CHAPTER 5: ACCOUNTING FOR GENERAL CAPITAL ASSETS AND CAPITAL PROJECTS OUTLINE Number Topic Type/Task Status (re: 13/e) Questions: 5-1 Distinguishing general capital assets from fund capital assets Describe New 5-2 Capital asset disclosures Explain New 5-3 Modified approach for infrastructure Describe New 5-4 Capital lease accounting Describe 5-8 revised 5-5 Asset impairment Explain New 5-6 Use of capital projects funds Explain 5-4 revised 5-7 Encumbrances Explain Same 5-8 Construction
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Case 5 - Exercise 2 Abernethy and Chapman Internal Control Evaluation Client: Prepared by: Date: Exhibit 5-2 is a portion of the audit program that Mitchell designed to test the operating efficiency of controls in the revenue and cash receipts cycle. For each individual test‚ indicate the anticipated results if the control procedure is working properly. Also‚ if the control is not functioning properly‚ list the potential problems that exist. Use the following format for your response: Step
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Tiffany Hale AC503-02 Unit 2 Case Study North Face Inc. Case Study 1. Should auditors insist that their clients accept all proposed audit adjustments‚ even those that have an “immaterial” effect on the given set of financial statements? Defend your answer. When it comes to immaterial effect on a set of financial statements I would say that clients should not accept all proposed audit adjustments. By clients not accepting all proposed audit adjustments‚ auditors are
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Case 5 Magrec‚ Inc. 1. I would let a day pass and then request another meeting with Dinah indicating a sincere desire to work through the matter and the need to come to an understanding and agreement of how to work together and with the team moving forward. At that meeting‚ I would start off and thank Dinah for bringing the Partco matter to my attention. I would communicate with Dinah that I respect her strong feelings and beliefs behind her actions regarding the Partco matter but indicate
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1. Activity Based Costing benefits businesses that are more complex in nature. In this case‚ Greetings. INC has added a new product line‚ Wall Decor‚ which permits them to grow without expanding their physical stores; however‚ they have significantly raised their overhead costs by multiplying their cost drivers. Not to mention the fact that they have incorporated a largely automated system into their product line‚ which we know calls for an ABC system. The main reason to move to ABC though‚ would
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Case 1-1: Ribbons an’ Bows‚ Inc. Note: This case is unchanged from the Twelfth Edition. Approach This is an introductory case and it should be taught as an introductory case. There will be plenty of time in the course for the students to learn the correct form of financial statements and details of accounting standards. In short‚ the instructor should be prepared to allow a variety of formats for the financial statements and tolerate some “not quite correct” accounting. The instructor
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FACTS: Defendant‚ AAA North Jersey‚ Inc. (“AAA”)‚ contracted with Five Star Auto Service (“Five Star”) to perform towing and auto repair services for AAA. Defendant Terence Pershad‚ a tow-truck driver employed by Five Star‚ received a call through AAA to assist a crashed car. Upon Pershad’s arrival at the crash site‚ Pershad and Plaintiff Nicholas Coker (a passenger of the crashed car) began fighting‚ which ended soon after Pershad assaulted Plaintiff with a knife. Plaintiff filed suit in a New Jersey
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put into these movies. There are a huge number of movies that are like this. One in particular would be North Country starring Charlize Theron. This movie is a fictionalized account of the first major sexual harassment case in the United States—Jenson vs. Eveleth Mines‚ where a woman who endured a range of abuse while working as a miner filed and won the landmark 1984 lawsuit (North Country). The movie is inspired by a brave woman who fought so hard for what she wanted‚ but the movie portrays
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Hilcrest Auto The Importance of Quality Issues Hilcrest Auto is a manufacturing company specialized in producing specific parts for automobile assemblers. Hilcrest Auto is currently facing quality control issues‚ possibly leading to financial issues or threats of losing future contracts. Quality control has been an essential concern for most manufacturing industry. Low-quality control in the manufacturing process could increase the cost of good manufacturing and returns from customers. However‚ quality
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Introduction The Engstrom Auto Mirror plant employs over 200 people at its Indiana location. Since 1999‚ workers at the plant have received bonuses based on the Scanlon Bonus Plan‚ which paid a percentage of all labor savings each month. Workers were motivated by the bonuses to increase their productivity‚ thus saving the plant from its unprofitable state during the 1990s. However‚ in 2007‚ the plant once again faced issues of unproductivity and low profits. The plant manager‚ Ron Bent‚ had to
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