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Many accounting and accounting-related professionals are skilled in financial analysis, but most are not skilled in managerial or cost analysis. This is especially the case for process manufacturing environments (for example, a bottling plant or a chemical factory). To provide professional accounting and financial services, one must understand the industry, its product, and its processes. As accountants, we have an ethical responsibility to develop this understanding before offering services to clients in these areas.
Problem 1: Discuss how person would obtain an understanding of key business processes of a company that hires employee to provide financial services. Include steps to follow to gather the information. Be sure to use at least one reference from a professional journal or industry magazine.
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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