c) Subagent. Correct 11. Which of the following would not be an advantage of buyer brokerage? b) A buyer agent can negotiate on behalf of the sellers without violating his or her fiduciary duties to the buyer. Correct 12.
ACCT 504 08/10/2012 The current requirements state that the company's filings do not contain any misrepresentations (for annual and interim filings); the financial statements and other financial information in filings is fairly presented (for annual and interim filings); they have designed, or caused to be designed under their supervision, disclosure controls and procedures and internal control over financial reporting (for annual and interim filings); they have evaluated, or caused to be evaluated under their supervision, the effectiveness of disclosure controls and procedures, and disclosed their conclusions in MD&A (for annual filings only); and any change that has, or is likely to, materially affect the company's internal control has been disclosed in MD&A (for annual and interim filings). There are however new requirements of the CEO and CFO these are as follows: The CEO and CFO must certify that they have evaluated internal controls. When a material weakness in internal control is identified they must certify that it has been disclosed in MD&A. The CEO and CFO must certify that they have reported certain fraud to the auditors and either the board or audit committee. The CEO and CFO must certify which control framework was used to design internal control.
Jones don’t purchase the stock of Smithton outright. If Mr. Jones did purchase this stock outright it would cause him to acquire the assets, liabilities, and any contractual obligation that are outstanding of Smithton. According to the text Mr. Jones would be completely liable for any existing and future tax liabilities of Smithton. Because the Smithton wouldn’t cease to exist the purchase of stock wouldn’t be recommended for Mr. Jones. Since Smithton’s basis or tax schedule would not be change.
c. When was the SEC created and why was it created? The SEC was created in 1934 to enforce the newly-passed securities laws, to promote stability in the markets and protect investors. d. What is an upcoming event scheduled by the SEC? An upcoming event that the SEC has scheduled is the Investors Advisory Committee on Friday, January 18, 2013 at 10:00am. 3.
(b) In the event that Businesslink is unable to provide a Service, it will promptly notify specified Client representatives. In such circumstances, Businesslink will within a reasonable time advise the Client representatives of the actions it intends to take to ensure future Service availability. (c) The Client agrees that it will not establish ongoing alternative arrangements for Service availability, either internally or through an external supplier, without first notifying Businesslink and requesting a proposal to secure its future Service requirements. (d) In the event that Businesslink advises the Client that it is unable on an ongoing basis to supply any or all of the Services or the Client provides a notification under Section 4.2(c), the parties agree that: • the Client will be free to procure similar or the same services as the affected Services, elsewhere, at its own cost; • Businesslink will continue to supply in accordance with the terms of this Agreement, any Services that Businesslink is still able to
Response to Client Request I Paper Memorandum To: Mark Taylor, CEO From: Subject: Required Reporting Date: December 20, 2010 This memo serves to provide information concerning required reporting of defined contribution, defined benefit and other postretirement plans as they relate to the acquisition of the new company. This memo also serves to provide recommendations to eliminate the two segments of the new acquisition. Defined Contribution Defined contribution is a pension plan where the “employer promises to contribute a certain amount into the plan each period (Schroeder, Clark, & Cathey., p.445).” Implementing a defined contribution pension plan necessitates disclosure of the plan in the financial statements, “the employee
E&Y reasoned this as it creates an exception to the general rule of reserving for expected future product returns at the gross sales price and deferring the recognition of an equal amount of revenue. This justification is invalid. The company’s customers are not “ultimate customers,” but are wholesalers that sold their product to retailers. In addition, Medicis’s returns were not returns of products in exchange for products of “the same kind, quality, and price,” but of unsalable product for
1. Is it ethical for a CPA or CPA firm to help companies “manage” their reported earnings and financial condition? First assume that the CPA or CPA firm is serving as a consultant, and then assume that the CPA or CPA firm is serving as the given entity’s independent auditor. Defend your answers. In my opinion, it is not ethical for a CPA or CPA firm to help companies “manage” their reported earnings and financial condition.
Factors for consideration a. law’s non-logical implications in interpretation what parties would’ve agreed to (ex. Haines: duration and scope of contract) - policy: at-will doctrine in employment: policy - would’ve agreed to terms had they anticipated situation - had in mind, but didn’t express it b. context - what is the objective of the contract? Is it ambiguous? Ex. Spaulding v. Morse (369): stop yearly payment to trust during time in armed services - enforce according to terms if unambiguous, consider context if terms are ambiguous - not only context at time of contract formation, but also what happened AFTER ⇨ changed circumstances - why look at context?
Case study: Midland Energy Resources, Inc. Company Background: Midland Energy Resources, Inc. (Midland) has a history of more than 120 years. There are three main business segments within the company: Exploration & Production, Refining & Marketing and Petrochemicals. Objectives: In this report, I am going to estimate and calculate the cost of capital for Midland and each of its three divisions. Assumptions: 1. CAPM Model is used in calculating re.