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Questions -
Q1. In the Codes of Ethics for professional accountants, the principle of professional competence and due care means that:
a. members must not disclose outside the firm confidential information acquired as a result of professional and business relationships
b. members must be straightforward and honest in professional and business relationships
c. members must comply with relevant laws and regulations
d. members must maintain professional knowledge and skills
e. members must not compromise their professional or business judgement because of bias or conflict of interest
Q2. Orwell Ltd is about to introduce a new product and has established a target cost of $243 and a target margin on sales of 40%. What is the target selling price (rounded to the nearest whole number)?
a. $364
b. $608
c. $97
d. $405
e. $146
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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