(answered) – 1) The Great Bobby T. has just become ruler of Freedonia!!! WhileDescriptionSolution downloadThe Question1) The Great Bobby T. has just become ruler of Freedonia!!! While the Great Bobby T. knows many things including some useful stuff, he is not an expert on accounting and has asked you to become the Secretary of the Treasury of Freedonia! Freedonia was a socialist country under the rule of the dictator ?Fidel the C? for decades, but now wants to have free markets and compete in the 21st century world economy. On your first day at the job you have the pleasure of meeting 3 of Freedonia?s leading citizens: Mr. Curly, Dr. Larry and Madam Mo. Mr. Curly gives you a quick history/economics lesson on Freedonia stressing to you that Freedonia has many small ?mom and pop? enterprises and that most of the financing has come from the government and banks. Freedonia therefore has a code law system and has only kept 1 set of books for both taxing and reporting purposes, and that it would be an unfair burden to require 2 sets of books on these small enterprises. He further stresses that this accounting focuses on preservation of capital and creditors as the major interested party. In leaving, Mr. Curly informs you that the Freedonians? are proud and would not take kindly to giving up their language and culture. Upon further examination, you discover that Freedonian accounting is basically a cash basis with the exception of long-term assets which are shown at historical cost with no depreciation. Owner?s equity is simply 1 line item being the difference between assets and liabilities. In addition, you learn that the language of Freedonia is Spanish. Dr. Larry a leading professor at The University of Freedonia reminds you that Freedonia?s leading trading partner is the United States and that the Great Bobby T. is an American (although the United States denies any knowledge of him). Dr. Larry stresses that Freedonia must adopt US GAAP and use English as the official business language of Freedonia. Finally, Madam Mo is afraid that Freedonia will become a ?puppet of the United States? if we adopt US GAAP and English so she wants Freedonia to turn to Europe and thus adopt IFRS and to keep Spanish or French (she always wanted to go to Paris) as the official business language. She reminds you that Canada is one of Freedonia?s major trading partners, and with Alex Trebek and Justin Bieber, everyone loves the Canadians!REQUIRED: Choose and defend the accounting standard that you as Secretary of the Treasury will have Freedonia adopt. Your defense should include a memo to the two distinguished guests? whose suggestions you did not follow explaining why you rejected their ?brilliant? suggestions..2) The Great Bobby T. has come to you with a problem; His Wife, The Greater Patty T?s birthday is coming and the Great Bobby T. needs money. Unfortunately, the treasury of Freedonia is a little short. The Great Bobby T. has come to you as Secretary of the Treasury to develop a tax system for Freedonia. Your two choices are a VAT tax or an income tax. Due to its size and population, most of the recent growth in the economy of Freedonia has been due to exports; first to the United States and second to Canada and third to the European Union. If you choose a VAT tax are you going to have an exemption for exports thus placing the burden on the residents of Freedonia? If you choose an income tax do you tax: citizens, residents, the source or any combination of the 3? Also, if you decide to tax income will you give a tax credit, a tax deduction or nothing for foreign taxes paid? Defend your position.3) Congratulations! Based on your outstanding job as Secretary of the Treasury of Freedonia you have been appointed to the Inter-Galactic Accounting Standards Presidium (IGASP). You are one of 9 members of this prestigious group who have the responsibility of determining accounting policy for the entire Milky Way. On your fir
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