Who is primarily responsible for choosing the accounting principles that are used to portray the companys financial

Question:

Who is primarily responsible for choosing the accounting principles that are used to portray the company’s financial position and results? Explain.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Auditing a business risk appraoch

ISBN: 978-0324375589

6th Edition

Authors: larry e. rittenberg, bradley j. schwieger, karla m. johnston

See More Books

Question Posted: Dec 29, 2012 05:45 AM

See More Questions

Discuss the four principles that are used to measure and record business transactions.
Discuss the four principles that are used to measure and record business transactions.
Which body is primarily responsible for the establishment of GAAP in the United States? What body serves this function on an international basis?
A solid cubical block of side length 0.6 m is suspended from a spring balance. When the block is in water, the spring balance reads 80% of the reading when the block is in air. Determine the density...
Why is CBN superior to silicon carbide as an abrasive in some applications?
A distant star is traveling directly away from Earth with a speed of 49,500 km/s. By what factor are the wavelengths in this star's spectrum changed?
In a certain state lottery, people select eight numbers in advance of a random drawing of six numbers. If someone's selections include the six drawn, they receive a large prize, but this prize is...
The trial balance of Harper, Inc., at September 30, 2016, does not balance: The accounting records hold the following errors: a. Recorded a $500 cash revenue transaction by debiting Accounts...
9. Write a trinomial of the form x + bx+c that is prime.
The 2018 balance sheets and income statement for Netflix Inc. follow. Refer to these financial statements to answer the requirements. NETFLIX INC. Consolidated Statement of Earnings For Year Ended...
How does an audit enhance the quality of financial statements and its reports on internal control? Does an audit ensure a fair presentation of a companys financial statements or that internal control...
What is corporate governance and why is it important? Explain how an independent and competent audit committee improves corporate governance.
This question illustrates what is known as discount interest. Imagine you are discussing a loan with a somewhat unscrupulous lender. You want to borrow $15,000 for one year. The interest rate is 16...
Many closed-loop and open-loop control systems can be found in homes. (a) List six such examples (three open-loop and three closed-loop). (b) Construct feedback control system block diagrams for the...
What is the current status of the Sarbanes-Oxley Act? What do executives think of it now? What impact has it had?
Can you implement a BPM project without technology?
What are the components of a BOM?
What are the two types of operational management of business processes?
Define pH and explain why pH, rather than molarity, is used as a concentration measure of H 3 O + .
Recall that Chapter 8 described the binary search algorithm for finding a particular entry in an ordered list. The idea behind binary search is to begin looking in the exact center of the list. If...
Copy the figures in Problems 13-20 on your paper. Draw what you think is an appropriate tangent line for each curve at the point $P$ by using the secant method. d
You are asked to be interviewed by a student newspaper regarding the nature of accounting fraud. The reporter says, As I understand it, asset misappropriations are more likely to be found in small...
Refer to Exhibit 2.1 and answer the following questions. a. What is a Ponzi scheme? b. Describe the key elements of the Bernie Madoff fraud. c. Is this fraud primarily a case of asset...
Refer to the Auditing in Practice feature, The Great Salad Oil Swindle of 1963, and answer the following questions. a. How did management perpetrate the fraud? b. What was managements incentive to...
You work in a fashion retail company. A new CEO has been assigned who is determined to grow the firm's customer base and product categories. Having recently undertaken a CRM course, you have been...
Recall an ethical dilemma that you encountered within the last year (preferably a work-related dilemma). If you cannot think of a work-related ethical dilemma, perhaps you had to make a difficult...
Once the team choses and perfects the plan, discuss how the team strategy you have identified and planned out is SMART : S pecific, M easurable, A ttainable, R ealistic, and T imely.

Who is primarily responsible for choosing the accounting principles that are used to portray the companys financial

Question:

Step by Step Answer:

Management is responsible for choosing the accounting principles that are used to portray ...View the full answer

Auditing a business risk appraoch

Students also viewed these Auditing questions