CHAPTER 22 ACCOUNTING CHANGES AND ERROR ANALYSIS TRUE-FALSE—Conceptual Answer F T F T F T T T F T F F T F T T F F T T No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Description Change in accounting estimate. Errors in financial statements. Adoption of a new principle. Retrospective application of accounting principle. Reporting cumulative effect of change in principle. Disclosure requirements for a change in principle. Indirect effect of an accounting change. Retrospective
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TASK 1: Cost Classification and Ethics The Sorrel Pharmaceuticals Corporation manufactures a variety of drugs that are marketed internationally. Inventories on May 31 and June 30 were as follows: May 31 June 30 Materials Inventory $354‚100 $327‚400 Work in Process Inventory 112‚600 116‚400 Finished Goods Inventory 138‚500 142‚800 Purchases of materials for June were $142‚600. Direct labor costs were incurred and computed on the basis of 27‚000 hours at $8 per hour. Actual overhead costs incurred
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Case Study Report Accounting (Decision Analysis) 308 [pic] Lecture: Adrian Melia Tutor: Rajni Mala Tutorial Time: 9am-11am (Wednesday class) DUE DATE: 12/09/08 table of Content Executive Summary 3 Executive Summary 4 Introduction 5 Introduction 6 SWOT ANALYSIS 7 SWOT Analysis 8 Common-size analysis 10 Balance sheet and common size analysis from2005-2008 11 Common-size analysis 23 Accounting Analysis 25 EVAL Ratio Analysis 35 Appendix: Financial Statements of
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to suppliers. Liability (D) Bonds payable. Liability (E) Amount earned from selling a product. Revenue (F) Cost of advertising. Expense Part 2 Ex 1-8 (A) An expression about whether financial statements conform with generally accepted accounting principles. – 8 Auditors opinion (B) A business that raised money by issuing shares of stock. – 1 Cooperation (C) The portion of stockholders’ equity that results from receiving cash from investors. – 6 Common Stock. (D) Obligations to suppliers
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The Boeing 737 is a short- to medium-range‚ twin-engine narrow-body jet airliner. Originally developed as a shorter‚ lower-cost twin-engine airliner derived from Boeing’s 707 and 727‚ the 737 has developed into a family of nine passenger models with a capacity of 85 to 215 passengers. The 737 is Boeing’s only narrow-body airliner currently in production‚ with the -600‚ -700‚ -800‚ and -900ER variants currently being manufactured. Originally envisioned in 1964‚ the initial 737-100 first flew in 1967
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Q1‚ Step 1:CA for a specialist machine Year CA WDV $ $ 0 180‚000 1 (180‚000*25%)45000 135‚000 2 (135‚000*25%)33750 101‚250 3 (101‚250*25%)25313 75‚937 Step 2:Calculation of Corporation tax Year 1 2 3 $ $
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Success Factor | Formulation of goal | Indicator | Measurement | Methodology | | Financial Perspective | | Revenue growth | To ensure that the Telstra store is constantly growing in financial terms. | Quarterly store revenue growth | Quarterly store revenue growth between 1% and 2% | The store’s revenue should increase at least 1% per quarter. By ensuring fiscal growth‚ the Telstra store will ensure that it is constantly developing and establishing itself as a forefront in Telstra stores
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Section A Under Case Study (Newspaper) HB Global 1. Types of audit opinion Qualified opinion * A qualified opinion report can result from a limitation on the scope of the audit or failure to follow generally accepted accounting principles Adverse opinion * It is used only when the auditor believes that the overall financial statements are so materiality misstated or misleading that they do not present fairly the financial position or results of operations and cash flows in conforming
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Accounting Analysis of Boston Beer 1990-1995 Making the analysis using the financial statements and assumptions (since the published reports for this period are not available freely since Boston Beer was a partnership for this duration)‚ we can make the following observations: Boston Beer Co. uses ACCRUAL method of accounting as do all its competitors‚ so comparisons will be easy for investors. ASSETS Since Boston Beer is a contract brewery‚ it out sources its production process to established
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AND TECHNOLOGY B.COM ( BANKING‚ FINANCE‚ MANAGEMENT‚ INSURANCE‚ MARKETING & ACTURIAL SCIENCE) HONOURS COURSE ACCOUNTING IA CODE CAC 1107 AIM The purpose of the course is to provide an understanding of the basic concepts and techniques of accounting and their application to business management. The course covers the accounting cycle and assumes no prior knowledge of accounting. The course is intended for those who will use accounting information as managers rather than those who
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