Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question - You are in your third year as an internal auditor with VXI International, manufacturer of parts, and supplies for jet aircraft. VXI began a defined contribution pension plan three years ago. The plan is a so-called 401(k) plan (named after the Tax Code section that specifies the conditions for the favorable tax treatment of these plans) that permits voluntary contributions by employees. Employees' contributions are matched with one dollar of employer contribution for every two dollars of employee contribution. Approximately $500,000 of contributions are deducted from employee paychecks each month for investment in one of the three employer-sponsored mutual funds.
While performing some preliminary audit tests, you happen to notice that employee contributions to these plans usually do not show up on mutual fund statements for up to two months following the end of pay periods from which the deductions are drawn. On further investigation, you discover that when the plan began, contributions were invested within one week of receipt of the funds. When you question the firm's investment manager about the apparent change in the timing of investments, you are told, "Last year, Mar. Maxwell (the CFO) directed me to initially deposit the contributions in the corporate investment account. At the close of each quarter, we add the employer matching contribution and deposit the combined amount in specific employee mutual funds."
1. What is Mr. Maxwell's apparent motivation for the change in the way contributions are handled?
2. Do you perceive an ethical dilemma? Explain.
Which of the following have the potential to increase the net present value of a proposed investment?
The IRR method and NPV method can differ in ranking of capital budgeting decisions. What causes this? Explain in detail and provide the suitable example.
$675 worth of supplies on hand. Supplies had a beginning balance of $615. The company had purchased $633 worth of supplies during the month.
How do cognitive problems develop from long-term toxic levels of exposure to alcohol
What is the applied overhead? - What is the under- or overapplied overhead? - Calculate the unit cost of each stereo unit.
The expenses associated with a product recall are prevention inspection
The Precision Parts Corporation manufactures automobile parts. The company has reported a profit every year since the company's inception in 1977. Management prides itself on this accomplishment and believes one important contributing factor is the c..
Identify some accounting issues, (i.e. various GAAP procedures used in recording) associated with various long-term liability accounts.
At the end of the current year, Holden Company had current assets of $12,000, property and equipment
Evaluate the net present value (NPV) and internal rate of return (IRR) of the Apex expansion project.
What was the cost of the merchandise destroyed by fire? The Manila Branch of the Great Company is billed for merchandise by the home office at 20% above cost.
What is the required earnings per share (EPS) amounts. Bonds payable, 8%, $300,000 par value, issued 5 years ago. Each $1,000 bond is convertible into 55 shares
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd