subject to Securities and Exchange Commission regulations. The SEC encouraged the establishment for the use of a single person or group standard setting bodies through the AICPA and later the FASB to have a specified opinion that the private sector had the proper knowledge, resources, and talents. GAAP consists of two organizations AICPA and the FASB for publishing accounting principles. The American Institute of Certified Audit Public Accounts publishes the Accounting Guidelines, Statements of Positions
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CONTENT AND SKILL SPECIFICATIONS FOR THE UNIFORM CPA EXAMINATION Approved by the Board of Examiners American Institute of Certified Public Accountants May 15, 2009 Effective Date: January 1, 2011 Board of Examiners Examinations Team American Institute of Certified Public Accountants Parkway Corporate Center 1230 Parkway Avenue, Suite 311 Ewing, NJ 08628-3018 COPYRIGHT © 2009 BY AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS, INC. CONTENT SPECIFICATION OUTLINES (CSOs) The outline
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Summary Nick O’Brian is a recent college graduate. He began working in the accounting department at his aunt’s software company, O’Brian Software. Nick is going over the financial statements when he recognizes some questionable revenue recognition issues. Nick proceeds to address his concerns with the chief financial officer of the company, Lee Marchetti. Lee explains to Nick how revenue recognition is broken down and that a lot of information and judgment is involved. It is also pointed out that
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KPMG Three Little Pigs Inc. Solution KPMG Three Little Pigs Inc. Solution Several factors including increased supply have caused declining prices for live hogs on the spot market. Also as shown bellow futures prices will remain below the carrying cost for live hogs until nearly the end of the fiscal year. However processed pork products such as bacon, loins, and ham remain above the current cost of production. Three Little Pigs Inc. is capable of processing hogs into these products internally
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Succint: Institutional Investor Company (IIC) is a for-profit conglomerate consisting of multiple business lines operating in a variety of industries throughout the United States. IIC is being audited under audit standards established by the AICPA. IIC is highly profitable and manages an investment portfolio of approximately $500 million that is used to fund operations as needed. Management is unsatisfied with the historical returns on IIC’s investment portfolio and therefore is looking to
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that a taxpayer can be engaged in an activity for profit even when there is only the rare possibility of profit. Q.69 Answer: The AICPA Tax Executive Committee believed that it is appropriate to issue the standards that would become part of the Professional Code of Conduct. The Statements on Standards for Tax Services (SSTS) are issued by the AICPA widely reflect the SRTPS. Chapter Three Answers Q.22 Answer: a) How much income should Realty Corp. report in year 1 from the
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leadership that enable them to provide valuable services in the highest professional manner to benefit the public, employers and clients. In fulfilling its mission, the AICPA works with state CPA organizations and gives priority to those areas where public reliance on CPA skills is most significant. To achieve this mission, the AICPA develops standards for audit and other services provided by CPA; provides educational guidance materials to its members; creates and grades the Uniform CPA Exam; and monitors
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the public's confidence, and carry out the profession's special responsibilities for self-governance. We worked in this paper about the ethical dilemmas using an ethical framework, the AICPA code of rules and interpretation on independence and it’s importance and the requirements of other rules under the AICPA. We found that in some cases the rules of conduct is applied accurately and in other situations violation of code of conduct, rules of conduct is existed. Ethics in professional accountancy
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According to (Sarah, Elizabeth and Victoria, 2001) the hospitals obtain revenue by providing medical services, non medical services, through donations sourced from individuals, institutions and other donors or through returns from investments. This can generally be categorized into three where firstly operating revenue is obtained for the care given to a patient. On the other hand, revenue is also obtained from non patient care activities (Sarah et al, 2001). Finally non operating revenue could
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Employment-At-Will Doctrine The United States of America is one of the few countries where employment is primarily at-will. All states except Montana presume such employment relationship in the U.S (2005, Ewing, North, Taylor). Most countries of the world allow employers to dismiss employee only for cause. Some of the reasons given for the retention of the at-will presumption include respect for freedom of contract, employer deference, and the belief that both employers and employees favor an at-will
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