By following the matching principle all of the costs associated with a particular product, not just its wholesale price, is expensed when the item is sold. Requirement 2 - A Generally, the lower of cost or market method is used to value inventory in order to “avoid reporting inventory at an amount greater than the benefits it can provide” (Spiceland, Sepe, & Nelson, 2013, p. 476). According to Spiceland, Sepe, and Nelson (2013) the “change in replacement cost usually is a good indicator of the direction of change in selling price” (p. 477). When the change in replacement cost is negative the LCM method allows companies to apply the conservatism principle. The conservatism principle involves “recognizing expenses and liabilities as soon as possible when there is uncertainty about the outcome, but to only recognize revenues and assets when they are assured of being received” (The conservatism principle).
Week 5 Knowledge Check Score: 13/17 Concepts Mastery Questions Control Process 100% 1 2 3 17 Feedforward/Concurre nt/Feedback Controls 100% 4 5 6 Financial Controls 67% 7 8 9 Balanced Scorecard 50% 10 11 12 13 Benchmarking 67% 14 15 16 Concept: Control Process Concepts Mastery Questions Control Process 100% 1 2 3 17 1.The control process assumes that ________. employees require clear directions from management A. employees are underqualified and require training B. specific goals for performance were already created during the planning process C. employee monitoring costs are part and parcel of doing business D. The correct answer is: C. Because the control process measures actual performance against standards, these Correct!standards should already be in place when the control process begins. If standards are not created during the planning process, the control process will not have a goal against which to measure actual performance. 2.An example of control criteria that can be used in any situation is ________. A. number of calls taken per day B. employee satisfaction C. average time to process paperwork D. client requests completed per hour The correct answer is: B.
Service Request SR-rm-001 Presentation University of Phoenix Julius Fitzpatrick, Tracey Ezzard-Pickett, Edwin Westbrook, and Demetrius Harris CIS/207 April 25, 2012 Dr. Jeorge S. Hurtarte Service Request SR-rm-001 Presentation Introduction Riordan Manufacturing is a worldwide manufacturer of plastics, who is in need of a modern inventory and management system. Through the use of inventory control software each of its plants can collaborate and track real-time information on available inventory, location, status, and be able to communicate with suppliers. A streamline process will improve labor productivity, reduction in inventory paperwork, reduce labor costs, reduce cash tied up in
| | | Establishes a market value for the firm. | | | Makes it easier for owner-managers to engage in profitable self-dealings. | 8 points Question 2 Financial Accounting Standards Board (FASB) Statement #13 requires that for an unqualified audit report, financial (or capital) leases must be included in the balance sheet by reporting the Answer | | residual value as a fixed asset. | | | residual value as a liability. | | | present value of future lease payments as an asset and also showing this same amount as an offsetting liability.
Robbin Industries is jeopardizing itself by not properly reporting the advertising costs. As an operating company, they must understand the generally accepted accounting principles and adhere to them (Weygandt, Kieso, & Kimmel, 2010). (c) What would you do if you were Wayne Terrago? Wayne Terrago should try to report the financial condition and results of operations fairly and in accordance with the generally accepted accounting principles. As controller, Wayne should inform management and understand what is acceptable according to the GAAP.
Financial Analysis Task 1 Erin A Downey Financial Analysis – WGU September 21, 2013 Financial Analysis Task 1 A1a. Horizontal Analysis Horizontal analysis is “the study of percentage changes in comparative statements,” (Horngren, 2009). Performing this analysis gives the reviewer the ability to see changes in expenses and revenue in a way that has more meaning than simple changes in amount. This analysis gives the ability to see how the change in amounts is related. Income Statement 1.
688). The perpetual inventory master files are tested by an examination of documents that support additions and reductions of inventory amounts in the master files. This is done by examining raw materials that are added and reduced for use in production, the growth in finished goods inventory when goods have been manufactured and the decrease when finished goods are sold (Arens, Elder, & Beasley, 2012). The accuracy of perpetual inventory master files are relatively easy to test once the auditor concludes the competence of the intention and enactment of inventory internal controls and the associated level of assessed control
Copyright © 2006 by Pearson Education, Inc. ISBN: 0-558-86622-0 124 CHAPTER 6 | Business Continuity Planning and Disaster Recovery Planning In this chapter, you will learn about the goals of sound business continuity planning and disaster recovery planning, how these two types of planning differ, the types of threats that could invoke emergency planning and procedures, and several of the more prominent techniques organizations are using to plan for and hopefully prevent a disruption in business activities. Overview of the Business
Used needles must never be re-sheathed, bent, cut or broken. Sharps must not be passed from hand to hand. After use: Sharps containers must not be filled above the “fill” line. Dispose of sharps immediately after use into approved box. Extra vigilance is required during emergency procedures.
(Hint: be sure to enter a sentinel value for end of file processing later.) Part B: Using a separate algorithm, use the monthly_Sales.dat file as input to determine the company’s annual profit. Be sure to THINK about the logic and design first (IPO chart and or pseudocode), then code the Visual Logic command line processing. Rubric: When completed staple the following documents together neatly in 1,2,3,4 order: 1) This instruction sheet first 2) The IPO Chart, second 3) The Pseudocode, third 4) The Flowchart and output example last. Point distribution for this application: Annual Profit | Document: | Points possible: | Points received | Part A | 10 | | Part B | 10 | | Total Points | 20 | | IPO Chart A: Input | Processing | Output | | | | Pseudocode: Start Display “Begin writing to file: monthly_Sales.txt Display “Data for 12 months has been written to the monthly_Sales.txt file.” Declare sales = 10000 FOR month From 1 To