Accounting Essays

In systems development, the temptation to skip certain prescribed tasks associated with documentation, combined with the fastpaced life of IT professionals, can create an environment that is not able to properly employ the best practices of systems development. However, the employment of best practices has proven over the years to …

This letter confirms our understanding of the previously discussed arrangements for our audit of the financial statements of Jackson Enterprises, for the year ending 2011. We will audit the Company’s balance sheet as of 12/31/2011, along with the related statements of Income, retained earnings, and cash flows for all of …

A business may acquire fixed assets such as land, buildings, machinery, office equipment, delivery equipment and natural resources (e.g. a piece if mining land)to help in the process of its operations to earn revenue in order to make a profit. Such assets, by their very nature, provide benefits to the …

In addition to the in-chapter and end-of-chapter exercises which serve as short cases you will find the following short cases arranged by course title that can also be utilized as short cases that require the student to access the authoritative literature to address the issue presented in the case. Other …

The high audit fee is a direct financial interest that can cause bias. The larger the amount of audit fees paid by the audit client company to the audit firm, the more likelihood that it will impair. The auditor may have to compromise their independence in many ways to ensure …

Don’t expect sharp drop in smoking with new sin tax bill — economist SIEGFRID O. ALEGADO, GMA NewsDecember 12, 2012 7:52pm The sin tax reform measure will definitely raise the prices of cigarettes and alcoholic beverages, but there won’t be an immediate and marked decrease in the number of smokers …

Review and Discuss the General Rules for Agricultural Produce Using US GAAP and IFRS Under International Accounting Standard (IAS) 41, we presume fair value can be reliably measured for a biological asset, or a living animal or plant, and IAS 41 requires measurement at fair value less costs to sell …

FACTS: Peaceful, an accrual basis taxpayer, provides a full line of funeral services and sells goods related to those services. Peaceful has attempted to design an approach that allows customers to prepay for their funeral goods and services. ISSUE: The amount prepaid under Peaceful’s program constitutes prepaid income that must …

10 different species of crabs were collected around the beaches of Davao Region. Some species were similar to the others, some have the same habitat and some have characteristics unique only to them. All these species belong to the Order Malacostraca, Infraorder Brachyura which means true crabs. The specimens collected …

Ernst & Whinney never issued an audit opinion on financial statements of ZZZZ Best but did issue a review report on the company’s quarterly statements for the three months ended July 31, 1986. How does a review differ from an audit, particularly in terms of the level of assurance implied …