order‚ the company uses a job-order costing system. On July 1‚ the start of the company’s fiscal year‚ inventory account balances were as follows: Raw Materials | £10‚000 | Work in Process | £4‚000 | Finished Goods | £8‚000 | The company applies overhead cost to jobs on the basis of machine-hours. Its predetermined overhead rate for the fiscal year starting July 1 was based on a cost formula that estimated £99‚000 of manufacturing overhead for an estimated activity level of 45‚000 machine-hours
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1. Arthur Young was criticized for not encouraging Lincoln to invoke the substance-over-form principle when accounting for its large real estate transactions. Briefly describe the substance over form concept and exactly what it requires. What responsibility‚ if any‚ do auditors have when a client violates this principle? Substance-over-form is an accounting principle used to ensure that financial statements give a complete‚ relevant‚ and accurate picture of transactions and events. If an entity
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Alternative Sustainable Energy Resources: Water Turbines Jill Dallmann Everglades University‚ Sarasota Abstract Through years of research and studies‚ renewable and sustainable energy resources have proven to help decrease greenhouse gases that are products of the main current world energy sources. With the rising cost and consumption of petroleum to rise in the future‚ the race to finding sustainable energy is heating up because
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Case Study 3-1 University of Wolverhampton: Becoming an ISO 9000 University Bailee Cunningham Shelby Pitts Haley Wolf Patrick Nicholson Professor Dr. Sang-Heui Lee Quality Management MGMKT 650-01 February 24‚ 2015 HISTORY The University of Wolverhampton is a British University. It is mainly located in the city of Wolverhampton which was established in AD circa 980. They have four campuses located at four different locations. Two of them are located in Wolverhampton‚ one in
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Background Ocean Carriers Inc. is a shipping company specializing in the operation of capsizes bulk dry carriers. In January 2001‚ Mary Linn‚ the vice President of Finance for Ocean Carriers was evaluating the purchase of a new capsize carrier for a three years lease proposed by a motivated customer. The leasing contract offers very attractive terms‚ but no ship in Ocean Carrier’s current fleet met the customer’s requirements. In addition‚ this proposed contract is only for three years. Therefore
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“The acidification of the ocean today is bigger and faster than anything geologists can find in the fossil record over the past 65 million years” (Carl Zimmer). This is just an illustration regarding the tales of environmental degradation from carbon dioxide pollution in the ocean. The phenomenon of ocean acidification is imperative to understand; the reduction of essential pH levels over a protracted period of time is extremely harmful. In other words‚ ocean acidification can be measured by pH units
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FROM “ONION” TO “OCEAN” 71 71 Tony Fang is assistant professor of international business at Stockholm University‚ SE-106 91 Stockholm‚ Sweden (tel.: +46 8 163063; fax: +46 8 674 74 40; e-mail: tony.fang@fek.su.se). The author thanks Urapa Joy Watanachote (Thailand)‚ Joost Stel (Netherlands)‚ George Kakhadze (Georgia)‚ Satu Penttinen (Finland)‚ and Gabriel de Mello Pratellesi (Brazil) for personal communications about their respective countries discussed in this paper. The author also thanks
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Part A 1) a)Although a client/company is engaged to perform audits for the 2nd year‚ it does not allow sufficient time for auditor to detect material misstatement. This is due to lack of experience in understanding of the company? Repeat engagement over the years to come would reduce inherent risk Thus‚ the 2nd year of audit would increase inherent risk. b)The bank requires that a/ the company’s interest coverage ratio should be above 9‚ in order to provide loans to the client. From the extract
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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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Pacific Ocean are getting hit with a mysterious condition. This condition starts out as a white or black lesion on the sea star’s body. From there‚ it spreads all over the body‚ causing its arms to decay. In the worst cases‚ the entire sea star disintegrates completely. Jeff Marliare‚ a Vancouver Aquarium biologist‚ says “an arm will actually break off and crawl away. (Then) they turn into goo.” Sea stars living in aquariums aren’t safe from this affliction. Aquariums prone to pump in ocean water
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