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Titian is a management accountant specialised in the financial services industry, where he has worked for the 20 years of his career. All his work has been focussed on financial services and, as he was always extremely busy, he did not complete continuing professional development in the last 10 years. Despite his lack of experience in other industries, Titian has applied for pro bono work preparing a report reviewing the effectiveness of a textile mill from the textile industry. When applying for this pro bono work, he did not disclose his lack of experience in the textile industry. Titian took the pro bono work because he needed some volunteer work in his curriculum vitae (CV) for applying for a promotion in his current job. Required
Problem 1: State two of the ethical standards, as provided by the Institute of Management Accountants (IMA) Statement of Ethical Professional Practice, which are being jeopardized and justify why these two standards are being jeopardized.
Problem 2: Explain how applying for the pro bono work could be done without jeopardizing these two ethical standards.
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.
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Prepare Company financial statements
This individual assignment is based on the TerraCycle Inc.
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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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