ABN used an independent auditor to keep its books. ABN completed more than two dozen acquisitions which expanded its business scale and scope. American Bank Note Holographic (ABNH) spun off of ABN and went public in 1998. Upon doing so, ABNH sold 13.6 million shares and retained no shares for itself, raising $107 million after paying the banks that ran the offering. It had no cash and inherited an obligation to repay bank debt that was taken out when ABNH was a subsidiary of ABN.
The accounting department supervisor independently reconciles the accounts receivable subsidiary ledger to the accounts receivable control account monthly. C. The accounting department supervisor controls the mailing of monthly statements to customers and investigates any differences reported by customers. D. The billing department supervisor matches prenumbered shipping documents with entries in the sales journal. AICPA AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Risk Analysis Bloom's: Application Difficulty: Hard 32. Which of the following internal control activities most likely would assure that all billed sales are correctly posted to the accounts receivable ledger?
The Federal Reserve has existed for nearly 100 years (1913), and its impact on the United States Economy cannot be undermined. When the Federal Reserve Act was enacted on December of 1913 with the intentions of providing a backup plan (in cases of financial turbulence), when banks and other financial entities require assistance in fiscal relief. Comprised of the Board of Governors, the Federal Open Market Committee, Regional and Smaller Banks, and Advisors, the Federal Reserve System had been structured to implementing monetary policies. It is unique in that the decision-making policies and authority are derived from the United States Congress (Federal Reserve), and is over sighted by Congress itself. Although being set up in times of despair,
Which of the following IRS pronouncements has the highest weight of authority? a. IRS Revenue Rulings b. IRS Taxpayer Publications c. IRS Announcements d. All of the above IRS pronouncements have equal weight of authority. ___ 6. Treasury Decisions are published first, officially, in: a. the Internal Revenue Bulletin b. first
The audit report must show report that management has established and maintained internal controls for financial reporting. Certification of each annual report must be verified by the executive offers of the company, the report must show that they maintained established internal controls. The offices of the company must include in their reports evaluation of the internal controls effectiveness. Included in the reports, there must be reports of fraud that may have an effect that have any effect on the internal controls. The Sarbanes-Oxley Act contains 11 titles that describing rules and requirements for financial reporting in the United States (Wang,
Previous attempts at federal bankruptcy laws had lasted at most a few years. This act was drastically amended by The United States Bankruptcy Act of 1938, known as the Chandler Act, expanded voluntary access to the bankruptcy system and made voluntary petitions more attractive to debtors. The Chandler Act gave authority to the Securities and Exchange Commission in the administration of bankruptcy filings. One effect of the Act was to remove investment banks from control of the corporate reorganization process by eliminating the equity receivership technique. In its place, a trustee was appointed by the bankruptcy court to oversee the reorganization process.
To relate this issue to our case, if Manini Manufacturing does not adopt EITF 00-21, they may be able to upfront account all of the revenues upon satisfaction of all criteria set out by SAB 101. On the contrary, if Manini Manufacturing fails to meet all criteria for recognizing the revenues, they may have to defer it to the next fiscal year. SEC staff noted that EITF 00-21 only addresses the issue of whether multiple elements in an arrangement should be accounted for separately, or together as a single accounting unit. However, there is no guidance that is included in EITF 00-21 that describes how and when revenues from the entire arrangement should be recognized. SAB 104 addresses the issue by stating that if an arrangement must be accounted for as a single accounting unit, the pattern of revenue recognition for the entire arrangement generally should mirror the pattern for the last item to be delivered.
By 1909, nearly one-third of the nation's manufactured goods were produced by only one percent of the industrial companies. Massive business mergers and reorganizations touched off a national debate over what the national government could and/or should do about the trusts. Many progressives as well as business leaders generally favored moderate reforms that would promote economic progress while protecting private
As Americans, it is hard to think that the constitution was a “rough draft“. When it was written by the founding fathers, it was implied that it wasn’t perfect. As it was used, it was supposed to be revised and made to adapt so it could become a new and strong form of government. However, if a glance is taken back in history, hardly any revisions have been made. There have only been twenty seven amendments to our constitution to up to the present.
Issues such as money inconsistencies and banking panics were the reason congress established the Federal Reserve Act which was signed into law by Woodrow Wilson on December 23, 1913. In his word it was created “to provide for the establishment of Federal reserve banks, to furnish an elastic cur¬rency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes.” (FRS, 2005) The Fed operates independently by financing its own operations. These finances are generated by the actions of The Board of Governors. This is a seven member board which is appointed by the president. Under them, there are twelve Regional Reserve Banks and each of these has nine directors as well.