Case #1‚ Part 1 “Don’t tell me we’ve lost another bid!” exclaimed Sandy Kovallas‚ president of Lenko Products‚ Inc. “I’m afraid so‚” replied Doug Martin‚ the operations vice president. “One of our competitors underbid us by about $10‚000 on the Hastings job.” “I just can’t figure it out‚” said Kovallas. “It seems we’re either too high or get the job or too low to make any money on half the jobs‚ we bid anymore. What’s happened?” Lenko Products manufactures specialized goods to customers’ specifications
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Concept and significance of Auditing The word ‘audit’ is derived from the latin word ‘audire’ which means to hear. In the olden times‚ when frauds or errors were suspected as regards receipts and payments in business or to verify tax amount payable to the king‚ explanations would be heard from persons responsible for keeping accounts. Today‚ audit is more than just cash verification. It is reporting about the financial position of an organization as disclosed by the Profit and Loss account
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Chapter 10 Auditing the Revenue Process SEC SAB101: Revenue recognition 1. 有persuasive evidence 有证据 2. Delivery occurred‚ service rendered，东西给了服务于需求 3. Price is fixed/determinable 价格固定 4. 有collectability钱收的回来 Fraud Risk in Revenue cycle: 欺诈风险 1. Side agreement: off-book‚ adjust record to entice customer 2. Channel stuffing: 填塞分销渠道，造成销售假象 inflate sales by forcing product through a distribution channel 3. Related party transaction: 实质重于形式原则substance over form是指企业应当按照交易或事项的经济实质进行会计核算，而不应当仅仅按照它们的法律形式作为会计核算的依据
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True/False Questions 1. Fraud is defined as failure to use reasonable care in the performance of services. Answer: False Difficulty: Easy 2. Most of the burden of affirmative proof is on the defendant under common law. Answer: False Difficulty: Medium 3. The Ultramares v. Touche case held that auditors could be held liable to any foreseen third party for ordinary negligence. Answer: False Difficulty: Medium 4. The Securities
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Unit 5 Writing Assignment There are many avenues that the fire service can utilize to reduce the injuries‚ deaths‚ cost and risks that fire poses to firefighters and those in the community. Among these numerous avenues that are at the fire service’s disposal‚ in my opinion‚ the most effective is the presence of fire suppression systems in homes. With that being said‚ I’m in support of requiring the installation of fire sprinklers in homes‚ for while there may be an initial financial hit‚ there are
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(Consolidate existing product‚ reap without investing) E(X) = 0.6(10‚000) + 0.4(1‚000) = 6‚400 EV B.) The decision alternative that has the most favorable total expected value is to develop new product thoroughly with a total expected value of 210‚200. 1.) The Company has determined that it has two alternatives for improving profits: develop new products either rapidly or thoroughly‚ or consolidate existing products by strengthening products or reaping without investing. On the first branch of the decision
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ABINGTON-HILL TOYS‚ INC. PART I – INTRODUCTION Due to the death of the last original founder‚ Lewis Hill‚ the financial condition was deteriorating under Hill’s last-year control. Owners of the firm decided to find a capable manager to improve the firm’s financial condition and reshape the company as well. Then‚ Vernon Albright was selected as the new president of this company. Lately‚ David Hartly became the comptroller assistant and was responsible to analyzing the firm’s financial conditions
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Newly Released Questions – Auditing 1. CPA-05465 Which of the following categories is included in generally accepted auditing standards? a. b. c. d. Standards of review. Standards of planning. Standards of fieldwork. Standards of evidence. ANSWER: Choice "c" is correct. Generally accepted auditing standards include three categories: general standards‚ standards of fieldwork‚ and standards of reporting. Choices "a"‚ "b"‚ and "d" are incorrect‚ based on the above explanation. 1 2007 AICPA Newly Released
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Group Assignment #1 Group 11 Runcheng Zhang‚ Blair Macaulay October 13th 2014 ACC-1100-D01 Debbie Mortimer *Note: The other two group members did not contribute to this assignment 1a) Predetermined overhead rate. b) Overhead costs per program base on predetermined rate c) Total cost per student of each academic program 2a) First stage allocation of overhead costs b) Activity rates c) Second stage allocation of overhead Professional Arts Technology 3. Total cost
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FRICK FINE ARTS LIBRARY ART HISTORY: CONTEMPORARY ART Library Guide Series‚ No. 9 “Qui scit ubi scientis sit‚ ille est proximus habenti.” -- Brunetiere* This bibliography is highly selective and is meant only as a starting place to aid the beginning art history student in his/her search for library material. The list does not include materials on individual artists. The serious student will find other relevant sources by noting citations within the encyclopedias‚ books‚ journal articles‚ and
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