Internal Accountant’s Report to Management Marceila Jackson ACC/556 October 27‚ 2014 Laurie McBroom In preparing for the upcoming government contract bid there is a need to explain how performing a full financial status review prior to the bid is in our best interest. The steps taken for the review are as follows: visualizing the impact of occupational fraud and abuse on the company‚ knowing how the US government oversees the accounting fraud and abuse and its effect on the company‚ identifying
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Adjusting Entries Step 5 of the accounting process involves the preparation of adjusting entries. Adjusting entries are made to update the accounts and bring them to their correct balances. The preparation of adjusting entries is an application of the accrual concept of accounting and the matching principle. The accrual concept states that revenues (or income) are recognized when earned regardless of when collected and expenses are recognized when incurred regardless of when paid. The matching
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Assignment 1: Auditors and Regulatory Oversight Desislava Tabakova ACC 403 – Auditing I Professor Ashley Braun Harper November 2‚ 2014 “Olympus Scandal” The Olympus Corporation scandal is one of the biggest scandal’s to break. Olympus Corporation‚ the Japanese maker of cameras and medical imaging equipment is a huge corporation that lasted over two decades. 1- Analyze the audit report that the CPA firm issued. Ascertain the legal liability to third parties who relied on financial
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1. State whether the following statements are true or false. Give reasons for the same. i) There are differences in the rate of development of boys and girls. True Tbere are differences in the rate of development of boys and girls. In prenatal period the skeletal system of girls grows faster as compared to boys. Therefore‚ at b i girls are ahead of boys in their skeletal development. The period of puberty is about two years earlier for girls than for boys. ii) Critical periods are the only times
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| 1 INCORRECT | | Redford‚ Inc. has provided the following data:If the dollar contribution margin per unit is increased by 10%‚ total fixed cost is decreased by 20%‚ and all other factors remain the same‚ net income will: | | | A) | decrease by $60‚000. | | | B) | increase by $60‚000. | | | C) | increase by $120‚000. | | | D) | increase by $420‚000. | | | | | | Feedback:The correct answer is C (Learning Objective 1): Net income will change as follows.Calculations: $600‚000
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Accounting software is very important when it comes to a company running smoothly. The Enterprise Resource planning software is for the largest organizations with sales exceeding $500 million and more than 500 employees. There are an estimated 17‚000 companies that fit this profile. A software system needs to meet the needs of the company and may need certain systems to benefit them the best. Companies may need to keep up with employees work hours‚ sales commission‚ and/or payroll. The ERP is for
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TUI University Module 2 – Case Assignment ACC 403 – Principles of Accounting For this Case Assignment I will show prepared income statements for E-company utilizing both variable (contribution margin) and traditional (absorption margin) methods. I will also show E-company’s computed contribution margin ratio‚ gross profit ratio and operating (net) income ratios‚ as well as explain the difference and reconcile operating income
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This of ACC 305 Week 3 P7-14 (Page 389) contains: Balance per bank of El Gato Painting Company Business - Accounting Week 3 Required Readings a. Chapter 6: Time Value of Money Concepts b. Chapter 7: Cash and Receivables Discussions Present Value of Annuities. Complete Communication Case 6-3 on page 334. Internal Control. Complete Judgment Case 7-5 on page 391. Quiz Assignments Receivables Bank Reconciliation. Complete P7-10 (Page 388)
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ABC System in Super Bakery Inc. (Introduction) – What strategies did the management of Super Bakery‚ Inc. use? Installation of the Activity-Based Costing System Super Bakery was formed in the 1980’s during a time when the barrier to entry into the baked goods industry was limited. They started the company using the industry’s standards and following them very strictly. The first four years of Super Bakery were not profitable and management knew they had to make changes so the company could
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Springfield Express is a luxury passenger carrier in Texas. All seats are first class‚ and the following data are available: Number of seats per passenger train car 90 Average load factor (percentage of seats filled) 70% Average full passenger fare $ 160 Average variable cost per passenger $ 70 Fixed operating cost
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