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Basic Accounting Practice Set Win Ballada Answer Key.59

Use the following information to answer questions 30 - 35:A bank lent $100,000 to a customer on December 1 that required the customer topay an annual percentage rate (APR) of 12% on the amount of the loan. The loan is duein six months and no payment of interest or principal is to be made until the note is dueon May 31. The bank prepares monthly financial statements at the end of each calendarmonth. The following questions pertain to the adjusting entry that the bank will be makingfor its accounting records.

basic accounting practice set win ballada answer key.59

Subject to certain preapprovals, Section 201 of the Sarbanes-Oxley Act prohibits auditors from providing a number of other services contemporaneous to the audit, including bookkeeping, management functions, investment advice, investment banking services, and legal services. The act also creates the Public Company Accounting Oversight Board (PCAOB) to oversee CPA practice in relation to public companies. Under Section 103 of the act, PCAOB has established standards and rules on a variety of issues, including ethics, that apply to registered public accounting firms preparing and issuing audit reports as required by the act or the rules of the Securities and Exchange Commission.


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