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Explain what is meant by the test data approach. What are the major difficulties with using this approach? Define parallel simulation with audit software and provide an example of how it can be used to test a client's payroll system.
Accounting Basics, Accounting
Question - A taxpayer purchased land in 2007 for $85,000 and sold it in 2016 for $75,000 cash. The buyer also assumed the mortgage of $5,000. What is the amount of gain/loss on the sale of the land? $5,000 loss. $5,000 g ...
Question - Last year, Garrison Manufacturing sold 500 000 units at $4 each. Both sales volume and sales price are expected to increase by 15 per cent in the upcoming year. Calculate the expected sales revenue for the upc ...
Question - Suppose P&G and Gillette went ahead with the taxable acquisition. The next question is whether P&G would find it in beneficial to make a 338 election with respect to Gillette. Assume that the tax basis of Gill ...
Question - On January 1, Josh loaned his son Seth $100,000, interest-free. Seth uses the money to invest in corporate bonds paying 8% annual interest. Assume that the applicable federal rate of interest is 5%. You may al ...
Question: Define accounting and describe its role in business.? Accounting, the language of business allows for the communication and distribution of information to owners, managers, and investors to evaluate a company's ...
Question: Debt financing Find information on the pros and cons of debt financing. Address the following questions in your initial post: • Is debt necessary? • Is short term debt better or worse than long term debt? • Doe ...
Question - Mr. X wants to build a retirement fund of $500,000 by the time he is 65. He is 40 today, and he plans to make 20 equal annual deposits to the fund, the first deposit to be made today. Assuming the fund will ea ...
Question - Oakbrook Company is subject to a 30% income tax rate. The following data pertain to the period just ended when the company produced and sold 45,000 units: Sales revenue - $1,350,000 Variable costs - 810,000 Fi ...
Question - Explain the process of closing the books and describe the content and purpose of a post-closing trial balance.
Question - In recent years a number of companies have gone into liquidation (been ‘wound up') because they have not been able to meet their liabilities when they fell due. In Australia, there are some well-publicised exa ...
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Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate
Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p
Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As
Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int
Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As