According to GAAP, why is the audit manager, Summa, in case problem 11-6 on page 586 correct?
Description
- (a) According to GAAP, why is the audit manager, Summa, in case problem 11-6 on page 586 correct? Include and analysis of Exhibit 8 on page 560 in your answer.
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- (b) Why did the loan officer in the Magna Appliance case ask if Magna used accrual accounting to prepare its financial statements? Why did the loan officer even care if Magna used accrual accounting in the first place?
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