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Question 23
The corporate form of organization is important to the U.S.
economy because
Question 24
The preference to dividends that preferred stockholders have is
Question 25
A corporation is a legal entity
ACC 499 Midterm Part 1 (Set 3)
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ACC 499 Week 10 Assignment 3 Capstone Research
Project (2 Papers)
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This Tutorial contains 2 Different Papers
ACC 499 Week 10 Assignment 3: Capstone Research Project
Assume you are the partner in an accounting firm hired to
perform the audit on a fortune 1000 company. Assume also that
the initial public offering (IPO) of the company was
approximately five (5) years ago and the company is concerned
that, in less than five (5) years after the IPO, a restatement may
be necessary. During your initial evaluation of the client, you
discover the following information:
The client is currently undergoing a three (3) year income tax
examination by the Internal Revenue Service (IRS). A significant
issue involved in the IRS audit encompasses inventory write-
downs on the tax returns that are not included in the financial
statements. Because of the concealment of the transaction, the
IRS is labeling the treatment of the write-down as fraud.