Do you think the new revenue recognition standard introduced by the FASB-IASB can reduce the likelihood of similar fraud cases caused by improper revenue recognition?

Q: Ether trading unit given the following information for the year ended Marc 31, 2020 for one of its s...

A: The closing entries are prepared to close the temporary accounts of the business.

Q: 4.Assume the following independent cases: (a) At the beginning of the year, a check was issued for ...

A: The cost of an asset acquired is calculated as sum of cash paid and liability asseumed with the acqu...

Q: Sweet Catering completed the following selected transactions during May 2016: May 1: Prepaid rent f...

A: The income statement is prepared to record the revenues and expenses and find the net income or loss...

Q: In applying the PFRS 9 impairment requirements, an entity needs to follow   Group of answer choices ...

A: Lets understand the basics. As per PFRS 9 "Impairment of financial assets", an entity needs to follo...

Q: The following information is available for Barone Corporation: January 1, 2022         Shares outst...

A: Issued shares are those shares which the owner decides to sell for cash. A company's outstanding sha...

Q: PA2. LO 6.1 Record journal entries for the following transactions of Barrera Suppliers. A. May 12: S...

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...

Q: X, Y, Z share profits and losses in the ratio of 20%, 30%, 50%, respectively. During the year, their...

A: Formula: Ending capital = Beginning Capital + share in Net profit - Withdrawals

Q: For each of the following situations involving annuities, solve for the unknown. Assume that interes...

A: Present Value: The present value (PV) of a future amount of money or stream of cash flows is the cur...

Q: 5. See the below table for the Dog Voices Corporation (DVC): a. Pick any three (3) ratios and explai...

A: Answer of part (a) 3 ratios chosen for this answer are: 1. Current Ratio 2. Inventory Turnover &...

Q: XYZ Entertainment Solutions Corporation manufactures and sells smart phones. Information on the prio...

A: Cost-volume-profit (CVP) analysis is a way to find out how changes in variable and fixed costs affec...

Q: ary is considering opening a hobby and craft store. Mary plans to operate the business for six years...

A: Present value refers to the current worth of a sum that is receivable in the future. 

Q: Which of the following are characteristics of the unified tax system that are common to both testame...

A: Marital deduction means a person can transfer unlimited amount to his/her spouse. There is a limit t...

Q: o complete as of 12/31   1,312,000     0   Billings during the year   436,000     1,914,000   Cash c...

A: 1.               Percentage of Completion     Choose Numerator/ Choose Denominator     Ac...

Q: AJ Manufacturing Company incurred $58,000 of fixed product cost and $46,400 of variable product cost...

A: Three components of the income statement are as follows: Gross profit component ( it gives details ...

Q: GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year ...

A: Lets understand the basics. Common size income statement is a statement which shows the comparison o...

Q: Foam Products, Inc., makes foam seat cushions for the automotive and aerospace industries. The compa...

A: Overhead costs = No. of activity x Activity Rate Margin on sales = Direct materials cost - direct la...

Q: Which one of the following statements regarding the qualified domestic trust (QDOT) election is corr...

A: Every country has its own taxation rules. In-country like U. S. and Canada, the transfer of property...

Q: Pocholo Company reported an impairment loss of P512,000 in its income statement for the year 2016. T...

A: Impairment: It is most usually used to denote a significant decline in the recoverable value of a fi...

Q: Which of the following statements is incorrect? A. As the risk of material misstatement in the finan...

A: It is important for the Auditors to detect the material misstatement which are involved to the Audit...

Q: Which of the following situation will decrease both receipts and disbursement in the book proof of c...

A:  Disbursements of check payment to supplier was recorded higher by P5,000 and corrected in the same ...

Q: 33.Janet Company purchased a machine on April 1, 2017 for P750,000.  At that time, was determined th...

A: Answer) Calculation of Depreciation expense for 2021 using Straight Line Method Depreciation expense...

Q: he following information summarizes the standard cost for producing one metal tennis racket frame at...

A: MPV = (Standard Price – Actual Price) x Actual Quantity

Q: Janet Company purchased a machine on April 1, 2017 for P750,000.  At that time, was determined that ...

A: The depreciation expense is charged on fixed assets as reduced value of the fixed the passage of tim...

Q: Required information Use the following information for the Exercises 6-8 below. (Algo) [The followin...

A: On May 5 th, Cost of goods sold = $5000  

Q: Assume Sherwin-Williams Company, a large paint manufacturer, has determined the following activity c...

A: Product cost refers to the costs of manufacturing a product. These prices include direct labor, dire...

Q: XYZ's Preserves currently makes jams and jellies and a variety of decorative jars used for packaging...

A: The variable costs are the costs that vary with the change in the output but the per unit variable c...

Q: Required information Skip to question   [The following information applies to the questions display...

A: The allowance for doubtful accounts is created to record estimated bad debt expense for the period. 

Q: 1. Assuming an interest rate of 5%, determine the present value for the above options. Which option ...

A:  You have not written PV annuity : Option 2, PV annuity will be: 7500 annuity (Period=6, Interest= 5...

Q: A high-precision programmable router for shaping furniture components is purchased by Henredon for $...

A: Purchase price = $190,000 Expected life = 12 years  Salvage value = $5,000  

Q: QUESTION 2 Don found a valuable jewel in the street. Unknown to Don, the jewel had jarred loose and ...

A: Question 2  b) Don would win against George, but lose if Kate challenged his title to the jewel     ...

Q: K Y, and Z formed a partnership on Jnauary 1, 2021, and contributed P150,000; P200,000; P300,000, re...

A: The partnership comes into existence when two or more persons agree to do the business and further s...

Q: The Willsey Merchandise Company has budgeted $45,000 in sales for the month of December. The company...

A: The purchase Budget is prepared to estimate the requirements for the purchase during the period. End...

Q: X, Y, Z share profits and losses in the ratio of 20%, 30%, 50%, respectively. During the year, their...

A: Ending Capital Balance=Beginning Capital Balance+Share in Profit-Drawings

Q: Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller)...

A: Under Periodic inventory method, all purchases made between physical inventory counts are documented...

Q: Problem 5: Yasuo Company provided the following information for the current year. Cash Sales Gross 2...

A: Using cash basis accounting, the sales are recorded during the period when cash is received from cus...

Q: Outstanding checks for current period shall:

A: Outstanding checks are the check which are issued but not yet presented by other or cleared by bank....

Q: Merriweather Corporation is a manufacturer of tables sold to schools, restaurants, hotels, and other...

A:

Q: Huxley's Toy Store has $2,805 of inventory on hand at the beginning of the month. During the month, ...

A: Inventory Management: Inventory management alludes to the method involved with requesting, putting a...

Q: Mary is considering opening a hobby and craft store. Mary plans to operate the business for six year...

A: Present value refers to the current value of an amount that is receivable in the future. 

Q: EA14 Toren Inc. employs one person to run its solar management company. The employee’s gross income ...

A: Payroll- The payroll area designates a group of employees for whom the same payroll components are p...

Q: Froot Loop Inc. a cereal manufacturer, has variable costs of $0.80 per unit of product. In May, the ...

A:

Q: Problem 3 Kyrie Company produces different sizes of basketballs. The following costs were incurred ...

A: The period cost comprises of selling and administrative cost, which are to be expensed in the period...

Q: ABC Co. have 1,000 kg of high quality iron ore stock in a warehouse that has been sitting there for ...

A: The comparability of a product's cost with an offer depends on the relevant cost. Relevant costs are...

Q: Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles. The snowmobiles were delivered on Jan...

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: Comprehensive Problem 10-76 (LO 10-1, LO 10-2, LO 10-3, LO 10-4, LO 10-5) The following information ...

A: Depreciation is a concept that is used to write off the cost of an item over its usable life. Deprec...

Q: Pharoah Corporation issued 117,000 shares of $19 par value, cumulative, 7% preferred stock on Januar...

A: Lets understand the basics. When issue of preferred stock is made the journal entry is required to m...

Q: X, Y, Z share profits and losses in the ratio of 20%, 30%, 50%, respectively. During the year, their...

A: Ending Capital Balance=Beginning Capital Balance+Share in Profit-Drawings

Q: On May 10, Bramble Corp. issues 1,200 shares of $7 par value common stock for cash at $12 per share....

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....

Q: Presented below are selected ledger accounts of Oriole Corporation as of December 31, 2017. Cash   ...

A: An income statement is the one prepared by the company to determine the company's financial performa...

Q: PT. Mangane Kopi Nusantara (PT. MKN) produces green coffee bean. The company has found it increasing...

A: Cash to cash cycle days: It measures the number of days, the business will be deprived of funds afte...

Fraud

Fraud in accounting is the planned manipulation of financial documents to make a false appearance of corporate financial health. Moreover, it includes an employee, accountant, or the company itself misleading investors and shareholders.