1. a. To the Board of Directors and Shareholders of L Inc.: We have audited L Inc.’s internal control over financial reporting as of December 31‚ 2012‚ based on control criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of Treadway Commission (COSO). L Inc.’s management is responsible for maintaining effective internal control over financial reporting‚ and for its assessment of the effectiveness of internal control over financial
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information in the event that there were defective equipment or parts. Claiming the products failed to work as promised and advertised‚ Transamerica filed suit which initially included a claim based on implied warranty. Issue What are the appropriate statute of limitations in this case and what specific warranties and disclaimers exist‚ if any‚ following the conversation between Brown and Spenser? Did the two parties
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1. This case describes one reason manufacturers might want to offer rebates rather than decrease wholesale price. Explain why this can be viewed as an example of customized pricing. The one-price-fits-all model is rapidly becoming extinct particularly in the world of e-commerce where every purchase and link clicked on (and much more) is stored‚ evaluated with the result being a customized price/offer based on many factors including credit score and buying habits. Rebates are an example of customized
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are shipped to customers. 14-6 Tests of controls: 1. On a sample of sales invoices‚ examine proper authorization and indication of internal verification of sales amounts. 2. Examine approved computer printout of unit selling prices. 3. Examine file of batch totals for initials of data control clerk; compare totals to summary reports. Substantive tests of transactions: 1. Recompute information on sales invoices. 2. Trace entries in sales
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Case 4. “Living by Number – Value Creation or Profit?” 1. Determine the economic earnings of MarineCorp Sdn Bhd (MarineCorp)‚ Green Port Sdn Bhd (Green Port) and Sungai Emas Sdn Bhd (Sungai Emas Port) Economic Earnings = NOPAT – (WACC x Average Invested Capital) = NOPAT – Capital Charged (a) MarineCorp Sdn Bhd Economic Earnings = RM 15‚128‚917 – RM 854‚306 = RM14‚274‚611 (b) Green Port Sdn Bhd Economic Earnings = RM 31‚381‚168 – RM 45‚969‚400 = (RM 14‚588‚232) (c) Sungai
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• Case 1-4 Generally Accepted Accounting Principles At the completion of the Darby Department Store audit‚ the president asks about the meaning of the phrase “in conformity with generally accepted accounting principles‚” which appears in your audit report on the management’s financial statements. He observes that the meaning of the phrase must include more than what he thinks of as “principles.” Required: a. Explain the meaning of the term accounting principles as used in the audit report
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Case memo The UK shower equipment market grew by 0.1% from 2000 to 2001 to reach a value of £588 million in 2001. Market value has increased steadily ‚ totaling nearly 12% for the period 1997 to 2001. Shower products for the domestic and commercial sectors are distributed through a wide range of channels. The main distribution channel continues to be builders and plumbers merchants with the DIY multiples also holding a substantial share. Other retail channels include bathroom specialists‚ grocery
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MNGT 5670 Case Assignment #1 1. From the limited material presented‚ analyze Ann Fudge on each of the five OCEAN Model categories (Chapter 6). Openness to Experience- In this category‚ Ann Fudge demonstrates the ability to take on a challenge and open to new experiences. During her sabbatical‚ she has traveled around the world to Sardinia and Corisca. She took up yoga. She also wrote a book called‚ “The Artist’s Way at Work” which is a manual for improving creativity and innovation
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Does Auditing Matter? Janice Rhodora P. Carpentero La Salle University and Eljoy Delos Santos La Salle University May 22‚ 2013 Does Auditing Matter? SUMMARY: The scrutiny auditing has received post-Enron provides compelling evidence that auditing does matter‚ to answer the rhetorical question posed by the paper’s title. What is unclear‚ however‚ is whether auditing was sufficiently “broken” in the first place to warrant the radical reforms and changes effected
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Li-Hsien Chen 09/16/12 Case Study 1 The Springfield Nor’ easters : Maximizing Revenues in the Minor League 1. Critically analyze the research undertaken by Larry Buckingham‚ Nor’ easters Marketing Director. Discuss if you feel the objectives‚ questions asked‚ sample chosen‚ and method utilized were appropriated and why they were or were not. What type of questions would you have added to the survey and why? 2. ------------------------------------------------- What do you consider
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