Auditing & Assurance Services: A Systematic Approach (Irwin Accounting)
Auditing & Assurance Services: A Systematic Approach (Irwin Accounting)
10th Edition
ISBN: 9780077732509
Author: William F Messier Jr, Steven M. Glover Associate Professor, Douglas F. Prawitt Associate Professor
Publisher: McGraw-Hill Education
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Chapter 19, Problem 19.14MCQ
To determine

Introduction:

The Code of Professional Conduct of the American Institute o Certified Public Accountants describes Principles and Rules. The principles provide the framework for the rules which govern the performance of professional services by members. It outlines CPAA’s ethical and professional responsibilities. The code establishes Principles which are: Public Interest, Integrity, Objectivity, Independence, Responsibility and Due care.

The AICPA membership adopted the Code of Professional Conduct (the code) to provide guidanceand rules to all members in the performance of their professional responsibilities. The code consists ofprinciples and rules as well as interpretations and other guidance. The principles provide the framework for the rules that govern the performance of their professionalresponsibilities.The AICPA bylaws require that members to adhere to the rules of the code. Compliance with the rulesdepends primarily on members’ understanding and voluntary actions; secondarily on reinforcement bypeers and public opinion; and ultimately on disciplinary proceedings, when necessary, against memberswho fail to comply with the rules.

The AICPA sets ethical standards for the profession and U.S and auditing standards for private companies, non profit organizations, federal, state and local governments.

To select: The correct option.

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Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate of 9%. Use the ordinary interest method. (Use Days in a year table.) Note: Do not round intermediate calculations. Round your final answers to the nearest cent.face value(principal) $50000rate interest =11%maturity value=?date of note =june 10date note discounted= July 18discount period=?bank discount=?proceeds=? i need an explanation I am having a lot of trouble to solve this
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