Auditing procedures: Five assertions: 1. Occurrence: Define: transactions and events that have been recorded have occurred and pertain to the entity. Explain: sales and purchases shown in the income statement belong to the company and are real‚ that is they actually took place. 2. Completeness: Define: all transactions and events that should have been recorded have been recorded. Explain: all the individual transactions making up the balances in the income statement are recorded; no sales
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LECTURES 2-3 CORPORATE CARBON AUDIT Agenda Carbon Footprint Concepts Why and What Carbon Measurement Standards and Procedures Emission Scopes and Conversion Factors Assignment 1 Agenda Carbon Footprint Concepts Why and What Carbon Measurement Standards and Procedures Emission Scopes and Conversion Factors Assignment 2 Carbon footprint is a “measure of the impact human Carbon Footprint activities have on the environment in terms of the amount of green house
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Arguments in Favour of Mandatory Audit Rotation: As an attempt to strengthen the audit independence and the audit quality‚ mandatory audit rotation is to be considered as a very good proposal to safeguard the audit independence. It is‚ however‚ limited number of years above that the audit firm or the engagement partner (For instance‚ the U.K. approach is to change only the engagement partner. While in the U.S. approach it is mandatory to change the whole audit firm) can no longer be or continue
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Name of student:_________________ 9 Activity-Based Costing Review Question Answers 9-4 It will require more work. Significant amounts of indirect costs are allocated using only one or two cost pools. All or most costs are identified as output unit-level costs. Products make diverse demands on resources because of differences in volume‚ process steps‚ batch size‚ or complexity. Products that a company is well suited to make and sell show small profits while products for which a company is
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A sporting goods manufacturer buys wood as a direct material for baseball bats. The Forming Department processes the baseball bats‚ and the bats are then transferred to the Finishing Department where a sealant is applied. There was no beginning work in process inventory in the Forming Department in May. The Forming Department began manufacturing 10‚000 Casey Slugger baseball bats during May. Costs for the Forming Department for the month of May were as follows: Direct materials $33‚000 Conversion
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Pepsi ACC205: Principles of Accounting Instructor Susanne Eliott August 19‚ 2013 Pepsi PepsiCo Inc. is an American multinational food and beverage corporation headquartered in Purchase‚ New York. PepsiCo is a world leader in convenient snacks‚ foods‚ and beverages‚ with revenues of $60 billion and over 285‚000 employees. PepsiCo owns some of the world’s most popular brands‚ including Pepsi-Cola‚ Mountain Dew‚ Diet Pepsi‚ Lay’s‚ Doritos‚ Tropicana‚ Gatorade‚ and Quaker. Coca-Cola
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Human Resources Management in Canada Case Incident A New HR Professional’s First Workplace Dilemma Case Study Questions: 1. Do you agree with how Laura handles this situation? If so‚ why? If not‚ what would you have done differently? 2. Is it important for this company to have such a policy in place? If so‚ how can the employment (labour) standards act in your province/ territory help in drafting a policy on appropriate computer use? I believe it is important for this company
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Name: ________________________ Class: ___________________ Date: __________ Quiz 2 1) Cost-volume-profit analysis is used primarily by management: A) as a planning tool B) for control purposes C) to prepare external financial statements D) to attain accurate financial results Answer: A Diff: 1 Terms: cost-volume-profit (CVP) Objective: 1 AACSB: Communication 2) One of the first steps to take when using CVP analysis to help make decisions is: A) finding out where the total costs line intersects
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Greetings Inc. has operated for many years as a nationally recognized retailer of greeting cards and small gift items. It has 1‚500 stores throughout the United States located in high-traffic malls. As the stock price of many other companies soared‚ Greetings’ stock price remained flat. As a result of a heated 2007 shareholders’ meeting‚ the president of Greetings‚ Robert Burns‚ came under pressure from shareholders to grow Greetings’ stock value. As a consequence of this pressure‚ in 2008 Mr
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70‚000 units 80‚000 units 90‚000 units Sales $1‚400‚000 $1‚600‚000 $1‚800‚000 Cost of goods sold 840‚000 960‚000 1‚080‚000 Gross profit on sales $560‚000 $640‚000 $720‚000 Operating expenses ($90‚000 fixed) 370‚000 410‚000 450‚000 Operating income $190‚000 $230‚000 $270‚000 Income taxes (30% of operating income) 57‚000 69‚000 81‚000 Net income $133‚000 $161‚000 $189‚000 Assume that the cost of goods sold and variable operating expenses vary directly with sales and the income taxes remain
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