Indicate whether you agree or disagree with the
following statement: "The goal of the firm is...
Indicate whether you agree or disagree with the
following statement: "The goal of the firm is to maximize its
profit." Support your position with argument, examples and
research.
Solutions
Expert Solution
The Conventional economic theory assume profit
maximization as the only objective of business firms.
Indicate whether you agree or disagree with the
following statement: "The goal of the firm is to maximize its
profit." Support your position with argument, examples and
research
C. For each of the following situations, (1.) indicate
whether you agree or disagree with the
financial reporting practice employed, then (2.) name
the accounting concept being properly
employed, or name the accounting concept being violated.
(more than one answer may be
appropriate)
Loser Corporation did not disclose that it was the
defendant in a material lawsuit because thetrial was still in
progress.
Alliant Semiconductor Corporation files quarterly and
annual financial statements with the SEC.
Reliant Pharmaceutical Inc. issues financial...
Use a diagram to discuss whether you agree or disagree with the
following statement.
“In an emission trading scheme, a unique, efficient and
equitable allocation of emission permits will be achieved
regardless of how emission permits are initially allocated.”
Indicate whether you agree or disagree with the following
statements and explain your reasoning.
a) Related party
transactions require proper identification and consideration when
considering risk. However, there is no requirement to disclose
related party transactions unless they have an impact on material
misstatements.
b) When assessing
fraud risk, auditors should adopt an attitude of professional
scepticism to ensure that any indicator of a potential fraud is
properly investigated.
c) The
responsibility for preventing and detecting fraud rests with those...
For each of the following independent statements, state
whether you agree or disagree with the statement and fully
explain your answer.
Required
a. The level of audit risk
is low when inherent risk is low.
b. When the auditor
assesses control risk and inherent risk as high, the
acceptable detection risk is
low.
c. When an audit firm
issues the correct opinion on the financial statements under audit,
it still has engagement risk.
d. If...
Explain whether you agree or disagree with the following
comments: “The Statement of Cash Flows is overrated. What is it
really telling me that I can’t just find by looking at this year’s
Balance Sheet and seeing how the account balances changed from last
year?”
Use a diagram to discuss whether you agree or disagree with the
following statement.“When there are two firms which can control
emissions at different marginal abatement costs, a uniform emission
standard is a cost-effective way to achieve the emission reduction
target.”
For each of the following independent statements, state
whether you agree or disagree with the statement and fully
explainyour answer.
Required
a. Each of the
following changes (considered individually, and holding other
things constant) can be expected to decrease the level of
detection risk
associated with the auditor's
substantive tests:
decreasing materiality
reducing the level of audit risk
b. Auditing
standards require that if an auditor plans to assess control risk
as high, internal controls must be of higher quality and the...
Explain whether you agree or disagree with the following
statement:
The education of children is
obviously a public good. Educated people are more productive
workers and usually have a higher degree of life-satisfaction and
welfare. They are more likely to be politically engaged and have a
higher sense of civic awareness. Finally, they are more likely to
raise children with all these qualities. Therefore, providing
education is a public good that should be supplied by the
government. ?