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Irving Kellogg – Fraud, Window Dressing, and Negligence in Financial Statements

Fraud, Window Dressing, and Negligence in Financial Statements – Kellogg, 1991.pdf
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Table of Contents:

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Summary, General
   Volume 1
       Part One Introduction
           1 The Why of This Book
           2 Financial Statement Services by CPAs
           3 Financial Statement Reports by CPAs: Content, Standards, and Procedures
       Part Two Fraud in Financial Statements
           4 What Is Fraud in Financial Reporting
           5 The Perpetrators of Fraud
           6 CPAs and Fraud
           7 Fraud in the Balance Sheet
           8 Cash, Marketable Securities, Prepaid Expenses, and Other Current Assets
           9 Receivables: Trade, Notes and Loans, Other Nontrade
           10 Inventories
           11 Fixed Assets-Property, Plant, and Equipment
           12 Intangible Assets
           13 Liabilities-Current and Long-Term
           14 Equity
           15 Fraud in the Income Statement
           16 Case Studies of Fraud
       Part Three Window Dressing in Financial Statements
           17 Window Dressing-Gateway to Fraud
   Volume 2
       Part Four Negligence in Financial Statements
           18 What Is Negligence in Financial Reporting
           19 CPA Liability for Negligence in Financial Reporting
           20 The CPA as a Witness
           21 CPA Workpapers
           22 Questionnaires to Detect Negligence
       Part Five Accounting Background
           23 The Bookkeeping Process
           24 Basic Financial Statements
           25 Financial Statement Analysis
       Part Six Uses and Users of Financial Statements
           26 The Audit Committee
           27 Use of Financial Statements in Buying a Fifty Per Cent Interest in a Closely Held Corporation
           28 Use of Financial Statements in a Divorce
           29 Use of Financial Statements with Agreements and Documents
Summary, Detailed
   Volume 1
       Part One Introduction
           1 The Why of This Book
               §1.01 The Structure of This Book
               §1.02 Our Goals
               §1.03 Acknowledgment of Major Facts
               §1.04 The Role of the SEC
               §1.OS The Role of the Accounting Profession
               §1.06 The Role of Legislatures
               §1.07 The Role of the Law
               §1.08 The Role of the Media
               §1.09 Your Role
           2 Financial Statement Services by CPAs
               §2.01 Introduction
               §2.02 The Accounting Profession-An Overview
               §2.03 List of Financial Statement Services
               §2.04 Internal and External Audit Compared
               §2.05 Audit, Review, and Compilation-Nature and Primary Purpose
               §2.06 Need for, or Desirability of, an Audit
               §2.07 Need for, or Desirability of, a Review
               §2.08 Need for, or Desirability of, a Compilation
               §2.09 Problems with Compilation and Review
               §2.10 Letters of Engagement-General
               §2.11 Sample Letters of Engagement-Audit Engagement
               §2.12 -Review Engagement
               §2.13 -Compilation Engagement
               §2.14 Periodic Examinations-Monthly, Quarterly, or Semiannually
               §2.15 Auditing Techniques and Procedures
               §2.16 Government Regulation of Auditing Procedures
               §2.17 The Foreign Corrupt Practices Act of 1977
           3 Financial Statement Reports by CPAs: Content, Standards, and Procedures
               Audited Financial Statements
                   §3.01 Reports on Audited Financial Statements-General
                   §3.02 Generally Accepted Auditing Standards
                   §3.03 General Standard #1-Training and Proficiency
                   §3.04 General Standard #2-lndependent Mental Attitude
                   §3.05 General Standard #3-Exercise of Due Professional Care
                   §3.06 Standard of Field Work #1-Planning and Supervision
                   §3.07 Standard of Field Work #2-Evaluation of Internal Control
                   §3.08 Standard of Field Work #3-Evidentiary Matter to Support the Opinion
                   §3.09 Standard of Reporting #1-Generally Accepted Accounting Principles
                   §3.10 Standard of Reporting # 2-Consistent Observance of Generally Accepted Accounting Principles
                   §3.11 Standard of Reporting # 3-Adequacy of Informative Disclosures
                   §3.12 -Materiality
                   §3.13 -Use of Restructuring Charges
                   §3.14 -Avoiding False Impressions
                   §3.15 -Disclosure Required of Publicly Held Companies
                   §3.16 Standard of Reporting #4-Accountant’s Opinion and Related Matters
                   §3.17 “Scope and Responsibility” Paragraph of Auditor’s Report
                   §3.18 “Education” Paragraph of Auditor’s Report
                   §3.19 “Opinion” Paragraph of Auditor’s Report
                   §3.20 -Dangers of Client Limitations
                   §3.21 -Adverse Opinions, Compilations, Review
                   §3.22 -Disclaimers
                   §3.23 -Opinion Shopping
               Unaudited Statements: Review and Compilation
                   §3.24 Introduction
                   §3.25 Meaning of “Associated with Unaudited Financial Statements”
                   §3.26 Compiled Financial Statements-General Characteristics
                   §3.27 -Procedures to Be Performed in Compiling Financial Statements
                   §3.28 Reviewed Financial Statements-General Characteristics
                   §3.29 Caveat on Unaudited Financial Statements
                   §3.30 Reporting on Comparative Financial Statements
                   §3.31 Cash-Basis Financial Statements and Reports-Need for Disclosures
                   §3.32 -Sample Forms
       Part Two Fraud in Financial Statements
           4 What Is Fraud in Financial Reporting
               §4.01 The Disease of Fraud
               §4.02 Care in Using the Word “Fraud”
               §4.03 Definition-Statutory Law: State of California
               §4.04 -Case Law
               §4.05 -Statutory Law: SEC
               §4.06 -General
               §4.07 Material Fact
               §4.08 Existing Fact versus Opinion, Puffing, Predictions, and Good Faith
               §4.09 Concealment
               §4.10 Disclosure versus Nondisclosure
               §4.11 Knowledge and Intent
           5 The Perpetrators of Fraud
               §5.01 Introduction
               §5.02 Motives for Fraud
               §5.03 The Management
               §5.04 The CPA
               §5.05 The Lawyer
               §5.06 Questionnaire-Potential for Fraud
               §5.07 Background Investigation-Management
               §5.08 -The CPA
               §5.09 -The Lawyer
               §5.10 -Evaluating the Preparer and the Accountant
               §5.11 Conclusion
           6 CPAs and Fraud
               §6.01 The Honorable Profession
               §6.02 The Not-So-Honorable Aberrations
               §6.03 Investigation of the Reliability of the CPA
               §6.04 Solvency Letters
               §6.05 Questionnaire About the Reliability of CPAs
               §6.06 The Cohen Commission Report
               §6.07 The Report of the National Commission on Fraudulent Financial Reporting (The Treadway Report)
               §6.08 Questionnaire for Assessing the Risk of Fraudulent Financial Reporting
               §6.09 The GAO Report on CPA Audit Quality-Failure of CPA Audits to Identify and Report on Significant Savings and Loan Problems
               §6.10 SAS No. 53-The Auditor’s Responsibility to Detect and Report Errors and Irregularities
               §6.11 SAS No. 54-Illegal Acts by Clients
               §6.12 The Audit Risk Questionnaire
           7 Fraud in the Balance Sheet
               §7.01 Introduction
               §7.02 The Vulnerable Accounts in the Balance Sheet
               §7.03 Summary of Procedures Used to Accomplish Fraud
               §7.04 Detecting Financial Statement Fraud-General
               §7.05 -Testing Statements for Conservatism
               §7.06 -Evaluating the Preparer and the Accountant
           8 Cash, Marketable Securities, Prepaid Expenses, and Other Current Assets
               Cash
                   §8.01 Cash-Definition
                   §8.02 -Financial Statement Presentation and Disclosures
                   §8.03 -Potential for Fraud
                   §8.04 -Questionnaire on Cash
               Marketable Securities
                   §8.05 Marketable Securities-Definition
                   §8.06 -Financial Statement Presentation and Disclosures
                   §8.07 -Potential for Fraud
                   §8.08 Temporary Investments
                   §8.09 -Questionnaire on Securities Valuation
                   §8.10 -Examples: Alleged and Actual Fraud
               Prepaid Expenses and Other Current Assets
                   §8.11 Prepaid Expenses and Other Current Assets-Definition
                   §8.12 -Financial Statement Presentation and Disclosures
                   §8.13 -Potential for Fraud
                   §8.14 -Questionnaire on Prepaid Expenses
           9 Receivables: Trade, Notes and Loans, Other Nontrade
               §9.01 Trade Receivables-Definitions
               §9.02 -Financial Statement Presentation and Disclosures
               §9.03 -Potential for Fraud
               §9.04 -Questionnaire on Accounts Receivable
               §9.05 -Examples of Alleged and Actual Fraud
               §9.06 Notes and Loans Receivable-Definitions
               §9.07 -Financial Statement Presentation and Disclosures
               §9.08 -Questionnaire on Notes and Loans
               §9.09 Nontrade Receivables-Definitions
               §9.10 -Financial Statement Presentation
               §9.11 -Potential for Fraud
           10 Inventories
               §10.01 Definitions-General
               §10.02 Perpetual and Physical InventoryCounting the Quantities of Inventories
               §10.03 Pricing Methods-Assigning Dollar Cost to Inventories
               §10.04 -Cost Method
               §10.05 -Retail Method
               §10.06 -First-In, First-Out (FIFO)
               §10.07 -Last-In, First-Out (LIFO)
               §10.08 -LIFO Inventories versus FIFO Inventories
               §10.09 -Lower of Cost or Market
               §10.10 Financial Statement Presentation
               §10.11 Disclosures
               §10.12 The Arithmetic of Inventory Fraud
               §10.13 The Gross Profit Per Cent Test
               §10.14 Internal Controls to Deter Fraud
               §10.15 Questionnaire-Effectiveness of Internal Controls over Inventories
               §10.16 Questionnaire-Detection of Fraud
               §10.17 LIFO Method-Examples of Fraud
               §10.18 Physical Inventory-Example of Fraud
               §10.19 Obsolete, Damaged, or Slow-Moving Inventory-Example of Fraud
               §10.20 Using Loans Not on the Balance Sheet
           11 Fixed Assets-Property, Plant, and Equipment
               §11.01 Definition-Property and Equipment
               §11.02 -Land
               §11.03 -Buildings
               §11.04 -Machinery and Equipment, Autos, Furniture, and Fixtures
               §11.05 -Depletable Assets
               §11.06 -Depreciation
               §11.07 Methods of Depreciation
               §11.08 Financial Statement Presentation
               §11.09 Disclosures-Fixed Assets
               §11.10 Potential for Fraud-Fixed Assets
               §11.11 Questionnaire-Fraud in Fixed Assets
               §11.12 Potential for Fraud-Depletable Assets
               §11.13 Questionnaire-Depletable Assets
               §11.14 Definitions-Leased Assets
               §11.15 Accounting by Lessees
               §11.16 Accounting by Lessors
               §11.17 Financial Statement Presentation and Disclosures by Lessees
               §11.18 Financial Statement Presentation and Disclosures by Lessors
               §11.19 Potential for Fraud-Leased Assets
           12 Intangible Assets
               §12.01 Definitions
               §12.02 Financial Statement Presentation and Disclosure
               §12.03 Potential for Fraud
               §12.04 Questionnaire-Intangible Assets
               §12.05 Example of Abuse in Goodwill
           13 Liabilities-Current and Long-Term
               §13.01 Current Liabilities-Accounts Payable
               §13.02 Long-Term Liabilities
               §13.03 Contingent Liabilities
               §13.04 Financial Statement Presentation and Disclosures-Current Liabilities
               §13.05 -Long-Term Liabilities
               §13.06 -Contingent Liabilities
               §13.07 Potential for Fraud-Accounts Payable and Other Current Liabilities
               §13.08 -Notes and Loans Payable
               §13.09 Questionnaire
           14 Equity
               §14.01 Introduction
               §14.02 Equity
               §14.03 Capital Stock
               §14.04 Stock Issued at a Premium or at a Discount
               §14.05 Costs of Stock Issuance
               §14.06 Stock Dividends
               §14.07 Issuance of Stock Purchase Rights
               §14.08 Stock Splits
               §14.09 Treasury Stock
               §14.10 Additional Paid-In Capital
               §14.11 Retained Earnings
               §14.12 Dividends
               §14.13 Financial Statement Presentation
               §14.14 Disclosures
               §14.15 Potential for Fraud
               §14.16 Questionnaires
           15 Fraud in the Income Statement
               §15.01 Definitions-General
               §15.02 Presentation of the Income Statement
               §15.03 Recognition of Revenues and Gains
               §15.04 Presentation of Revenues in the Income Statement
               §15.05 Potential for Fraud-Revenues and Gains
               §15.06 Required Disclosures-Revenues and Gains
               §15.07 Detecting Fraud-Questionnaire
               §15.08 Cost of Goods Sold-Definition
               §15.09 Presentation of Cost of Goods Sold in Income Statement
               §15.10 Detecting Fraud-Cost of Goods Sold
               §15.11 Presentation of Cost of Goods Manufactured in Income Statement
               §15.12 Cost of Raw Materials Used-Definition
               §15.13 Direct Labor and Indirect LaborDefinitions
               §15.14 Factory Overhead-Definition
               §15.15 Detecting Fraud-Direct Labor
               §15.16 Detecting Fraud in Direct Labor and Overhead-Questionnaire
               §15.17 Presentation of Expenses in Income Statement-Operating Expenses
               §15.18 Selling Expense-Definition
               §15.19 Advertising Expense-Definition
               §15.20 Travel Expense-Definition
               §15.21 Entertainment and Promotion ExpenseDefinition
               §15.22 General and Administrative ExpenseDefinition
               §15.23 Presentation of Expenses-Management Needs
               §15.24 Detecting Fraud in ExpensesQuestionnaire
               §15.25 Disclosures-Costs and Expenses in Income Statement
               §15.26 Pooling-of-Interests Accounting
           16 Case Studies of Fraud
               §16.01 Introduction
               §16.02 Mattel, lnc.-1971, 1972, and 1973
               §16.03 -Facts
               §16.04 -Foundations for Fraud
               §16.05 -What Did Management Do?
               §16.06 -The Special Counsel’s Report
               §16.07 – The Special Auditor’s Report
               §16.08 -What Could a Shareholder Have Done?
               §16.09 -Analysis of Information Available to Stockholders
               §16.10 The Regina Company, lnc.-Facts
               §16.11 -What Did Management Do?
               §16.1 2 -What Could a Shareholder Have Done?
               §16.13 -A Tale of Fraud, Window Dressing, or Negligence?
               §16.14 MiniScribe Corporation-Facts
               §16.15 -Foundation for Fraud
               §16.16 -What Did Management Do?
               §16.17 -What Could a Shareholder Have Done?
               §16.18 Summary of Some Other Companies’ Fraud
       Part Three Window Dressing in Financial Statements
           17 Window Dressing-Gateway to Fraud
               §17.01 Introduction
               §17.02 Smoothing Earnings-A Common Technique for Window Dressing
               §17.03 Examples of Window Dressing in Public Companies
               §17.04 Cineplex Odeon Corporation Financial Statement Analysis
               §17.05 -Income Statement: Year Ended December 31, 1988
               §17.06 -Balance Sheet: December 31, 1988
               §17.07 -Statement of Cash Flows: Year Ended December 31, 1988
               §17.08 -Income Statement: Three Months Ended March 31, 1989 Compared to Three Months Ended March 31, 1988
               §17.09 -Balance Sheet: March 31, 1989 Compared to March 31, 1988
               §17.10 -Statement of Cash Flows: Three Months Ended March 31, 1989 Compared to Three Months Ended March 31, 1988
               §17.11 -Proxy Statement Dated March 31, 1989
               §17.12 Prime Motor Inns, Inc. Financial Statement Analysis-Income Statement Year Ended June 30, 1989
               §17.13 -Balance Sheet: June 30, 1989
               §17.14 -Income Statement: Three Months Ended September 30, 1989 Compared to Three Months Ended September 30, 1988
               §17.15 -Balance Sheet: September 30, 1989 Compared to September 30, 1988
               §17.16 First Executive Corporation Financial Statement Analysis-First and Second Quarters, 1989
               §17.17 -Statement of Cash Flows: Six Months Ended June 30, 1989 Compared to Six Months Ended June 30, 1988
               §17.18 CUC International, Inc. Financial Statement Analysis-Balance Sheet April 30, 1988
               §17.19 -Balance Sheet: October 31, 1988
               §17.20 Integrated Resources, Inc. Financial Statement Analysis-Income Statement: Six Months Ended June 30, 1988
               §17.21 Other Examples of Window Dressing
   Volume 2
       Part Four Negligence in Financial Statements
           18 What Is Negligence in Financial Reporting
               §18.01 Introduction
               §18.02 Definition-Nonlegal
               §18.03 -Legal
               §18.04 The Negligent Party-The Preparer CPA
               §18.05 The Company (Management, Owner)
               §18.06 Requirements of a Lawsuit-Elements
               §18.07 Duty to Exercise Care
               §18.08 -Breach of Duty to Exercise Care
               §18.09 -Legal Causation
               §18.10 -Injury to Plaintiff
               §18.11 Degrees of Negligence
           19 CPA Liability for Negligence in Financial Reporting
               §19.01 Introduction
               §19.02 Reasons for Negligence in Financial Reporting
               §19.03 The CPA’s Defense against Liability
               §19.04 Glossary of Some Legal Terms
               §19.05 Example of Pleadings in Complaints against CPAs
               §19.06 The Law as Expressed in Court Opinions
               §19.07 CPA Liability to Clients June, 1991
               §19.08 CPA Liability to Third Parties (Nonclients)
               §19.09 -Ultramares Corp v Touche
               §19.10 -White v Cuarente
               §19.11 -Credit Alliance Corp v Arthur Andersen & Co
               §19.12 -International Mortgage Co v John P. Butler Accountancy Corp
               §19.13 CPA Civil Liability under Federal Securities Laws
               §19.14 -Ernst & Ernst v Hochfelder
               §19.15 -McLean v Alexander
               §19.16 CPA Liability for Criminal Conduct
               §19.17 SEC Disciplinary Activities against CPAs
           20 The CPA as a Witness
               §20.01 Introduction
               §20.02 Kinds of Witnesses
               §20.03 -Expert Witnesses
               §20.04 -Percipient Witnesses
               §20.05 Anxiety Problems of Witnesses
               §20.06 Allaying Anxieties
               §20.07 Self-Made Traps
               §20.08 Preparation-General
               §20.09 -Instructions for the CPA Deposed as an Expert Witness
               §20.10 -Do’s and Don’ts in Depositions
               §20.11 -Trick Questions
               §20.12 -Preparation of Exhibits
               §20.13 -Use of Staff to Accumulate Data for Exhibits
               §20.14 -Appearance on the Witness Stand
               §20.15 -Assistance to Lawyer during Trial
           21 CPA Workpapers
               §21.01 Introduction
               §21.02 What Workpapers Are
               §21.03 How CPAs Prepare Workpapers
               §21.04 Examples of Some Principal Workpapers
               §21.05 What Workpapers Contain
               §21.06 Why CPAs Use Workpapers
               §21.07 How CPAs Use Workpapers
               §21.08 Plaintiff’s Interest in Workpapers
               §21.09 Defendant’s Interest in Workpapers
               §21.10 Accountant~Client Privilege
               §21.11 CPA Relationship with Attorney
               §21.12 Questionnaire about Workpapers
               §21.13 An Example of the “Smoking Gun” in Workpapers
           22 Questionnaires to Detect Negligence
               §22.01 Questionnaires to Detect Negligence
               §22.02 -Responsibility to Detect and Report Errors and Irregularities in Audited Financial Statements
               §22.03 -In Compiled Financial Statements
               §22.04 -In Reviewed Financial Statements
               §22.05 -Generally Accepted Audit Standards
               §22.06 -Internal Control Examination
               §22.07 -Bank Accounts
               §22.08 -Cash Received Record
               §22.09 -Check Disbursements Record
               §22.10 -Temporary Investments
               §22.11 -Accounts Receivable
               §22.12 -Notes Receivable: Trade
               §22.13 -Nontrade Receivables
               §22.14 -Inventories
               §22.15 -Prepaid Expenses
               §22.16 -Property, Plant, and Equipment
               §22.17 -Permanent Investments
               §22.18 -Intangible Assets
               §22.19 -Accounts Payable
               §22.20 -Notes and Loans Payable
               §22.21 -Taxes Payable
               §22.22 -Bonuses and Pension Plans Payable
               §22.23 -Deferred Revenues
               §22.24 -Contingent Liabilities
               §22.25 -Proprietorship Equity
               §22.26 -Partnership Equity
               §22.27 -Capital Stock
               §22.28 -Additional Paid-In Capital
               §22.29 -Retained Earnings
               §22.30 -Revenues
               §22.31 -Payroll
               §22.32 -Factory Overhead
               §22.33 -Expense Accounts
               §22.34 -Interim Financial Statements
       Part Five Accounting Background
           23 The Bookkeeping Process
               §23.01 Introduction
               §23.02 Single Entry Bookkeeping
               §23.03 Double Entry Bookkeeping-Debit and Credit Concept
               §23.04 Applications of Debit and Credit Concept
               §23.05 Flow of Transactions
               §23.06 Books of Original Entry-Sales Record
               §23.07 -Purchase or Invoice Record
               §23.08 -Record of Cash Received
               §23.09 -Record of Cash Disbursements
               §23.10 -General Journal
               §23.11 General Ledger
               §23.12 Trial Balance
               §23.13 Adjusting Entries-End of Fiscal Year
               §23.14 -During Fiscal Year
               §23.15 Detecting Fraud
               §23.16 Manual Bookkeeping Systems
               §23.17 Computer Bookkeeping Systems
               §23.18 ‘T’ Accounts-A Tool for Analysis
           24 Basic Financial Statements
               §24.01 Introduction
               §24.02 Relationships between Financial Statements
               §24.03 Cash and Accrual Bases of Accounting Compared
               §24.04 How to Read Financial Statements
               §24.05 Footnotes to Financial Statements
               §24.06 Balance Sheet
               §24.07 Income Statement
               §24.08 Statement of Cash Flows
               §24.09 Consolidated Financial Statements
               §24.10 Combined Financial Statements
               §24.11 Interim Financial Statements
               §24.12 Questionnaire for Interim Statements
               §24.13 Techniques for Communicating Numbers
           25 Financial Statement Analysis
               §25.01 Introduction to Financial Statement Analysis
               §25.02 Goals of Financial Statement Analysis
               §25.03 Some Limitations of Financial Statement Analysis
               §25.04 Methods of Financial Statement Analysis-General
               §25.05 Financial Statement Analysis by Computer
               §25.06 Sample Financial Statements-John Doe Manufacturing Company
               §25.07 Comparative Analysis
               §25.08 Ratio Analysis
               §25.09 Tests for Short-Term Credit WorthinessCurrent Ratio
               §25.10 -Acid-Test Ratio
               §25.11 Leverage Ratio-Liabilities to Equity
               §25.12 Earnings Power Ratios-Earnings to Total Assets
               §25.13 -Earnings to Ownership Equity
               §25.14 -Pretax Operating Margin
               §25.15 Analysis of Accounting Receivable
               §25.16 Analysis of Inventory
               §25.17 Computerized Financial Statement Analysis-Using Spreadsheets
               §25.18 Z Score-A Weighted Average of Ratios
               §25.19 Published Ratios for Comparative Purposes
               §25.20 Danger Signals
       Part Six Uses and Users of Financial Statements
           26 The Audit Committee
               §26.01 Introduction
               §26.02 Membership
               §26.03 Scope and Operations
               §26.04 Hiring the Auditor
               §26.05 Performance of the Audit FirmIntroduction
               §26.06 -Prior to the Audit
               §26.07 -After the Audit
               §26.08 -Audit Firm’s Relations with Management
               §26.09 Performance of Management
               §26.10 -General Questionnaire
               §26.11 -Balance Sheet Questionnaire
               §26.12 -Operations Questionnaire
               §26.13 SAS No. 61-Communication with Audit Committees
           27 Use of Financial Statements in Buying a Fifty Per Cent Interest in a Closely Held Corporation
               §27.01 Purpose of Study
               §27.02 Facts
               §27.03 Letter of Transmittal from Seller to Buyer
               §27.04 Balance Sheet Furnished by Seller
               §27.05 Income Statement Furnished by Seller
               §27.06 CPA’s Report on the Financial Statements
               §27.07 Audited Balance Sheet
               §27.08 Audited Statement of Income and Retained Earnings
               §27.09 Schedule Showing Cost of Goods Sold
               §27.10 Audited and Unaudited Balance Sheets Compared
               §27.11 Audited and Unaudited Income Statements Compared
               §27.12 Comments on the Financial Statements
           28 Use of Financial Statements in a Divorce
               §28.01 Facts
               §28.02 Husband’s Personal Cash Flow
               §28.03 Financial Position on Day Before Marriage
               §28.04 Financial Position on Date Divorce Action Commenced
               §28.05 Statement of Income from Medical Practice
               §28.06 Statement of Income from Apartment House Rentals
               §28.07 Comparative Balance Sheets of Partnership
               §28.08 Comparative Income Statements of Partnership
               §28.09 Comparative Balance Sheets of WhollyOwned Corporation
               §28.10 Comparative Income Statements of Wholly-Owned Corporation
           29 Use of Financial Statements with Agreements and Documents
               §29.01 General Precepts
               §29.02 “Book Value” and “Generally Accepted Accounting Principles”: Vague Terms to Avoid
               Purchase of a Going Business
                   §29.03 Methods of Purchasing a Business
                   §29.04 Subject Matter of Sale
                   §29.05 Visualizing the Transaction from Balance Sheets
                   §29.06 Illustrative Transactions-Assumed Facts Common to Each Transaction
                   §29.07 Seller Company’s Presale Balance Sheet
                   §29.08 Buyer Company’s Postsale Balance Sheets-Buyer Acquires Certain Assets and Assumes None of Seller’s Liabilities
                   §29.09 -Buyer Acquires Certain Assets and Assumes Certain of Seller’s Liabilities
                   §29.10 -Buyer Acquires All of Seller’s Assets and Assumes All of Seller’s Liabilities
                   §29.11 Income Tax Considerations
                   §29.12 Preliminary Investigations
                   §29.13 Accounts Receivable
                   §29.14 Inventory
                   §29.15 Prepaid Expenses and Deferred Charges
                   §29.16 Property and Equipment
                   §29.17 Patents, Copyrights, Trademarks, and Franchises
                   §29.18 Contingent Assets
                   §29.19 Liabilities to Be Assumed
                   §29.20 Sales Taxes
                   §29.21 Some Essential Provisions of Purchase and Sale Contracts
                   §29.22 Purchase of Corporation’s Capital Stock-Extent of Corporate Liabilities
                   §29.23 -Contingent Liabilities
                   §29.24 Purchase Price-Provision for Final Adjustment
                   §29.25 -Payment from Net Income of Business
               Profit-Sharing Agreements
                   §29.26 Clarifying Meaning of “Net Income” or “Net Profit”
                   §29.27 Net Profit of Units or DepartmentsResponsibility for Allocation of Expenses
                   §29.28 Special Problems-Construction Business
               Partnership Agreements
                   §29.29 Questionnaires to Avoid Accounting Pitfalls-Financial Requirements
                   §29.30 -Distribution of Profits and Losses
                   §29.31 -Dissolution Procedures
                   §29.32 -Distribution of Income to Disabled Partner
                   §29.33 -Distribution upon Death of Partner
                   §29.34 -Distribution upon Retirement of Partner
                   §29.35 -Financial Reports and Accounting Records
                   §29.36 Business Ego Expenses
               Trusts
                   §29.37 Definition of Distributable Net Income

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