by Dan | Aug 10, 2024 | Accounting
Explain the specific steps that you would take to gain an understanding of the company’s system of internal control. Provide a rationale for your approach. Identify one entity-level control and one transaction-level control that you would expect to see in the...
by Dan | Aug 3, 2024 | Accounting
GAAP rules are clear about when a company needs to consolidate or not, but companies tend to find loopholes to circumvent this rule. GAAP clearly indicates that consolidated financial statements are usually necessary for a fair presentation when one of the companies...
by Dan | Aug 3, 2024 | Accounting
Mr. White (invested $20,000) and Mr. Black (invested $10,000) are in a partnership to run a marketing firm. They share profits and losses in the ratio of 2:1, which is also the ratio of their initial investment in the business. Mr. White manages the office but...
by Dan | Aug 3, 2024 | Accounting
You are an accounting student taking a class in accounting. Your professor has given you an assignment for the weekend. He wants you to look at each ethical scenario listed below and answer the questions related to that scenario. Mr. Right and Mr. Wrong own an antique...
by Dan | Jul 20, 2024 | Accounting
Scenario You own a successful chocolate company and would like to expand your business and invest in an online candy company. Youve found the perfect company, Online Confections of a Chocoholic. You have reviewed the 10-K report and financial statements. You are...
by Dan | Jul 15, 2024 | Accounting
Write a draft internal memorandum addressing the issues raised in the interview.Also prepare a draft letter to the client based on your memo. Your memorandum should be 1 to 3 pages; stating the essential facts, the issues, the conclusions. Also include any...
