Falk asks you, as an accounting major, to explain (a) the bases for comparison in analyzing Ventura financial statements and (b) the limitations, if any, in financial statement analysis. Instructions Write a memo to R.J. Falk that explains the basis for comparison and the factors affecting quality of earnings.” BYP 13- 7: Assigned to Shelley. • Ch. 23: Exercises 23.10 & 23.12 of Managerial Accounting: The Basis for Business Decisions Exercise 23.10 – Assigned to Elizabeth 70,000 Units 80,000 Units 90,000 Units Sales $1,400,000 $1,600,000 $1,800,000 Cost of goods sold 840,000 960,000 1,080,000 Gross profit on sales $ 560,000 $ 640,000 $ 720,000 Operating expenses ($90,000 fixed) 370,000 410,000 450,000 Operating income $ 190,000 $ 230,000 $ 270,000 Income taxes (30% of operating income) 57,000 69,000 81,000 Net Income $ 133,000 $ 161,000 $ 189,000 Exercise 23.12 a. Assigned to Andy b.
Ma KEY STAGE Mathematics test 3 TIER Paper 1 Calculator not allowed Please read this page, but do not open your booklet until your teacher tells you to start. Write your name and the name of your school in the spaces below. 6–8 2003 First name Last name School Remember ■ The test is 1 hour long. You must not use a calculator for any question in this test. You will need: pen, pencil, rubber and a ruler.
Summer 2011: MyITLab Instructions You will need to register yourself into the program using these instructions. Each individual student must purchase their own copy of MyITLab. You must follow these instructions and enter your student ID number correctly to receive credit for your assignments. If you do not, assignments will be considered to be late and you will not receive credit for them. You may not share a copy with another student and should not purchase a used copy.
Upload a soft copy of your Word and/or Excel files to Blackboard under Assessment by the due date and time (must be Microsoft compatible). Failure to upload will result in a mark of zero. Keep a copy of your assignment. If you have problems uploading your file/s then send them by email to j.polichronis@qut.edu.au 9. Assignments submitted after the due date (late assignments) cannot be uploaded to Blackboard.
PCAOB is authorized to investigate and sanctioned public accounting firms and every individual associated with the firm. Yes, it has assistance from, The Office of Research and Analysis (ORA) supports PCAOB and oversees the board’s activities. ORA identifies audit issues that would make the audit fail. Sanctions could be a fine and/or suspension or revocation of the firm. The Federal Trade Commission is an agency to protect consumer from anti-competitive business practice, (monopoly) I believe that is a waste of an agency.
The Sarbanes Oxley Act The Sarbanes Oxley Act was passed in 2002 to prevent fraud and discrepancies within the corporate world. Corporate companies have been and will be fined millions of dollars when they are not compliant with the strict guide lines provided by the government. The companies must disclose all financial statement to prevent the tremendous fines. They need to be monitored to keep them honest instead of corrupt. Was this act a step in the right direction to help keep corporations honest?
Aaron Atlhea aaronwesley74@gmail.com 2012FA-BMGT 1301-31420 Chapter 17 Case 17.2 Making the Numbers or Faking the Numbers? 1. What are the ethical and legal implications of using accounting practices such as the book-and-hold technique to inflate corporate earnings? * Depending on the specific situation of the accounting fraud, it results in financial cost, prison time, and other legal punishments. * The firm or the accountant losses credibility in the market, if an accounting fraud is found.
Old press – Originally purchased 3 years ago at an installed cost of $400,000, it is being depreciated under MACRS using a 5-year recovery period. The old press has a remaining economic life of 5 years. It can be sold today to net $420,000 before taxes; if it is retained, it can be sold to net $150,000 before taxes at the end of 5 years. Press A – This highly automated press can be purchased for $830,000 and will require $40,000 in installation costs. It will be depreciated under MACRS using a 5-year recovery period.
Materiality is defined by the FASB as an omission that would affect a normal person by a misstatement such as using earnings management to skew the true earnings or revenue. This calls in to play the unethical behavior that earnings management places on the public (violating AICPA Code of Professional Ethics). SOX further required management and accountants to be cognizant of the material errors that financial misstatement and false reporting could have from an ethical standpoint. It holds them accountable for all financial reporting from their company. This includes criminally and financial accountability.
Public Question Time value of money 1. Harry invested $10,600 in an account that pays 4 percent simple interest. How much money will he have at the end of five years? a. 12,897 b.