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Question - CASE - You are one of three partners in a firm of accountants. Five years ago the firm was appointed as external accountants to a young, successful and fast-growing company, engaged to prepare yearend accounts and tax returns. The business had started trading with a handful of employees but now has a workforce of 200, while still remaining below the size of company requiring a statutory audit. Due to your close relationship with the directors of the company (who are its owners) and several of its staff, you become aware that staff purchases of goods manufactured by the company are authorised by production managers, and then processed outside the accounting system. The proceeds from these sales are used to fund the firm's Christmas party.
1. Discuss the improper accounting for sales in the scenario.
2. What are some of the ethical questions that you will ask to yourself in light of the fundamental principles of professional code of conduct for accountants?
Do any of the principles coming from ARB 43, or ARS 7 qualify as principles as you have construed them? How similar are these two partial groups of principles?
?Finished goods inventory as of May 31 6,000 units. What is the budgeted beginning balance in units for finished goods inventory on August 1?
Determine the net income for March, how much did March's transactions increase or decrease retained earnings?
Vulcan Company's, Prepare contribution format segmented income statements for the total company broken down between sales territories.
What are the cost driver rates using account analysis? What are the estimated costs for a month assuming the following level of cost driver volumes?
Prepare summary journal entries for April (without disposing of under- or overallocated conversion costs). Assume no direct materials variances
Manila Limited produces a unit where delivery of units to its customers are related with all overheads. Compute expenditure and efficiency variance-ABC method.
The actual cost of a spoiled picture frame is P7.00. The spoilage is considered a part of all jobs (factory overhead). What amount should be debited to Factory
1. prepare the j entries for traditional and backflush costing. for backflush costing assume there are 2 trigger points
Counsel believes that the homeowner's case is much weaker and will be decided in favor of Welker - Prepare a note disclosure relating to this incident.
For each of the itineraries, calculate the present values of the cash flows using required rates of return of both 10% and 15% Assume a 15 -year time horizon. Should the company purchase the ship with either or both required rates of return..
Prepare the journal entries for the year ended 30 June 2012 to account for the above transactions.
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