is...

Words: 756 - Pages: 4

Acc 400 Final Exam

...ACC 400 Final Exam IF You Want To Purchase A+ Work Then Click The Link Below , Instant Download http://hwnerd.com/ACC-400-Final-Exam-1360.htm?categoryId=-1 If You Face Any Problem E- Mail Us At Contact.Hwnerd@Gmail.Com Below is the course final. Please number you answer sheet from 1-20 and include the correct response by each number. Good Luck! 1. Zelma Company's last financial statements provided the following ratios: Current ratio 3:2 Quick ratio 1:2 Accounts receivable turnover 9.0 times Inventory turnover 8.0 times Net income percentage 12.5% Return on equity 22.6% Return on assets 9.8% To the nearest day, what is the operating cycle for Zelma? a) 80 days b) 86 days c) 172 days d) 129 days 2. The following events have been projected: A. Cash sales and collections from customers totaling $980,000 B. Cash payments for operating expenses of $560,000 C. Cash payments for income taxes and interest expense of $45,000 D. Cash payments of prior period accruals of $80,000 E. Borrowed $50,000 cash by issuing a note payable F. Cash dividends of $20,000 The beginning balance of cash is $45,000. What is the budgeted ending balance of cash? a. $325,000 b. $370,000 c. $275,000 d. $245,000 3. On January 1, a business exchanged a plant asset with a cost of $18,000 and accumulated depreciation of $16,500 for a similar asset that had a list......

Words: 1310 - Pages: 6

Acc 400 Final Exam

...ACC 400 Final Exam IF You Want To Purchase A+ Work Then Click The Link Below , Instant Download http://hwnerd.com/ACC-400-Final-Exam-1360.htm?categoryId=-1 If You Face Any Problem E- Mail Us At Contact.Hwnerd@Gmail.Com Below is the course final. Please number you answer sheet from 1-20 and include the correct response by each number. Good Luck! 1. Zelma Company's last financial statements provided the following ratios: Current ratio 3:2 Quick ratio 1:2 Accounts receivable turnover 9.0 times Inventory turnover 8.0 times Net income percentage 12.5% Return on equity 22.6% Return on assets 9.8% To the nearest day, what is the operating cycle for Zelma? a) 80 days b) 86 days c) 172 days d) 129 days 2. The following events have been projected: A. Cash sales and collections from customers totaling $980,000 B. Cash payments for operating expenses of $560,000 C. Cash payments for income taxes and interest expense of $45,000 D. Cash payments of prior period accruals of $80,000 E. Borrowed $50,000 cash by issuing a note payable F. Cash dividends of $20,000 The beginning balance of cash is $45,000. What is the budgeted ending balance of cash? a. $325,000 b. $370,000 c. $275,000 d. $245,000 3. On January 1, a business exchanged a plant asset with a cost of $18,000 and accumulated depreciation of $16,500 for a similar asset that had a list......

Words: 1310 - Pages: 6

Acc 400 Entire Course

...ACC 400 Entire Course http://www.homeworkwarehouse.com/downloads/acc-400-entire-course/ ACC 400 Entire Course ACC 400 Week 1 DQ 1 What is a current asset? What is a non-current asset? What is the difference between the two types of assets? In which financial statement would you find these assets? ACC 400 Week 1 DQ 2 What is an example of a significant accounting estimate? What is the importance of these estimates? How do ethics play into the decision-making process? Which financial statements include significant accounting estimates? Why? ACC 400 Week 1 DQ 3 What are internal controls? Why do companies need them? What are some examples of internal controls? Who is responsible for developing internal controls? What are some limitations of internal controls? ACC 400 Week 1 DQ 4 What are intangible assets? How does a business obtain intangible assets? What is goodwill? Why would a business have an account for goodwill? ACC 400 Week 1 E-text Individual Assignments – Problem Set P7-3B & Exercise E9.4 & Exercise 9.8 ACC 400 Week 1 Summary ACC 400 Week 2 Description ACC 400 Week 2 DQ 1 Explain what a current liability is and identify the major types of current liabilities. Explain what a long term liability is and provide examples. In which financial statement would you find these liabilities? ACC 400 Week 2 DQ 2 What are the types of equity accounts? What is the role of equity accounts in raising capital? Under what circumstances would you not pay a dividend?......

Words: 707 - Pages: 3

Acc 400 Entire Course

...ACC 400 ENTIRE COURSE To purchase this visit following link: http://www.activitymode.com/product/acc-400-entire-course/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACC 400 ENTIRE COURSE ACC 400 Entire Course ACC 400 Week 1 DQ 1 ACC 400 Week 1 DQ 2 ACC 400 Week 1 DQ 3 ACC 400 Week 1 Individual Current and Noncurrent Asset Paper ACC 400 Week 2 DQ 1 ACC 400 Week 2 DQ 2 ACC 400 Week 2 DQ 3 ACC 400 Week 2 Individual Questions from the readings ACC 400 Week 2 LTA Assignments from Readings ACC 400 Week 3 DQ 1 ACC 400 Week 3 DQ 2 Horizontal Analysis ACC 400 ENTIRE COURSE To purchase this visit following link: http://www.activitymode.com/product/acc-400-entire-course/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACC 400 ENTIRE COURSE ACC 400 Entire Course ACC 400 Week 1 DQ 1 ACC 400 Week 1 DQ 2 ACC 400 Week 1 DQ 3 ACC 400 Week 1 Individual Current and Noncurrent Asset Paper ACC 400 Week 2 DQ 1 ACC 400 Week 2 DQ 2 ACC 400 Week 2 DQ 3 ACC 400 Week 2 Individual Questions from the readings ACC 400 Week 2 LTA Assignments from Readings ACC 400 Week 3 DQ 1 ACC 400 Week 3 DQ 2 Horizontal Analysis ACC 400 ENTIRE COURSE To purchase this visit following link: http://www.activitymode.com/product/acc-400-entire-course/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACC 400 ENTIRE COURSE ACC 400 Entire Course ACC 400 Week 1 DQ 1 ACC 400 Week 1 DQ 2 ACC 400 Week 1 DQ 3 ACC 400 Week 1 Individual Current and Noncurrent Asset Paper ACC 400 Week 2 DQ......

Words: 550 - Pages: 3

Acc 400 Complete Course

...ACC 400 COMPLETE COURSE To purchase this visit here: http://www.nerdypupil.com/product/acc-400-complete-course/ Contact us at: nerdypupil@gmail.com ACC 400 COMPLETE COURSE ACC 400 Week 1 DQs ACC 400 Week 2 DQs ACC 400 Week 3 DQs ACC 400 Week 4 DQs ACC 400 Week 1 E-text Individual Assignments ACC 400 Week 2 E-text Individual Assignments ACC 400 Week 3 E-text Individual Assignments ACC 400 Week 5 E-text Individual Assignments ACC 400 Week 1 Summary ACC 400 Week 2 Summary ACC 400 Week 3 Summary ACC 400 Week 4 Summary ACC 400 Week 5 Summary ACC 400 Week 1 Individual Assignment: Current and Noncurrent Assets Paper ACC 400 Week 2 Learning Team Assignment Assignments from the Readings ACC 400 Week 4 Learning Team Assignment ACC 400 Learning Team Assignment Interpreting Financial Statements Presentation ACC 400 Week 5 DQs Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 400 Complete Course in order to ace their studies. ACC 400 COMPLETE COURSE To purchase this visit here: http://www.nerdypupil.com/product/acc-400-complete-course/ Contact us at: nerdypupil@gmail.com ACC 400 COMPLETE COURSE ACC 400 Week 1 DQs ACC 400 Week 2 DQs ACC 400 Week 3 DQs ACC 400 Week 4 DQs ACC 400 Week 1 E-text Individual Assignments ACC 400 Week 2 E-text Individual Assignments ACC 400 Week 3 E-text Individual Assignments ACC 400 Week 5 E-text Individual Assignments ACC 400 Week 1 Summary ACC 400 Week 2 Summary ACC 400 Week...

Words: 693 - Pages: 3

Acc 400 Final Exam

...ACC 400 FINAL EXAM Click Link Below To Buy: http://hwcampus.com/shop/acc-400-final-exam/ 1. Which of the following is not a characteristic of managerial accounting? A. Reports are used primarily by insiders rather than by persons outside of the business entity. B. Its purpose is to assist managers in planning and controlling business operations. C. Information must be developed in conformity with generally accepted accounting principles or with income tax regulations. D. Information may be tailored to assist in specific managerial decisions. 2. In comparison with a financial statement prepared in conformity with generally accepted accounting principles, a managerial accounting report is less likely to: A. Focus upon the entire organization as the accounting entity. B. Focus upon future accounting periods. C. Make use of estimated amounts. D. Be tailored to the specific needs of an individual decision maker. 3. Alton Company produces metal belts. During the current month, the company incurred the following product costs: Raw materials $100,000 Direct labor $75,000 Electricity used in the Factory $25,000 Factory foreperson salary $3,750 Maintenance of factory machinery $2,000 Alton Company's total product costs: A. $175,000. B. $30,750. C. $205,750. D. $28,750. Particulars Amount Raw materials $ 1,00,000 Direct labor $ 75,000 Electricity used in the Factory $ ...

Words: 2222 - Pages: 9

Acc 400 Final Exam

...ACC 400 FINAL EXAM Click Link Below To Buy: http://hwcampus.com/shop/acc-400-final-exam/ 1. Which of the following is not a characteristic of managerial accounting? A. Reports are used primarily by insiders rather than by persons outside of the business entity. B. Its purpose is to assist managers in planning and controlling business operations. C. Information must be developed in conformity with generally accepted accounting principles or with income tax regulations. D. Information may be tailored to assist in specific managerial decisions. 2. In comparison with a financial statement prepared in conformity with generally accepted accounting principles, a managerial accounting report is less likely to: A. Focus upon the entire organization as the accounting entity. B. Focus upon future accounting periods. C. Make use of estimated amounts. D. Be tailored to the specific needs of an individual decision maker. 3. Alton Company produces metal belts. During the current month, the company incurred the following product costs: Raw materials $100,000 Direct labor $75,000 Electricity used in the Factory $25,000 Factory foreperson salary $3,750 Maintenance of factory machinery $2,000 Alton Company's total product costs: A. $175,000. B. $30,750. C. $205,750. D. $28,750. Particulars Amount Raw materials $ 1,00,000 Direct labor $ 75,000 Electricity used in the Factory $ ...

Words: 2222 - Pages: 9