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Comment on the responsibility of private companies under the Sarbanes-Oxley Act.
If its accounting period ends December 31, would a company be using a natural business year or a fiscal year?
The SEC announced that it would accept financial statements from private issuers without reconciliation to U.S. GAAP if they are prepared using IFRS.
The following data relate to Jones Company for the year ended December 31, 2011.
"Costs of transactions exist whether or not the FASB mandates their recognition in financial statements." Comment.
The Emergency Economic Stabilization Act of 2008 was passed during a time of substantial stock market declines in the United States and the world.
In your opinion, will the SEC now move toward overregulation or underregulation?
"Service revenue is recognized when the service is performed." Is it difficult to determine service revenue? Comment.
Revenue and the related purchased transportation are recognized based on relative transit time, commonly referred to as the percentage-of-completion method.
What is the significance of the disclosure that this company may not be able to continue as a going concern?
Accounting reports must be accurate in order to serve a useful function. Discuss.
Assume that the accounting report was prepared using generally accepted accounting principles.
Describe prohibited activities of the independent auditor. Can the independent auditor perform tax services for an audit client?
The charter provided an objective of assessing the regulatory system for smaller companies under the securities laws of the United States .
In addition to the quality of its board and staff, one reason the FASB is able to maintain its position as a world leader is independent and stable funding.
What is the purpose of the SEC's integrated disclosure system for financial reporting?
Will the accountant express an opinion on reviewed financial statements? Describe the accountant's report for reviewed financial statements.
What are the three principal financial statements of a corporation? Briefly describe the purpose of each statement.
If a company issues a summary annual report, where can the more extensive financial information be found?
Which two principal financial statements explain the difference between two balance sheet dates?
Where do we find a description of a firm's accounting policies?
What is the relationship between the accounting equation and the double-entry system of recording transactions?
Define the Permanent accounts and Temporary accounts.
Identify the usual forms of a business entity and describe the ownership characteristic of each.
Describe the purchase method of accounting for a business combination.