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You overheard your CEO telling your CFO to provide her with the company's Financial Information. Your CFO approaches you to help him prepare for the Financial Reporting process. Given your competencies in the Health Care Accounting Class, you informed your CFO of the need to take a closer look at the financial statement so as to provide a complete scenario of the company's financial health. He appears to agree with you more so that the company's external auditors would examine the company's financial statements. Knowing that the external audit process is central to the financial reporting process, you cautioned him that audit failure could occur. He sighed and wondered if you could help him to answer the following questions in detail.
Question 1: Why do organizations prepare cash flow statements and operating statements?
Question 2: Describe the difference between the Excess of Revenues over Expenses and the Increase in Net Assets without Donor Restrictions.
Question 3: Evaluate and discuss reasons for audit failure.
Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.
Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.
Prepare a master budget for the three-month period.
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Evaluate the Predetermined Overhead Rate
Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.
Complete the schedule to compute the pool rates for the different activities.
Prepare Company financial statements
This individual assignment is based on the TerraCycle Inc.
Discuss the ethical issues
Calculate the GDP in Income Approach and Expenditure Approach
A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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