4040 Test ID: : 40 40 ID st Downl oader ID: 8669 Te 0 404 t ID: Tes ad lo ad er ID : 86 69 . Student #: wn Last name‚ first name: wn lo Do Do er ID : 86 69 Test ID: 4040 Do wn lo ad er ID : 86 69 STA 304H1 F SUMMER 2011‚ First Test‚ June 2 (20%) Duration: 60 min. Allowed: nonprogrammable hand-calculator‚ aid-sheet‚ one side‚ with theoretical formulas only; the test contains 3 pages
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Section 404 on internal control‚ the main advantages and disadvantages‚ and what changes should be made to SOX. Finally‚ a discussion about how legislation cannot guarantee the accuracy of public financial statements will be examined. Along with this issue‚ Team Nitpickers will dig deeper and look into reasons as to why CEO’s and CFO’s are paying closer attention to this law. The CEO’s and CFO’s of Public Companies Internal Controls This section discusses how Section 404 of the SOX
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The direct costs include expenses for internal control testing and reporting and audit fees to attest the audit effectiveness. These are most expensive cost of SOX‚ and they are in section 404. Securities Exchange Commission (SEC) has estimated the cost of the internal section 404 (a) for compliance and section 404 (b) cost of auditor attestation. The cost of compliance per filer is about $91‚000. However‚ SEC did not do the estimation for the cost of audit certification. (Coates & Srinivasan‚ 2014)
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2321 1619 3940 Indirect Labor 792 563 1355 Power 170 Light and Heat 83 Building Service 50 Materials 1372 1251 2623 Supplies 290 Repairs 32 39 71 Total Production Cost 10389 Selling Expense 1634 1216 2850 General Admn. 580 432 1012 Depreciation 2681 Interest 290 Total Cost 17‚222 Less Other Income 42 21231 21‚382 Actual Sales 9279 6901 16180 Profit or Loss -2.495 If Hanson had discontinued Product 103 from January
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OVERVIEW This is an excellent short case to introduce the managerial accounting issues related to the "joint cost" problem. Classic microeconomics argues unequivocally that attempts to assign cost to individual products in a "joint" set constitute a complete waste of time--"just maximize the total revenue over the batch." Like the comparable adage to "price so that marginal cost equals marginal revenue‚" the economists’ advice about joint costing is certainly accurate‚ given the assumptions‚ but
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Business analysis Also known as cost benefit analysis reviews the sales‚ costs and benefit projection of a new product. Every company must have profit motivated objective with the new product. Now it’s time to analyze whether the new product is able to fulfill the profit making objective of the organization or not. Business Analysis is a structured methodology that is focused on completely understanding the customer needs‚ identifying how best to meet those needs‚ and then “reinventing” the stream
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Table of contents: 1. Introduction ---------------------------------------------------------------------------------- -2- 2. The first effect: accountants responsibility increase * Special sections of SOX that increase accountants responsibility by imposing criminal liability------------------------------------------------------------------------------------------ -3- * Accountants independence resulting in a higher responsibility of accountants------- -4- * Fraud decrease
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ECONOMICS OF DEVELOPMENT Instructor: Muhammad Sirajul Haque‚ Ph.D Professor and Chairperson‚ Department of Economics Office Hours: Friday : 04:40 P.M to 06:00 P.M Friday 06.00 P.M to 07:30 PM Class Hours: F - 3:00 – 6:00 P.M.; Room # ADMN-1318 Brief Description: Underdevelopment which is a major problem in the developing world is the central focus of this course. It examines the nature and origin of underdevelopment as well as its consequences for the welfare level and standard
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“Accounting did not cause the recent corporate scandals‚ unreliable financial statements were the results of management decisions‚ fraudulent or otherwise”. (Lin & Wu‚ 2006‚ para. 5) Waste Management‚ HealthSouth‚ Enron‚ Satyam and Madoff are just a few names that come to my mind when I think of fraudulent accounting. Disguised loans‚ inflated income‚ improper accounting and misstated earnings‚ different words all describing the same thing‚ FRAUD. Fraud affects the company‚ the consumers
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Ala.R.Evid. 404(b)‚ provides for: 1) the exclusion of collateral acts offered to show character – good or bad --‚ and; 2) provides exceptions‚ such as where a collateral act of the defendant is offered to show motive‚ intent or plan. Thus‚ for the Burbank evidence to be admissible under the “collateral act” exception‚ it cannot be used to show how “bad” an actor DG is‚ but must be couched in terms of motive‚ intent or plan. Pattern and Practice Frequently‚ lawyers confuse Rule 404(b) “collateral
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