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A newly hired controller discovered unusual patterns concerning standard costs. She noticed that the first-quarter profits were poor and gradually got better through the fourth quarter with a spectacular performance exceeding its target profit for the year. Apparantly top management was aware of this abusive practice of rigging standards. The company policy is vague on when to report saved up favorable variances and using them to create a nice smooth pattern of growing profits.
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Question: Should this managerial reporting of standard variance practice be permitted to continue? If not why and what affects does this accounting practice have on the company and its investors?
Briefly discuss the economic, political, educational, family, and marital systems of a country of your choice. When doing business in the chosen country, what kind of social hierarchies and social interactions should you be aware of?
Examine the four eras of business and make a prediction for what the next era will be like. Explain the rationale behind your prediction.
Prepare a memo discussing the factors to consider when choosing accounting software. Be sure to discuss why each factor is important, as well as the risks of not considering each factor.
Edgemont paid a cash dividend of $25,000 in 2009. No additional stock was issued. Compute the retained earnings on December 31, 2008, and 2009.
Discuss at least three significant differences between IFRS and GAAP.
Using the FIFO inventory method, the amount allocated to COST OF GOODS SOLD for July is ??
What is the Accounting Equation? Does it always have to balance, if so why? Are there exceptions to this general rule? If so, what are they?
What types of costs are included in raw material inventory, work-in-process inventory, and finished goods inventory?
Lindy Corporation owns a 40% interest in Belair Company, acquired several years ago at a cost equal to book value and fair value. Belair sells merchandise to Lindy for the first time in 2003. In computing income from the investee for 2003 under th..
Olga's sole proprietorship earned a net profit of $95,000 during the year and she withdrew $70,000 of this profit. Olga must report $70,000 net income from the sole proprietorship on her individual income tax return (form 1040).
a. Calculate the direct materials price variance for May. b. Calculate the direct materials quantity variance for May. c. Calculate the direct labor wage rate variance for May. d. Calculate the direct labor efficiency variance for May.
The following journal entries are from the books of Kara Elizabeth Company: For each of the journal entries, prepare an explanation of the business event that is being represented.
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