• Q : Example of a potentially unethical accounting situation....
    Accounting Basics :

    What is an example of a potentially unethical accounting situation? Why is the situation unethical? How do ethics affect a company's financial results?

  • Q : Evaluating the value of training....
    Accounting Basics :

    Which question should not be important in evaluating the value of training?

  • Q : Identifying breakdowns in internal controls....
    Accounting Basics :

    Assess the three procedures that are effective in identifying breakdowns in internal controls due to override and collusion, and choose which of the three would be most difficult for the external a

  • Q : Tax effects of various methods of forming corporation....
    Accounting Basics :

    The partners can transfer their partnership interest to the corporation. Write a memo outlining the tax effects of the various methods of forming the corporation.

  • Q : Major steps in the closing process....
    Accounting Basics :

    Describe the key steps in the closing process that provide the most opportunity to make mistakes in processing account transactions.

  • Q : Job order costing system....
    Accounting Basics :

    Which of the following products probably would be manufactured using a job order costing system?

  • Q : Question regarding deferred tax liability....
    Accounting Basics :

    For $1 million, Dempsey Inc. purchased stock in a corporation that held only one asset, an FCC license, and thus is unable to treat the purchase as a business combination.

  • Q : Question regarding governmental accounting....
    Accounting Basics :

    Why is a statement of functional expenses considered an important financial statement for a voluntaryhealth and welfare organization?

  • Q : Determining the business processes....
    Accounting Basics :

    There're four main methods for documenting specific business processes, systems, and so on. If your company asked you to document the workflow in your department, where would you start and why?

  • Q : Comment on the partner remarks....
    Accounting Basics :

    You are surprised, since you assumed that all entities are accounted for under accrual accounting in accordance with GAAP. Please comment on the partner's remarks in detail. Is he correct? Explain.

  • Q : Contrast an income statement and a balance sheet....
    Accounting Basics :

    Compare and contrast an income statement and a balance sheet. What do they measure? Why would a marketing manager find the income statement more useful than the balance sheet?

  • Q : Ethical standards for corporations....
    Accounting Basics :

    Corporate ethics and fraud have received much media attention through reporting of scandals at major corporations. Salem wants to make sure that its financial reporting and tax reporting responsibil

  • Q : Internal revenue code....
    Accounting Basics :

    Individual Income Tax: Many people believe that the federal income tax is far too complex. But are there good reasons for this complexity?

  • Q : Capacity planning decisions....
    Accounting Basics :

    Justify the method of writing off the production-volume variance to the cost of goods sold, as compared to allocating the variance to work-in-process and finished goods inventories.

  • Q : Standard unqualified audit opinion....
    Accounting Basics :

    Smith Manufacturing's bank has just informed the company's CFO that an audit is required to obtain an operating line of credit (LOC). The company needs the LOC to maintain its cash flow.

  • Q : Selection of long-term investments....
    Accounting Basics :

    List a few of the issues and considerations businesses should have when it comes to the selection of long-term investments and how those issues impact the various financial statements

  • Q : Group in the decision making process....
    Accounting Basics :

    Many organizations like to utilize teams and/or groups in the decision-making process. Analyze your project and decide the best time to involve a group in the decision making process. Prepare a 1-2

  • Q : Timeframe and planning stages....
    Accounting Basics :

    Make sure you are working toward an achievable objective in the timeframe that you give yourself! In your plan, also include one chart that demonstrates the timeframe and planning stages for your pr

  • Q : Computing the contribution margin in dollars....
    Accounting Basics :

    Determine the contribution margin in dollars, per unit, and as a ratio: Using the contribution margin technique, compute the break-even point in dollars and in units:

  • Q : Part of the operating cycle....
    Accounting Basics :

    Which of the following transactions is not part of the operating cycle:

  • Q : Determining appropriate product costs....
    Accounting Basics :

    Determining appropriate product costs is essential to reporting a reliable inventory valuation. Fraud examiners have indicated that scams that involve product costs and expenses are relatively easy

  • Q : Distribution treated for tax purposes....
    Accounting Basics :

    Blue's current E & P is $60,000, and at the end of the year, it distributes $200,000 ($100,000 each) to its equal shareholders, Pam and Jon. Pam's stock basis is $11,000; Jon's stock basis is $2

  • Q : Calculation of future values and present values....
    Accounting Basics :

    Using the appropriate interest table, answer the following questions. (Each case is independent of the others).

  • Q : Retained earnings statement....
    Accounting Basics :

    Net income increased during 2011 to $125,320 and to $145,480 during 2012. Landon paid $20,000 in dividends to each of the two stockholders in each of the three years. Prepare a statement of retained

  • Q : Question regarding tax consequences....
    Accounting Basics :

    T contributed $100,000 to a real estate LLC in exchange for a 10% interest in capital, and profits and losses. The partnership borrowed $4,000,000 on a nonrecourse loan and purchased rental properti

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