Answer:
The correct answer is B. Accounting firms are prohibited from providing many types of consulting services to the companies they audit.
Explanation:
The main reason for this policy is that it does not allow conflicts of interest to arise that eventually produce widely known cases of fraud, such as those presented at the Enron and Worldcom companies.
The Enron case broke out in the U.S. when that energy giant announced what was once the biggest bankruptcy in the history of the country, with a debt of 31,000 million dollars, something overcome a few months later by the collapse of another colossus, WorldCom.
In June 2002 WorldCom, the second US telephone. and of the world, he admitted that he had lied in his accounting books for almost 4,000 million dollars and his actions - which shortly before touched his maximum of 16 dollars - collapsed to 20 cents. His bankruptcy exceeded Enron's: $ 35 billion of liabilities.
Answer:
$87,120
Explanation:
The calculation of the deferred tax asset for the NOL carryforward is given below:
= (Year 2021 loss - Year 2022 income) × tax rate applicable for all years
= ($600,000 - $358,000) × 36%
= $242,000 × 36%
= $87,120
Since in a year 2021 it is a loss and the income in year 2022 that is to be adjusted and the same is considered in the computation part
Hence, the deferred tax assets for the NOL carryforward is $87,120
Answer:
$8,884
Explanation:
The computation of the economic profit is shown below:
= Received amount - dance earnings - insurance paid - music and licensing fees - boom box - rent and utilities
= $60,480 - $34,000 - $4,300 - $1,846 - $150 - $11,300
= $8,884
The economic profit is come from subtracting the explicit cost, implicit cost from the revenue earned and the same is reflected above
Answer:
Here are some steps to be taken to avoid being a victim of consumer fraud:
- Spot Imposters: Scammers often pretend to be someone else, especially one you can trust, like a government official.
- Online searching: Search about the company of product online to see if it is legit or not.
- Don't pay in advance: Scammers always try to get money in advance, in terms of taxes or fees.
- Discuss with someone: Before giving someone your money, talk to someone you trust or preferably to an expert.
- Personal information: Don't given any unknown person your personal information, money, or any kind of financial details
December because it's between the months of October and February
