chief accounting
Q: ABC is an online-to-offline platform that sells e-commerce products to offline customers through a n...
A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a...
Q: A company received 505 pairs of slippers on consignment from C Company. C company’s cost for each pa...
A: Consignment is the facility available to the consignor by transferring the goods to the consignee on...
Q: Assume the labor rate variance is $400 unfavorable and the labor spending varlance is $200 unfavorab...
A: Solution. Labor rate variance = $400 Unfavorable Labor spending variance = $200 Unfavorable Labor ...
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A: The product costs are the costs which are directly related to the production. The variable costing i...
Q: dentify the primary audit objectives that auditors hope to accomplish by confirming a client's year-...
A: Accounts receivable (AR) is the amount owing to a business for goods or services delivered or used b...
Q: Distinguish between Tax Exemption and Tax Amnesty?
A:
Q: 2. Determine the capitalized cost of a structure that requires an initial investment of P1,500,000 a...
A: Capitalized costs are incurred when purchasing fixed assets. A capitalized cost is an expense added ...
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A: The partnership comes into existence when two or more persons comes together to do the business and ...
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A: Liquidation means where the company affair has been closed and payment is made to the outside liabil...
Q: Oxford Company has the following account balances: Cash, $40,000; Accounts Receivable, $28,000; Inve...
A: Calculation of Current Ratio Current Ratio = Current Assets/ Current Liabilities Current Ratio = $ 8...
Q: If GENERAL MILLS failed to recognize depreciation expenses, how would it impact the financial statem...
A: Depreciation shows the value of fixed assets used in the business during an accounting period. It is...
Q: Share certificates are issued to subscribers upon-
A: Shares are the capital for the company that is issued by the company in order to fulfill its capital...
Q: As You Read QUESTION What could happen if your employer did not deduct federal income taxes from you...
A: Introduction:- A paycheck, also known as a paycheck is a paper document issued by an employer as pay...
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A: Variable cost means the cost which vary with the level of output and fixed cost means the cost which...
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A: Regression line equation shows the relationship between two variables, one being dependent variable ...
Q: $73
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A: Here while calculating the deduction in the vehicle by using standard mileage rate and actual cost m...
Q: iventor entory:
A: Branch AccountingIn simple term branch accounting are kept separate accounting which each branch in ...
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A: Suey is getting interest on capital P4,000 and Salary P10,000 But his total Share is P40,000. Diff...
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A: Bob and Jeri cannot claim status of head of household as they are married so their filling status wi...
Q: e applicable to the pla
A: A statement showing the item-wise amount of all the money received by an individual from the employe...
Q: The following data were taken from the books of A&B Co, a partnership of Alpha and Beta for 20x1: A...
A: The partnership comes into existence when two or more persons agree to do the business and further s...
Q: CCC Company purchased a building for S500,000 on January 1. 2016. The building is estimated to have ...
A: Annual depreciation = Cost of asset - Residual valueEstimated useful life = $500,000 - $050 years ...
Q: SI is considering outsourcing the production of the handheld control module used with some of its pr...
A: Solution 1: MSI Differential Analysis Particulars Make Buy Difference in cost Direct Mat...
Q: up of answer choices a.The personnel in the receiving department should be separated from the person...
A: the purchase you also known as account payable system and the cash disbursement cycle execute the tw...
Q: zet Committee ts in the medi
A: Given: Yield of result=10 years Percentage=2.6%
Q: Problem 2 ABC Company signed a ten-year noncancelable lease agreement to lease a storage building to...
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Q: During 2021, Montoya (age 15) received $2,300 from a corporate bond. He also received S900 interest ...
A: Solution We are provided with the following information Amount received from corporate bond = $ 2,30...
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A: 2) nd option -to record depreciation and amortisation expenses is false because LIFOis an inventory ...
Q: On January 1, 2020, ABC Company granted to employees a share-based payment with cash and share alter...
A: Phantom share are not actual shares, therefore the same shall not be included in equity component.
Q: ???????? Gregory and Brenda Morris, filing 1040 ?????? ?????? married, filing jointly ?????????? 2...
A: Here asked for multi sub part question we will solve firs three sub part question for you. If you n...
Q: Find the future value of the ordinary annuity. Interest is compounded annually. R=8000; i=0.07; n=15...
A: Future value of ordinary annuity = P x [(1 + i)^n - 1]i where, P = Annuity amount i = rate of inte...
Q: Crush and Ni are in partnership and prepare their accounts to December 31 each year. On July 1, 2015...
A: “Since you have asked multiple questions, we will solve the first question for you. If youwant any s...
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A: Let three engineers are A and B and C. If A invested 4500£ B invested 3000 £ and C invested 1500 £
Q: A company uses a predetermined manufacturing overhead rate C
A: Direct labor cost = Total factor labor cost – Indirect labor cost Direct labor cost = 538,112 - 124,...
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A: Net sales = 900,000 Fixed assets = 1,500,000 - 50,000 = 1,450,000 Fixed assets turnover = ?
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Q: Vaasa Chemicals makes a product by way of two processes - Mixing & Refining. Its process costing sys...
A: Answer ; Given that : Units : Work in progress inventory, July = 0 Started production = 50,000 Compl...
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A: The question is related to Marginal Costing. The Contribution Margin is calculated with the help of ...
Q: the statement of financial position of the partnership of Bee, Cee and Dee, who share profits in the...
A: Solution Partnership is a formal arrangement by two or more parties to manage and operate a business...
Q: Determine the taxable income of each of the following dependents for 2020. d. Eva is 15. Her inco...
A: Given that Eva age is 15, since her age is below 19 she can be treated as qualifying child.
Q: REQUIREMENTS: 1. How much is the total current assets? 2. How much is the total non current assets? ...
A: Total equity is inclusive of investors money and the surplus held by the company. It can also be com...
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A: 1) Taxable income Particulars Amount ($) Hontago income 92700 Less: allowable deductions (4...
Q: Construct the statement of cash flow: Hyrule Motors, a motorcycle repairs and maintenance services ...
A: Statement of cash flows is one of the financial statement which shows all cash inflows and cash outf...
Q: years, but the company requires it only for the first 5 years. It enters into an agreement with hala...
A: Viraj Limited obtains a machine costing $ 45 Lakhs by way of lease, The life of asset is 14 years an...
Q: ased on that in
A: Introduction The consumer surplus is the difference between the expected consumer expenditure and t...
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A: Cash budget refers to estimation of periodic expenses and income which mentions prospective cash flo...
Q: On December 31, the Investment in Branch account on the home office books of the Unlimited Company s...
A:
Your spouse has just accepted a new job as chief accounting officer at conpany ABC, which is an iesba restricted audit client
you are a member of the audit engagement team what are independence inplications
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- Your spouse has just accepted a new job as an Accountant at an SEC restricted audit client. Which factors must you consider in order to determine whether this impacts your independence?Barbara Wells is a first-year auditor for a large public accounting firm. She was assigned to audit Larson Brothers; the CEO of Larson is her brother. She discussed some of her findings with family members. What is the relevant requirement (s) for the ethical behavior of an auditor? a. Qualified to carry out the scope of service b. Confidential c. All of those listed d. IndependenceWhich of the following acts by a CPA would be most likely to be a violation of the AICPA Code of Professional Conduct? Select one: A “covered member” owns an immaterial amount of stock in an audit client. Accepting a fee in a tax matter that is contingent upon the result of an administrative proceeding. Assisting a client in preparing a financial forecast. Forming a professional corporation to practice as a CPA.
- Discuss how each of the following could affect independence of mind and independence in appearance, and evaluate the social consequence of prohibiting auditors from doing each one: Owning stock in a client company. Having bookkeeping services for an audit client performed by the same person who does the audit. Having a spouse who is the chief financial officer of a client company. (More detail)Discuss whether the chartered accountants/registered auditors identified in each of the situations described below have failed to comply or are in danger of failing to comply with the fundamental ethical principles in the SAICA Code of Professional Conduct (2022). (First state the ethical principles/s and then the explanation for each principle.) Note: Any of the given situations may amount to non-compliance with more than one principle. Q2.1. John Smith is a registered auditor and the engagement partner on the audit of Letsatsi Safaris Ltd, a large company that owns several wildlife game reserves in South Africa and neighbouring countries. One of the perks of being the audit partner of Letsatsi Safaris Ltd, is that the managing director of the client grants a seven night free stay at a five star all inclusive lodge for four people. John is very excited about this prospect. However, in return, the managing director of the client requires an unqualified audit opinionSuppose that you are the auditor of Sky Travel Ltd, a reputed travel agent that also manages all your audit firm’s travel arrangements on normal commercial rates. The chief executive officer of Sky Travel Ltd has requested if you could help them overcome financial difficulties by recommending their services to your other audit clients. What type of threat to your independence does this request? Select one: a. Self-interest. b.Self-review threat c.Advocacy threat. d.Intimidation threa
- accountants with audit clients? 10. When can a professional accountant provide non-assurance services to assurance clients other than audit and review engagements? 2. 1.A. Sandy is a new accounting student in College PTI. She questions the need for and the benefit of an audit, "I am curious to know why we should hire an auditor to audit a company. I thought a company has their own internal auditor. Why should we pay for an extemal auditor services to review our company's financial statements?" Required: a) Explain to Sandy the need for and benefits of an audit of financial statements. b) Discuss TWO (2) differences between external audit and internal audit services.The following independent situations raise questions about an auditor’s ethical conduct: An auditor accepts an engagement knowing that she does not have the specialist knowledge required. An auditor discloses confidential information about a client to a successor auditor. A public accountant agrees to be the committee chairperson for a local fundraising activity. 4. An auditor accepts a commission from an insurance company for recommending it to one of its audit clients Indicate in each of the above situation whether the effect on professional ethics is (i) a violation or (ii) not a violation, and explain the reason
- Comment upon each of the following statements you heard in a conversation between two newly hired staff auditors.a. “Of course, I’m qualified to be assigned to this engagement. I have an accounting degree from a top university and was an honors graduate. I know some of the accounting rules have changed since I graduated, but I’ll be able to figure that out as we go through the audit.”b. “It doesn’t really matter what others think. . . . I’m completely independent of Acme Industries and should be a member of the audit team. While I own some stock, it’s a small amount and I’m holding it for the long term, anyway.”c. “You really have to question everything the client tells you. That’s what professional skepticism is all about. It’s a shame you can’t believe a word they say.”d. “The evidence is lower in quality, but we typically use internal evidence when we audit property, plant, and equipment. It just takes too much time and costs too much to get more reliable evidence.”e. “On that last…What is an accountant’s duty of care? What is GAAP and GAAS? Discussion Topic Two: Do some quick internet research and fine a case that deals with an accountant that has been found to have breached the duty of care. Provide a brief summary of the facts of the case, and provide the court's analysis. Be sure to use a referenceQuestion 5 Which ONE of the following should be carried out after the audit firm has accepted an engagement as auditor? A Contact the outgoing auditors to ascertain if there are any reasons they should not accept the assignment B Ensure the audit firm has the experience and resources to conduct the assignment C Perform checks to ensure that there are no legal or ethical reasons why the new audit firm cannot act as auditor D Submit a letter of engagement to the directors