Questions from Survey Accounting

Q: Awesome Sound Inc. discovered a fraud wherein one of its front

Awesome Sound Inc. discovered a fraud wherein one of its front office administrative employees used company funds to purchase goods, such as computers, digital cameras, DVD players, and other electron...

Q: A former chairman, chief financial officer, and controller of an

A former chairman, chief financial officer, and controller of an apparel company pleaded guilty to financial statement fraud. These managers used false journal entries to record fictitious sales, hid inve...

Q: At the close of each day’s business, the sales clerks count

At the close of each day’s business, the sales clerks count the cash in their respective cash drawers and compare the total cash to the cash register tapes. They then prepare a cash memo noting any di...

Q: Boeing (BA) is one of the world’s major aerospace firms

Boeing (BA) is one of the world’s major aerospace firms, with operations involving commercial aircraft, military aircraft, missiles, satellite systems, and information and battle management systems. Re...

Q: Qualcomm Incorporated (QCOM) is a leading developer and manufacturer of

Qualcomm Incorporated (QCOM) is a leading developer and manufacturer of digital wireless telecommunications products and services. Qualcomm reported the following inventories (in millions) in the note...

Q: DreamWorks Animation SKG Inc. (DWA) shows “film costs

DreamWorks Animation SKG Inc. (DWA) shows “film costs” as an asset on its balance sheet. In the notes to its financial statements, the...

Q: The units of an item available for sale during the year were

The units of an item available for sale during the year were as follows: There are 45 units of the item in the physical inventory at December 31. Determine the cost of ending inventory using (a) the...

Q: The units of an item available for sale during the year were

The units of an item available for sale during the year were as follows: There are 18 units of the item in the physical inventory at December 31. Determine the cost of ending inventory and the cost...

Q: Compare and comment on Apple and HP using the results of MBA

Compare and comment on Apple and HP using the results of MBA 6-6 and MBA 6-7. Data from MBA 6-6: The following data (in millions) were adapted from recent financial statements of Apple...

Q: Assume that a firm separately determined inventory under FIFO and LIFO and

Assume that a firm separately determined inventory under FIFO and LIFO and then compared the results. 1. In each space below, place the correct sign [less than (), or equal (=)] for each comparison, as...