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Accounting Standards

IFRS and the Accounting Consensus

Write a 1-2 page research summary on the document below authored by Sunder. Focus your paper on Sunder's five key elements of consensus for common accounting standards for multinationals. IFRS and the Accounting Consensus SYNOPSIS: A broad consensus in accounting favors principles over rules to guide creation of a unifor

Internal Controls: Primary Goals, Sarbanes-Oxley Act, Limitations

Summarize your ideas about internal controls. An introduction to internal controls, explaining in your own words the two primary goals of internal control A description of how the Sarbanes-Oxley Act of 2002 has affected internal controls An explanation of why a company that announces deficiencies in its internal controls w

Accounting Section 121

According to Sec. 121, individuals who sell or exchange their personal residence after May 6, 1997, may exclude part or all of the gain if the house was owned and occupied as a principal residence for A. at least one year of the three-year period before the sale date. B. at least two years of the five-year period before the

Preventative Controls

Discuss the nature of preventive controls that may be designed into an AIS. Give an example and explain how it may prevent fraud or abuse of the system.

Determining Tests of Controls

1) What do you do if you are unable to determine internal controls? 2) Which do you think is most important? The two types of audit tests are tests of controls and the substantive tests. The tests of controls are tests that are designated to reduce assessed risk and their assessment of risks of misstatement of materials a

Prevention of Management Fraud in Australia

Are there any other regulatory controls or mechanisms (other than internal controls) that could prevent management fraud in Australia? If so, briefly discuss the ability of these mechanisms to prevent fraud.

Classifying types of costs

The following costs were incurred by Osaka Metals Company to maintain the quality of its products. (Yen is the national currency in Japan). 1. Operating an X-ray machine to detect faulty welds, 110,000 yen. 2. Repairs of products sold last year, 116,000 yen. 3. Cost of rewelding faulty joints, 17,000 yen. 4. Cost of sendin

Company Controls for Raptor Manufacturing

Your client, Raptor Manufacturing, is a large public company that manufactures afterburning turbofan engines for F-22 fighter jets. Many components that are used in the production process are purchased from nonrelated vendors. Since management can reasonably estimate how many engines will be produced per year, the company has

NeatBeat Production of Drums: Classify Costs

See attached file for the template. 18-2A - Listed here are the total costs associated with the 2011 production of 1,000 drum sets manufactured by NeatBeat. The drum sets sell for $300 each. Costs Cost by Behavior Variable Fixed Cost by Function Product Period 1. Plastic for casing - $12,000 $12,0

Internal Controls: Segregation of duties with adaptations for technology

Segregation of Duties (SoD) and other classic internal controls such as management oversight have been adapted to consider technology. Compare/contrast the classic controls with their adaptations for technology. Have one or more of the classic controls become obsolete when applied in technology? On the flip side of that, describ

Problem 12-6 Changing Standards

12-6: The empirical evidence reveals that very few firms change their standard prices and standard quantities during the fiscal year. Most firms have the following policy, "we set our standards before the fiscal year begins and we never, never change them during the year (except when we have to)". Required: a. Evaluate the

value adding or non value adding - budgeting

Identify the following activities performed on a manufactured product as value-adding (VA) or nonvalue-adding (NA). 1. Receiving 2. Storing raw materials 3. Moving materials 4. Working on product 5. Painting product 6. Packing and shipping 7. Engineering design of product

Johnson Controls, Inc.

For Years 2010, 2009, and 2008 using MS Excel: 1. Calculate financial ratios, and compare to industry average. 2. What can you conclude from the ratios? 3. Any warning signs? 4. Anything that stands out?

Importance of compliance, enforcement of standards

-Use the library, the ISO Web site, and other Web resources to identify a situation where ISO 9000 standards have been employed to upgrade processes or software systems. Identify the benefits of using ISO 9000 in the situation. -Answer the following questions: Why it is critical for employees to stay in compliance with IS

Classify Value or non-value added activities: Anna Bellatore; Dewey and Cheatam

A. Anna Bellatore, Inc. is interested in using its activity based costing system to improve its operating efficiency and its profit margins by applying activity-based management techniques. As part of this undertaking, you have been asked to classify its Mesa plant activities as value added or non-value added. 1. Designing n

Tests of controls v. substantive tests

18-21 Following are some of the tests of controls and substantive tests of transactions procedures commonly performed in the acquisition and payment cycle. Each is to be done on a sample basis. 1. Trace transactions recorded in the acquisitions journal to supporting documentation, comparing the vendorâ??s name, total dollar

Fraud Risks and Controls

Describe the Fraud Triangle and using illustrations involving financial reporting fraud and occupational fraud and abuse, highlight how it could be used as a conceptual framework to discuss the antecedents of fraud as well as responsive approach to addressing fraud risk within organizations. (Internal auditing: assurance & co

ISO 9000 standards

Read the article associated with the following link ... Since 1993 how has the medical industry benefited from implementation of ISO 9000 standards? What if any affect will it have on health care reform?

Classify expenditures as deductible for AGI, from AGI or non-deductible

Classify deductions for AGI or a deduction from AGI or non deductible. a. Amos contributes $500 to his H.R. 10 plan (i.e., a retirement plan for a self-employed individual). b. Keith pays $500 of child support to his former wife, Renee, for the support of their son, Chris. c. Judy pays $500 for professional dues that are re

Setting Standards

Exercise 10-8 Setting Standards [LO1] Czar Nicholas Chocolatier, Ltd. makes premium handcrafted chocolate confections in London. The owner of the company is setting up a standard cost system and has collected the following data for one of the company's products, the Imperial Truffle. This product is made with the finest white c

What are internal controls and why are they needed?

1. What are internal controls? 2. Do all companies need them? 3. Why does a company need them? 4. Explain some common internal controls that a company might have in place. What are they designed to protect? 5. What are the reporting requirements regarding internal controls in the Sarbanes-Oxley Act? Can you include refer