Category: Accounting

How was Melissa Robinson able to commit fraud without detection? (List and explain at least three)What controls could have detected this fraud before Melissa was able to pilfer more than $60,000?

Answer the following questions:

How was Melissa Robinson able to commit fraud without detection? (List and explain at least three)

What controls could have prevented this fraud from occurring? (List and explain at least three)

What controls could have detected this fraud before Melissa was able to pilfer more than $60,000? (List and explain at least three)

List at least three examples for each question. Provide thorough explanations for each, and make sure that you are answering the question that’s asked.

 

 

 Is the swoosh design included in Nike’s financial statements? If so, what section of what statement? At what value? Feel free to refer to outside articles or news stories, but remember that these discussions are informal chats, not major research projects.

Accounting Discussion Questions: 1 paragraph each question

Is the swoosh design included in Nike’s financial statements? If so, what section of what statement? At what value? Feel free to refer to outside articles or news stories, but remember that these discussions are informal chats, not major research projects.

Journal Entry of your dreams: Imagine you run an incredibly successful company. What journal entry would you most like to make? Is it a $10 million investment from an angel? A purchase of a company car? The expense of an all-employee retreat? Revenue? Anything goes. Record it in a reply here in proper journal entry form.

Read the Wall Street Journal article, Apple's Supply Chain Is Its Strongest Link.

The article states: "The company conceded that it did experience supply constraints during the quarter—more so than in the previous period. But no other company in the technology hardware business has Apple’s combination of financial and operational might." What does the author mean by financial might? By operation might? Comment on Apple's ability to maintain adequate inventory levels when so many other companies could not. How does this advantage affect Apple's Income Statement and Balance Sheet? Do you expect Apple to be able to maintain this advantage? Please comment on classmates' posts.

 What is the advantage of using comparative statements for financial analysis rather than statements for a single date or period?

Accounting Writing Assignment : Unit 3

What is the advantage of using comparative statements for financial analysis rather than statements for a single date or period?

How does the use of the materials requisition help control the issuance of materials from the storeroom?

Describe how total variable costs and unit variable costs behave with change in the level of activity.

How do computerized budgeting systems aid firms in the budgeting process?Why would standard cost be a more appropriate transfer cost between cost centers than actual cost?

Accounting Writing Assignment : Unit 4
Choose a question below. You only need to select one question from the list below:

1. How do computerized budgeting systems aid firms in the budgeting process?

2. Why would standard cost be a more appropriate transfer cost between cost centers than actual cost?

3. Discuss the principal limitations of the cash payback method for evaluating capital investment proposals.

How many units Oasis needs to sell to achieve the target operating income of $90,000 in the following month?

Short cases

Determine Oasis’s cost structure.

Use the information you learned in item (a) & prepare the income statement for the month of June using the variable cost-contribution margin approach.

How many units Oasis needs to sell to achieve the target operating income of $90,000 in the following month?

Define the term “relevant range” and explain its importance in understanding cost behavior.

KC Manufacturing, which began operations on January 1, 2021, produces an industrial scraper that sells for $325 per unit. By the end of 2021 KC Manufacturing provided the following Information.

KC carries its finished-goods inventory at the average unit cost of production. There was no work in process at year-end.Compute the company’s average unit cost of production.

Determine the cost of the December 31 Finished-Goods Inventory & Cost of Goods Sold.

If next year’s production increases to 23,000 units and general cost behavior patterns do not change, what is the likely effect on:
The direct-labor cost of $35 per unit? Why?

The fixed manufacturing overhead cost of $400,000? Why?

The following are relevant account balances from Brown’s comparative balance sheet and 2015 income statement.

Calculate depreciation expense for 2015.

Calculate the amount of dividends declared & paid during 2015.

Determine the cost of the equipment purchased during 2015.

Determine the change in current assets and current liabilities over the 2 years.

Calculate the sales revenues for the month April assuming a selling price of $15 a unit.

Calculate cost of goods sold & cost of ending inventories to be reported at the end of April.

Calculate the gross profit for the month of April.

It is the mid-day of April 30 and in few hours, you will be submitting a report of April Activities. You are concerned that you have not achieved you target gross profit for the month of April. Your accountant wanted to help and suggested that you may do that by returning the last purchase you made yesterday on April 28. Do you agree with her? Explain.

Assume that the overstatement of the Cash account in this example was intentional. How would this information affect the audit engagement?

Refer to the Total Performance Materiality Assigned in WP 2-2. Explain why the auditor would allocate more than the Computed Overall Planning Materiality amount (see WP 2-1) to the set of financial statement accounts. In other words, why would auditors permit the Total Performance Materiality Allocated amount to be greater than the Computed Overall Planning Materiality amount?

Assume the audit engagement team determined performance materiality to be $240,864 for each account above (note that this amount will likely not agree with the amounts you determined above). Evaluate each misstatement listed above at the financial statement account level to determine whether or not each would be considered material. Explain your rationale for each misstatement.

Refer to the Summary of Discovered Misstatements (Sales Account) table above. Discuss how offsetting misstatements should be treated when evaluating the materiality of those misstatements.

Assume that the overstatement of the Cash account in this example was intentional. How would this information affect the audit engagement?

 Compare the forecasts from the all the models (Linear trend, trend with seasonality, moving average and exponential smoothing) generated using the MAD. Determine which model Juan should present to his boss.

Generate Moving Averages of 2, 3, 5, and 10 weeks and forecast WTI for the next period.

Calculate the MAD for each Moving Average model and comment on which is the best model
among these. (10 pts)

Generate Exponential Smoothing models with alpha of 0.2, 0.4, 0.6 and 0.8. Forecast WTI for
the next period. (12 pts)

Calculate the MAD for each Exponential Smoothing model and comment on which is the best
model among these. (10 pts)

Plot the Moving Average models with the actual WTI on one chart AND on a separate chart plot
the Exponential Smoothing models with actual WTI. (6 pts)

Compare the forecasts from the all the models (Linear trend, trend with seasonality, moving
average and exponential smoothing) generated using the MAD. Determine which model Juan
should present to his boss.

Explain the relationship between financial statements and why it is useful for managers to understand all three.

Statement of earnings, a statement of retained earnings

Use the reading on preparing financial statements provided in the course pack, the course text chapter examples to prepare these statements.

Various balance sheet and statements of earnings accounts for Home Restoration Outlet Ltd. are listed below in random order. You will have to determine which account goes in which statement to solve the questions.

The balance sheet accounts are as of December 31, 2005, except as noted. The statement of earnings amounts are for the year January 1 to December 31, 2005. All accounts are shown in thousands of dollars.

1) Prepare a statement of earnings, a statement of retained earnings, and a balance sheet.

2) Explain the relationship between financial statements and why it is useful for managers to understand all three.

3) Perform a “current ratio” analysis for the company and explain the company’s liquidity position.

Balance sheet and statement of earnings accounts

Cash $40
Retained earnings, Dec 31, 2004 $255
Inventory, Dec 31, 2004 $425
Note payable, due Feb 2006 $25
Selling expenses $482
Accounts payable $85
Accounts receivable $104
Sales $2,409
Income tax rate 50%
Building and equipment, cost $150
Dividends $70
Total Long term loan, due June 2015 $110
– 2006 portion $10 ($10 of the $110)
Purchases $1,304
Income tax payable $25
Marketable securities $30
Depreciation expense, building and equipment $23
General and administrative expenses $215
Cost of goods sold $1,419
Goodwill $85
Other expenses, interest $20
Prepaid expenses $42
Common stock $130
“Accumulated depreciation,
build. & equip. Dec 31, 2004” $53

Analyze the influence of a financial report on decision making related to an organizational change.Identify at least two processes not directly related to accounting and explain how they will be impacted by the proposed change. Include examples.

Week 4 Assignment – Number Cruncher Versus Strategic Thinker

How will this impact sales, accounts receivable, cash flow, expenses (especially bad debt), and so on? Once you determine that, how will it ultimately impact the balance sheet, income statement, and statement of cash flows? How will it impact your key ratios?

What non-accounting information (such as training staff in new processes) might be impacted?Some other examples could be what happens if you reduce payroll (a very common thing these days) or reduce inventory (to move to more of a real-time inventory system), or make a significant capital purchase? What would be impacted?

Identify at least two issues you want to change in the company and explain the impact of the change on the company’s financial reports. Include examples.

Identify at least two financial reports related to your proposed change and explain how your use of this report will influence your decision making. Provide examples.

Identify at least two processes not directly related to accounting and explain how they will be impacted by the proposed change. Include examples.

Analyze the influence of a financial report on decision making related to an organizational change.