Assignment 3: Capstone Research Project Write-Down Inventory The concept of write-down inventory states that the value of inventory should appear in financial statements only if it has some value, which is equal to the difference between the current market replacement value and the original inventory cost. IAS 2 stipulates that loss on write down inventory if small should be reported as part of the cost of goods sold and if huge, it should be reported on a separate line on the income statement. It thus follows that exclusion of write-down inventory may lead to investor overestimation of earnings persistence thereby leading to ethical and financial implications. The ethical issues include loss of brand value and goodwill, concealment of fraud penalties, and loss of shareholder and investor confidence while financial implications may include excessive compensation of the management. It would be advisable for both the CFO and CEO of the company to consider negative assessment by the IRS since the company used write down inventory to reduce its taxable income. The amount is inaccurate and is evidently used for tax purposes and was not included in the income statement as stipulated. The IRS thus would be compelled to contact the fraud technical advisor and the front line manager to ascertain the length of such an activity and thereby claim the tax payable in addition to fraud charges. The CFO and CEO should identify any changes in operations that may have led to slow-moving or
Offer- This is defined as a clear manifestation of willingness to enter an agreement made by another person with full understanding that their assent to the bargain is an invitation and is concluded.
The manager will need to ensure that they have the correct level of rapport with their employee. Too familiar in nature may be misconstrued as forward and harassing in the wrong context. However no personal rapport whatsoever may provide the receiver of the information with the impression that the sender of the information is just not interested. A fine line must be weighed up for each individual. When a good rapport has been achieved, then the person will uncritically accept suggestion or advice which they are given.
Auditing I | ACG 4632.591S15 Assignment 1 Landon Graber Maya Pham Melanie Pratt Robin Michael Schneider LILTS BERGER & ASSOCIATES 4-1 Certified Public Accountants CW 11/23/2015 Ocean City, Florida 33140 October 30, 2015 Mr. Donald Phillips, President 36 Clearwater Lake Road Ocean City, Florida 33140 Dear Mr. Phillips: This letter is to confirm our understanding of the terms of our engagement as the auditors of Ocean view Marine Company for the year ended December 31, 2015. Services and Related Report As you have requested, we will audit the financial statements of Oceanview Marine Company, which comprise the balance sheet for December 31, 2015, and the related statements of income, changes in stockholders’ equity, and cash flows
2. Draw a flow diagram of the unit operations involved in sugar refining and at each step write a brief sentence explaining what is occurring. Use the information from SKIL site to develop your flow chart. Since the information does not start from the beginning of the refining process, please include an extraction step (extraction is explained in your textbook). Either milling or diffusion is
Most often, you will install DNS servers on all domain controllers. If, however, you have reason not to deploy DNS servers on every domain controller, you can follow these guidelines to choose where to place your DNS servers. In general, place your DNS servers at a location on your network that is centrally accessible to your clients. It is often most practical to use a DNS server on each subnet. There are several questions to consider when you are deciding where a DNS server is needed.
This questionnaire will utilize close-ended questions for several reasons. The close-ended questions enable pre-set answers which allows for greater ease of coding and analyzation of answers while simultaneously taking away any opportunity for unnecessary or undesired answers to questions. It also adds to higher incidences of participation in the study because the respondent will not have to take vast amounts of time to respond to short-answer questions which can be daunting for those who have difficulty reading or writing which is important in regards to seniors who may have difficulty reading due to poor eyesight or may have problems holding a pen or pencil due to arthritis.
National governments in coffee growing countries have a major investment in Starbucks. Some of these countries include Costa Rica, Guatemala, Kenya, Nicaragua, and Tanzania. Starbucks strive to be responsible for its
This is the first of three milestone assignments that will lead to completion of your course project. In this assignment, you will complete Critical Element III: GAAP
In the parenthesis enter the cell number and letter to find total expenses per week. (i.e.) =sum(b5:b11)
Matrix organizational structures combine the characteristics of a functional and divisional organizational structure. The matrix organizational structure works more like a team. Instead of department heads, each team has a leader. Matrix organizational structures bring together employees who focus on a project, but fill different roles from across your business. The matrix organizational structure has the most decentralization, which means it can confuse employees about who is in charge. The matrix organizational structure is appropriate if your business operates on an international level, or serves different geographic regions.
1. Describe two examples of important things that financial planning skills can help you do, and explain why these things are important to you personally. (4-6 sentences. 2.0 points)
The teacher has to be responsible for designing the scheme of work, lesson plans, obtaining up to date qualification handbooks, agree individual learning plans, carrying out risk assessments, write realistic aims.
In order to replace human senses, computers needed input devices for perception and data entry.
As focusing on each of the five management assertions for the inventory account, we discovered that there are some risky areas that indicate the need for further attention during the audit. First of all, for existence or occurrence, all items in the inventory account must physically exist and be available for sale. Thus, the auditors should physically count finished goods, copper rod, and plastic inventories, and determine actual increase of inventories at year end. Also, they should select items from the inventory ledger and locate them and reconcile the quantity. Second, for completeness, the auditors should make sure that all existing inventories have been recorded completely , go around the warehouse and ensure all the inventories are recorded in the inventory ledger. Third, for valuation or allocation, the auditors should make sure that Laramie Wire manufacturing sticks with one valuation method(For inventory items, valuation is based on the lower of cost or market value, with several alternative methods for calculating cost), find out if there is any scrap inventory that needs to be recorded and written off ,and ask about obsolescence items. Fourth, for rights and obligations, the auditor should ask them if there is any consigned inventory at their warehouse. If there is, those inventories should not be recorded in the company's inventory ledger. Finally, for presentation and disclosure, the auditors should review the company's financial
Read the following short essay, and then write a 3-5 page response (12-point font, double-spaced, normal margins, no cover page, no binders). Your response should do the following three things: (1) state what the main conclusion of the essay is; (2) state what the most important premises (including sub-conclusions) are—i.e., state which premises are most important if the argument is to rationally convince its audience; (3) evaluate the quality of the argument, giving detailed reasons to justify your evaluation. For purposes of evaluation, assume that the speaker is a contemporary Canadian philosopher and the audience is a group of students in Introduction to Philosophy.