CPA Report Michelle Richardson ACC/545 Internal Control Systems September 10, 2012 Jeffrey Mitchell Memo Accounting Professionals, Inc. To: Management From: Michelle Richardson CC: Jeffrey Mitchell Date: September 10, 2012 RE: CPA Report ________________________________________________________________________ Per your request, this memo provides explanations regarding a subsidiary that has recently been set up as a corporation. This explanation includes the procedures for reporting
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To: Outside CPAs From: CPA Date: November 12, 2012 Subject: Professional responsibilities as a Certified Public Accountant (CPA), difference between a review and an audit; explanations regarding deferred tax methods, accounting changes and error corrections, and establishing a subsidiary as a corporation. CC: manager It has come to my attention that my expertise is warranted for the explanations on the following
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item cost most often update inventory records at the end of an accounting period (periodic inventory method) (Inventory and COGS, 2012). The value of an inventory depends on the valuation method used, such as first-in, first-out (FIFO) method or last-in, first-out (LIFO) method (Inventory and Cost of Goods Sold, 2012). Generally Accepted Account Principles require that inventory should be valued on the basis of either its cost or its current market price, whichever is lower to prevent overstating
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Math for Business and Finance Examination: 06044200 1. Broom Company Bank Reconciliation as of November 1, 2009 Checkbook Balance: $4,010 Deduct bank fee for checks $12.00 Deduct bank fee for NSF $18.00 Deduct ATM withdrawl $30.00 Add Broom note collected $400.00 Reconciled Balance: $4,350.00 Bank Balance: $2,950.00 Deduct outstanding check: No. 124 $1,080.00 No. 138 $720.00 Add deposit in transit $3,200.00 Reconciled Balance: $4,350.00 2
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Conceptual Framework A conceptual framework establishes the concepts that underlie financial reporting. Conceptual framework includes objectives, qualitative characteristics, elements, measurement, and recognition concepts. The FASB Concepts Statements guide the board in developing accounting principles and provide understanding. These concept statements are non-authoritative and do not establish generally accepted accounting principles. Entities do not use the FASB Concept Statements in routine
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2011 AICPA Newly Released Questions – Financial Following are multiple choice questions and simulations recently released by the AICPA. These questions were released by the AICPA with letter answers only. Our editorial board has provided the accompanying explanation. Please note that the AICPA generally releases questions that it does NOT intend to use again. These questions and content may or may not be representative of questions you may see on any upcoming exams. 1 2011 AICPA Newly Released
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Accg100 Accounting 1A Lecture Notes Semester 2, 2012 1 Table of Contents Lecture Notes Week 1: Introduction to Accounting, Ethics, Business Entities, Financial Statements Week 2: Accounting for Transactions –Part 1 Week 3: Accounting for Transactions –Part 2 Week 4: Accounting for Adjustments- Part 1 Week 5: Accounting for Adjustments- Part 2 Week 6: Completion of Accounting Cycle Accounting Systems Revision Chapters 1 – 4 Week 8: Accounting for Retailers Week 9: Accounting for Inventories
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working capital of the organization. Second, inventory value has direct impact on the net profits of the organization. There are several methods available in US Generally Accepted Accounting Principle (GAAP) for valuation of inventories, such as FIFO, LIFO, Average inventory and Lower of cost or market. Lower of cost or market (LCM) valuation method based on the accounting constraint of conservatism, which means that best choice among accounting alternative is the method that would least likely to
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CC: CPA Report ACC/545 Date: April 16, 2012 A corporation is the most common type of organization, which is a charter of the state of legal entity and separate from owners. A corporation is a limited liability to the owners, which means that the owner’s personal property is legally separate from the corporation ("Corporation," 2012). The deferred tax primary intention is to present estimated actual tax to payable in current and future periods and is seen as the income tax liability
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Perpetuity: NPV= C1r Growing Perpetuity: NPV=C1r-g Annuity: NPV= C1r-C1r(1+r)t=C1(1+r)t-1r(1+r)t Growing Annuity: NPV= C1r-g-C1(1+g)t(r-g)(1+r)t Equivalent Annual Cash Flows: EAC=NPV(1+r)t-1r(1+r)t Stock Values: Div Yield=DivPrice Div=Payout Ratio*EPS Payout Ratio=DivEPS g= Plowback Ratio*ROE r=DivPrice-g Valuing Stocks: Stage 1. Current Dividends Estimation Stage 2. Firm-Specific Growth Rate Stage 3. Firm Long Term Growth Rate Stage 4. Constant Growth Rate, usually the growth
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