Bill DeBurger‚ In charge Accounting Bill DeBurger was an in- charge accountant of the firm where he used to work. He had 18 months of experience; and he had been working for more than 900 hours in the audit of Marcelle Stores. The audit team was formed by Bill‚ two staff accountants‚ and five internal auditors. After two months of intense work‚ Bill had the responsibility to write the inventory memo. When Bill began to think about what he will express in the inventory memo‚ he realized that
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Bill DeBurger Case 6.2 Your conclusion? Justify the conclusion you would have reached in the memo Bill’s conclusion? the actual decision made by the”real” Bill DeBurger was that the inventory account balance was materially accurate It was obviously the decision the audit partner wanted Bill to reach What approach would you have used? Did Bill take the proper approach in discussing the matter with the partner? Bill should have discussed this issue
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John Mullin Audit 5610 Case 6.7 9/25/12 Hamilton Wong‚ In-Charge Accountant 1. If I were placed in Hamilton Wong’s position I would report all of my time worked during the audit of Wille & Lomax. This practice of “eating time” is unethical. While most accounting firms probably feel this type of practice is unacceptable‚ it still happens. If you don’t report all your worked time‚ how does the firm bill their clients properly? What about future audits for the same company? If underreporting
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able to cover all its costs‚ which are fixed and variable costs. It is measured in either product units or dollars. Bill French‚ Accountant The break even analysis is a very important tool to help any firm in deciding on the best operational volume. It requires three types of costs namely the fixed cost‚ variable cost and selling price (Dayananda‚ et al‚ 2002). As Bill French puts it‚ “the level of operation at which total costs that is‚ variable plus non-variable are just covered is the
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unethically by underreporting the time she worked on that engagement? Defend your answer. If I was in Hamilton Wong’s position‚ I think I would report all of the time I spent working on the Wille & Lomas audit‚ even if it exceeded the budget. As an accountant‚ my ethical responsibility is to be honest and have integrity and by not reporting the actual amount of time I worked on the audit‚ I would be lying. I will be losing my honesty and integrity if I was not to report the actual amount of worked I
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How to be a good accountant When someone asked me what you want to do when you grow up‚ I will always answer "scientists"‚ but what is that‚ what to do‚ I have no idea. When I went to middle high school‚ I believed that a wide range of scientists‚ I need to have a specific selection‚ so I wanted to do a lot of career‚ such as journalists‚ actors‚ astronauts‚ and so on. I thought about everything‚ but I feel that it is not possible to achieve‚ my future is still very long. I also have lots of
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knowledge and question technique when tackling a question on ethics. The IESBA Code IESBA’s (IFAC’s) Code of Ethics for Professional Accountants provides a conceptual framework that requires a professional accountant to identify‚ evaluate‚ and address threats to compliance with the fundamental principles. The conceptual framework approach should assist professional accountants to comply with the ethical requirements of the IESBA Code‚ and to serve the public interest. Guidance is provided in several areas:
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accounting as my career. Accounting require you to be careful because the accountants always work directly with the numbers and accounting books. They are important documents before the law‚ they show the financial situation of the company and accountants are persons who do them. Many jobs permit you have the mistakes‚ you can repair them but accounting is never. If you have a mistake‚ you can’t undo it. Accountants are honest persons and good at accounting knowledge. They usually work with
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Case: Mercedes-Benz All Activity Vehicle (AAV) 1. What is the competitive environment faced by MB? The competitive environment that MB was faced with included difficulties in controlling costs‚ material purchasing‚ and problems in adapting to changing markets. The needs of customers were changing‚ and during 1993‚ MB had their worse sales in decades‚ as a result MB lost money for the first time in its history. Something needed to be done‚ and the AAV project began in 1993 with production
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Q1: Consider PepsiCo’s advertising throughout its history. Identify as many commonalties as possible across its various ad campaigns. How is this campaign consistent with PepsiCo’s brand image? A1: a. Some of the earlier slogans have the commonality that you get more for the same price‚ that when you buy Pepsi you get more of flavor‚ amount and/or whatever than the competition offers. Pepsi is for everyone and that Pepsi alone can refresh or change the world. Many slogans
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