2-17 1. Costs Direct variable: yeast‚ flour‚ packaging materials Indirect variable: depreciation on ovens‚ depreciation on mixing machines‚ factory utilities‚ machine maintenance personnel‚ maintenance supplies‚ cleaning supplies Direct fixed: finishing department hourly laborers‚ materials handlers in each department‚ machinist Indirect fixed: rent on factory building‚ fire insurance on factory building‚ mixing department manager‚ custodian in factory‚ night guard in factory 2. If the
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Audit case You are the engagement partner in a firm of chartered accountant and are reviewing the audit fire of a client ABC ltd. the audit manager has recommended that the audit option is qualified because he is in dispute with the directors of ABC ltd. The audit manager wishes the directors to create a large doubtful debts provision against a major debtor that is over six months old. The directors do not witch to alarm the public about the current liquidity problems of their major costumer because
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Operations Management HW#1 Benihana of Tokyo‚ HBS case (available in e-packet) Read‚ analyze‚ and be prepared to discuss the Benihana of Tokyo case. Use the following study questions as an aid in analyzing the case. a. Describe Benihana as an operating system. (Draw a process flow diagram.) List the relevant inputs‚ process‚ and output elements in three columns. b. How does the operating system support the Benihana concept? How this operating system impact Benihana’s “revenue per available
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Campbell Soup Company 1. Identify legitimate business practices that corporate executives can use for the primary purpose of manipulating or “managing” their company’s reported operating results. Are such practices ethical? Defend your answer. Some examples of legitimate business practices that executives can use to manage their company’s reported operating results include: offering customers extended payment terms at the end of the a period to accelerate sales‚ recording generous reserves
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Management 339 February 12‚ 2013 Extra Credit HW #1 In appendix A‚ “The Evolution of Management” there are nine theories classified into two approaches: The Classical Approaches and The Contemporary Approaches. In the classical approaches‚ there are five theories including systematic management‚ scientific management‚ administrative management‚ human relations‚ and bureaucracy. Quantitative management‚ organizational behavior‚ systems theory‚ and contingency perspective are the four theories
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Stefan Sharet HW 2 1. A corporation would still be required to file a tax return as any corporation must file unless it has dissolved. Each corporation must file under form 1120. 2. The negative adjusted current earnings adjustment can be made without limitation is a false statement. 3. Illinois Corp recognizes a sec. 1231 $40‚000 gain because the $60‚000 FMV minus the $20‚000 adjusted basis once it makes the liquidating distribution. Springer recognizes a capital gain to the extent that
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= 67‚200/400‚000 = 16.8% 7) a. 2009: 2010: HW 2 Fin 300 Cost of goods sold/Sales = 1‚500‚000/2‚500‚000
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Applied Auditing Audit of Plant‚ Property and Equipment – Lecture Definition Property‚ plant and equipment are tangible items that: a) are held for use in the production or supply of goods or services‚ for rental to others‚ or for administrative purposes; and b) are expected to be used during more than one period. Recognition An item of PP&E should be recognised only if its cost can be measured reliably and it is probable that future economic benefits associated with the item will
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Ethical Dilemmas for Auditors Discussion Paper May 2006 1 The Institute of Certified Public Accountants in Ireland Ethical Dilemmas for Auditors Dilemma One – Non-Audit Services 3 Dilemma Two – Fee Levels 6 Dilemma Three – Ethics Partner 7 Dilemma Four – Long Association with the Audit Client 8 Dilemma Five – Commencement in Practice 9 Dilemma Six – Financial Interest in a Client 10 Dilemma Seven – Business relations with audit clients 11 Dilemma
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Chapter 8 Audit Planning and Analytical Procedures PLANNING Why auditor should properly plan engagements: a. To enable the auditor to obtain sufficient appropriate evidence for the circumstances b. To help keep audit costs reasonable c. To avoid misunderstanding with the clients Acceptable Audit Risk is a measure of how willing the auditor is to accept that the F/S may be materially misstated after the audit is completed and an unqualified opinion has been issued. When auditor decides on a lower
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