1/ Management’s Report on Internal Control Over Financial Reporting: a/ Provides

Question

1/ Management’s Report on Internal Control Over Financial Reporting:

a/ Provides the auditor’s opinion on the fairness of the financial statements.

b/ Contains personal certification of the financial statements by the company’s executives.

c/ Contains a detailed description of compensation of the company’s executives for the year.

d/ Provides a summary of significant accounting policies used to prepare financial statements.

2/

The following information is taken from the 2015 annual report to shareholders of Hewlett-Packard (HP) Co.

million

Using a T-account for the allowance for doubtful accounts, identify the changes in the account during fiscal year 2015. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Beg Bal? Accounts written off (net)? Provision for doubtful accounts? End bal?

For Fiscal 2015 For Fiscal 2014 Provision for doubtful
accounts $ 46 million $ 25 million At Fiscal Year-end 2015 At Fiscal Year-end 2014 Accounts receivable, net 13,363 million 13,832 million Accounts receivable, gross 13,552 million 14,064

million

Explanation / Answer

1. Answer: Option b. Contains personal certification of the financial statements by the company's executives.

2.

Allowance for Doubtful Accounts Beg. Bal. ($14064-$13832) 232 Accounts written-off 89 46 Provision for doubtful accounts End. Bal. ($13552-$13363) 189

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