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Question - Topic - Earnings Management Techniques - Accountants use estimates in determining many things including depreciation, allowance for doubtful accounts, amortization and depletion calculations, treatment of R&D expenditures. It is expected that the estimates are based on prior experience but estimates can also be used to manipulate amounts reported on the financial statements to raise or lower reported income.
For this week's discussion, go to the Internet and research accounting estimates, change of estimate, and how this relates to earnings management. Is earnings management acceptable under GAAP? Is all earnings management bad? What are the ethical implications of earnings management in terms of impact on the stakeholders?
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.
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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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