1*Using the AICPA Professional Code of Conduct, as a reference, which one do you consider to be related to the preparation of the financial statements? Do you consider that these standards are sufficient or need to be updated?

2*Using as a reference the FASB coding system as a reference, in what way are the contingencies recorded for gains and losses? Do you agree with this way of handling the accounts? or would you suggest another system to record these transactions?

3*If the company has a 51% chance that one of your consumers will win the damages lawsuit against you, for a value between $ 5- $ 15 million, how will you recognize this under GAAP and IFRS?

a*Under GAAP, a liability would not be recognized as a liability but under IFRS it would be recognized as a liability.

b*Under GAAP, it will not be recognized as a liability, nor under IFRS would it be recognized

c*Under GAAP, a liability will be recognized as a liability and under IFRS a liability will be recognized

4*A bond issue of $ 500,000 sold for 98. So, the bonds:

a*They were sold at a discount, which is recorded as a debit to the Cash account and a credit to the Bonds Payable accounts.

b*They were sold at premium (premium), which is recorded as a debit to the Cash account and a credit to the Bonds Payable accounts

c*They were sold with premium (premium), which is recorded as a debit to the Bonus Payable account and a credit to the Cash accounts