Chapter 4 Legal Liability for auditors 4-1. Understand litigious environment‚ which CPAs practice According to Google dictionary‚ litigious environment means a controversial environment. Where a simple mishaps can end up in a heavy lawsuit. Under common law‚ audit professionals have the responsibility to their client to fulfill their agreed on contracts. However‚ if one audit fails to fulfill their contract‚ not only they have to take responsibility to their clients but in some circumstances
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Chapter 4 Process Costing Chapter 4 Process Costing Solutions to Questions 4-1 A process costing system should be used in situations where a homogeneous product is produced on a continuous basis. 4-2 Job-order and processing costing are similar in the following ways: 1. Job-order costing and process costing have the same basic purposes—to assign materials‚ labor‚ and overhead cost to products and to provide a mechanism for computing unit product costs. 2. Both systems use the same basic
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sold on the income statement. LIFO cost flow assumption: The cost of items purchased latest are the costs that will be transferred first to cost of goods sold on the income statement. 4 methods used to assign costs to inventory and cost of goods sold 1. Specific Identification 2. First-in‚ first-out 3. Last-in‚ first-out 4. Weighted average Goods in Transit: If goods are shipped FOB shipping point‚ then the purchaser is responsible for paying freight charges and the seller will not include the merchandise
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1. Draw a flow chart of the cookie-making process (you can hand-draw and scan). See the last page. 2. How long (the throughput time) will it take to fill a rush order of 1-dozen cookie? Assume no other cookies are currently in process. Use a Gantt chart to help with the analysis and attach the screen shot of the Gantt chart. 6+2+1+9+5+2+1=26 mins 3.What is the cycle time? How many orders can you fill in a night (4-hour period)? Does your answer depend on the size of the
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sandwiches‚ cookie parts‚ and crème parts of both the Oreo and Market Pantry products‚ as well as their percent compositions. Brand Mass of Whole Sandwich (g) Mass of Cookie Part (g) Mass of Crème Part (g) Oreo 12.22 8.66 3.56 Market Pantry 12.05 8.83 3.22 Table 2. This table shows the percent compositions of the store-bought cookies. Brand Percent Cookie Percent Crème Oreo 12.22 8.66 Market Pantry 12.05 8.83 Calculations: mass of creme= total mass of sandwich cookie-mass of cookie part mass
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Chapter 04 Analyzing Investing Activities Multiple Choice Questions 1. Which of the following would rarely be classified as a current asset? A. Prepaid insurance B. Goodwill C. Marketable Securities D. Work-in-progress 2. Which of the following would not be classified as a current asset? A. Inventory B. Accounts payable C. Accounts receivable D. Prepaid expenses 3. An asset is considered to be liquid if: A. it is readily converted into a current asset. B. it is
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Paola Jimenez Mrs. Williams Reading 3 November 5‚ 2012 “A Smart Cookie” The passage “A Smart Cookie‚” from The House on Mango Street is about a mother who made a choice early in her life which negatively impacted her future. All of us make choices that set the course of our lives. This statement means that the decisions that we make determine our future because there are consequences for our actions which follow us‚ for a lifetime. First of all‚ the statement “all of us make choices that
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CHAPTER 4 PRESENTATION‚ ANALYSIS AND INTERPRETATION OF DATA This chapter presents the analysis and interpretation of data gathered out of the instruments used in the study‚ and is presented according to the specific problem sited in chapter 1 and should present the answer to the test of the hypotheses. The result of the study is presented using the tabular presentations (use of statistical table)‚ graphical presentation (use of graphs)‚ and textual presentations (use of statements or sentences)
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Name______________________________ Class __________________ Date ______________ Chapter 4 Ecosystems and Communities Section 4–1 The Role of Climate (pages 87–89) This section explains how the greenhouse effect maintains the biosphere’s temperature range. It also describes Earth’s three main climate zones. What Is Climate? (page 87) 1. How is weather different from climate? Weather is the day-to-day condition of Earth’s atmosphere at a particular time and place
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Chapter 3 #2 - When is a company’s competitive advantage most likely to endure over time? A company’s competitive advantage is most likely to endure over time when the company has built barriers to imitation‚ which make it difficult for a competitor to copy the company’s distinctive competencies. Another element needed is the ability to quickly react to changes in the customer’s needs and have a high absorptive capacity in order to identify‚ value‚ assimilate‚ and use new knowledge. Lastly‚ the
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