Weygandt, …. Forensic Accounting and Fraud Examination introduces students and professionals to the world of fraud detection and …. Skip to main content. Start your free trial. Accounting Research: Tools and Strategies, 7th Edition by. Book description In response to the dramatic changes altering the current accounting and auditing landscape, understanding how to perform accounting, auditing, tax, and business research is becoming more important.
Show and hide more. Correct punctuation:. The purpose of a trial balance is to prove that debits equal credits, but this does not prove that all transactions have been recorded. The current assets section of the balance sheet contains items such as cash, accounts receivable, and prepaid expenses; and the current liabilities section contains items such as accounts payable, notes payable, and short-term debt.
The auditing exam was to begin at p. Examples of the sentences rewritten: a. Original sentence; For good reasons, the secretary may grant extensions of time in day increments for filing of the lease and all required bonds, provided that additional extensions requests are submitted and approved before the expiration of the original 30 days or the previously granted extension.
Each extension will be for a day period. To get an extension, you must write us giving the reasons that you need more time. We must receive your extension request in time to approve it before your current deadline or extension expires.
Original sentence: Universities differ greatly in style, with some being located on out of town campuses in parkland, others having buildings scattered about parts of city centers and others being at various points between these two extremes.
Some are located on out of town campuses in parkland. Others have buildings scattered about parts of city centers. Others are at various points between these two extremes. Original sentence: No termination will be approved unless the administrator reviews the application and finds that it is not lacking any requisite materials.
Rewritten: Termination will be approved if the administrator finds the application to contain all requisite materials. Active Voice sentences rewritten: a.
Original sentence: The fraud was reported by the employee. Rewritten sentence: The employee reported the fraud. Original sentence: The book was enjoyed by me because the seven fraud investigation techniques were described so well by the author.
Rewritten sentence: I enjoyed the book because the author described the seven fraud investigation techniques so well. This question involves critical thinking that will vary between students and therefore does not have a right answer.
Thus, an obsolete machine that continually requires much labor and other maintenance costs to keep operating could well be considered a liability— especially if cheaper technologies have arisen. Part 2 Similarly, financial statements that present assets at historical costs—rather than at fair market values—should provide more meaningful information than not reporting statements that follow GAAP.
Moreover, the objectivity of assets reported at historical costs usually supersedes those presented at current value. For example, a firm experiencing potential environmental remediation liabilities should recognize such liabilities when it ascertains a reasonable value of the amount of such damages.
SFAS No. A primary advantage of using a contra-accumulated depreciation—rather than as a direct reduction to the associated fixed asset account—includes keeping better track of the original cost of the acquired asset.
It must balance before we leave. Other excellent sources of longer and more detailed cases include the Deloitte Trueblood cases www. A topical listing of the cases is presented with the case and solution following the listing. Case Social security benefits as assets Case Recording a stock dividend as a stock split Case Gain on a nonmonetary exchange.
Mead must then repay the balance of the loan plus interest to GMCC. How should Mead report the acquisition and repayment transactions in its Statement of Cash Flows?
Case 1 Solution:. Conclusion: Per ASC , Mead should exclude transactions that involve no cash payments or receipts. However, per , it should record cash payments to GMCC for repayments of principle and interest thereon due to suppliers or their subsidiaries as operating cash out flows.
After Effie made the first required payment, it ceased making other payments. The stock subscription agreement states that Effie, thus, forfeits its payments and is entitled to no other future consideration. Case 2 Solution: Problem Identification: How should a company account for forfeited stock subscriptions? Moreover, do such payments constitute operating or other income? Conclusion: Per , capital transactions that incur no future corporate obligations should be excluded from calculating net or operating income.
Thus, the forfeited cash should become part of additional paid-in capital about any required disclosures for such transactions. Case 3: Lowland Appliance Stores offers customers purchasing its appliances separately priced extended warranties. Lowland services these extended warranties. Its customers can receive no refunds for not using these warranties, and, of course, Lowland must honor these contracts— regardless of any future costs in doing so.
How should Lowland recognize the revenues and expenses of such extended warranties? Case 3 Solution: Problem Identification: How should a company recognize revenues and expenses associated with separately priced, extended warranties?
Such contracts generally are potential loss contingencies. Keywords: Loss contingency; non-refundable. Millions discover their favorite reads on issuu every month. Give your content the digital home it deserves. Get it to any device in seconds. Publish for free today.
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