There are several potential problems that can occur from the improper use of standard costs. Labor quantity standards and efficiency variances assume that production is labor-paced. However, output in many companies is determined by the processing speed of machines. Also, too much emphasis on meeting the standards may overshadow
Problem 1. Betsy receives a salary of $50,000 from her employer (a retail clothing store) and several fringe benefits. Her employer pays premiums of $300 for her $40,000 group term life insurance coverage and pays $2,400 for medical insurance premiums. Her employer provides dependent care facilities (where she places her youn
In detail, please explain how great a problem is the current account deficit in the United States? Synthesize the opinions of professionals in the finance industry.
1. What are the permanent and temporary differences? 2. What is NOL? Why does it occur? 3. What are the allocation methods? 4. What are the deferred tax assets and deferred tax liability? 5. What is the earnings conservatism ratio?
Discuss whether U.S. GAAP under SFAS No. 115 or the requirements of IAS No. 25 are more consistent with the following concepts: i. Conservatism ii. Comparability iii. Relevance iv. Neutrality v. Representational faithfulness vi. Physical capital maintenance
Problem 1. When Keith created a new corporation as the sole shareholder, he was advise by his accountant to treat 50% of the amount invested as a loan and 50% as a purchase of stock. What are the advantages and disadvantages of this structure as compared with treating the entire investment as a purchase of stock? Problem 2.
The Thomas Company is in the process of developing a revolutionary new product. A new division of the company was formed to develop, manufacture, and market this product. As of year-end (December 31, 2010), the product has not been manufactured for resale; however, a prototype unit was built and is in operation. Throughout 20
The following is an excerpt from a conversation between two employees of Linquest Technologies, Don Corbet and Rita Shevlin. Don is the accounts payable clerk, and Rita is the cashier. Don: Rita, could I get your opinion on something? Rita: Sure, Don. Don: Do you know Margaret, the fixed assets clerk? Rita: I know wh
1. What is XBRL? How will it effect financial reporting? Please Explain. 2. What are the main types of accounting software used in a restaurant setting or organization? What are the benefits and limitations of this software? Please Explain. 3. What are some of the hardware components of the PC at work? How are they differe
Raddington Industries produces tool-and-die machinery for various manufacturers. Two years ago, the company expanded vertically by acquiring Regis Steel Company, one of its suppliers of alloy steel plates. In order to manage the two separate businesses, the operations of Regis Steel are reported separately as an investment cente
How do Cafeteria Plans benefit employers? How do they benefit employees? Please answer questions and provide supporting resources.
What are the 6 principles in the AICPA's CPC and the purpose of each principle? Can you also please help me find three companies of codes of conduct of major public U.S. companies?
Wyco Company manufactures toasters. For the first 8 months of 2011, the company reported the following operating results while operating at 75% of plant capacity. Sales (400,000 units) $4,000,000 Cost of goods sold $2,400,000 Gross profit $1,600,000 Operating expenses $900,000 Net income $700
Braemar Saddlery uses department budgets and performance reports in planning and controlling its manufacturing operations. The following annual performance report for the custom saddle production department was presented to the president of the company: Budgeted Costs for 5,000 Units Per Unit (see attached for better form
Pell Company acquires 80% of Demers Company for $500,000 on January 1, 2010. Demers reported common stock of $300,000 and retained earnings of $210,000 on that date. Equipment was undervalued by $30,000 and buildings were undervalued by $40,000, each having a 10-year remaining life. Any excess consideration transferred over fair
1. Why would an organization want to integrate its IS functions? Please explain 2. How do information systems increase the efficiency and effectiveness of business processes in accounting functions? Please explain 3. What are the advantages and disadvantages of using real time versus batch accounting information architectu
The following conversation took place between Dean Lancaster, vice president of marketing, and Dina Conaway, controller of Redwood Computer Company: Dean: I am really excited about our new computer coming out. I think it will be a real market success. Dina: I'm really glad you think so. I know that our success will be de
Please See Attachment For Case Study 1. If you were Palmer at the end of the case, how would you respond? 2. What, if anything, could Palmer have done to avoid losing Olds? 3. What advantages and disadvantages of a matrix type organization are apparent from this case? 4. What could the management at M&M do to more effe
Using the material from The State of Accounting in Egypt: a case from the Journal of Business Cases and Applications, discuss the problem of cultural mistakes and cultural challenges faced by Egypt in changing its accounting systems and standards.
QUESTION 1. Each unit of Product Omega requires 3 kgs of raw material. Next month's production budget for product Omega is as follows: Opening stocks: Raw materials 15,000 kgs. Finished units of Omega 3,000 units Budgeted sales of Omega 60,000 units Planned closing stocks Raw
One specific tax deduction being discussed is the elimination of the homeowner interest tax credit. This proposal is strongly rejected by the National Association of Home Builders (NAHB). What are the pros and cons of this tax credit? Why is this issue of any interest to the NAHB?
Discuss the more 'hands on' day to day details of your experience as an Oracle Functional Consultant. You should be prepared to give examples of everyday work situations in addition to providing specific details around skills, tools, work strategies, technologies, processes, team lead and project management experience as applica
Explain the relationship between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB). References to be used: 1. http://www.journalofaccountancy.com/news/20125579.htm 2. http://www.accountingtoday.com/news/FASB-Revises-Proposed-Changes-Financial-Instruments-Accounting-Sta
Why might overhead be under-applied and how can you prevent it? Explain predetermined overhead rate and show its computation. What is the best allocate base to use and why? What factors do you consider when deciding on an allocation base?
Critique the benefits and drawbacks of proprietorships and partnerships as a form of business organization.
1) Receiving a cash dividend from an available-for-sale investment requires the following journal entry: A) a debit to Cash and a credit to Dividend Revenue. B) a debit to Cash and a credit to Unrealized Gain on Investments. C) a debit to Unrealized Gain on Investment and a credit to Dividend Revenue. D) no journal entry. In
Require assistance in calculating operating income impacts. The following product line information is for the Home Deal Company. The company is considering dropping its Children's product line due to poor operating income performance. Fixed expenses are allocated to each product line based on sales revenue. ...............
Paint More LLC has organized a new division to manufacture and sell specialty paint. The division's monthly costs are shown below: Manufacturing costs: Variable costs per unit: Direct materials $12 Variable manufacturing overhead $1 Fixed manufacturing overhead costs (total) $100,000 Selling and administrative costs:
1. A furniture manufacturer sells $500,000 worth of tables, chairs, and other items in a given year. The manufacturer earns a profit of $100,000 that year. His purchase invoices indicate that he bought $200,000 worth of lumber, varnish, nails, and other materials during the year. His labor costs were $150,000, and he purchased $
Problem 13-52 Underpayment of Estimated Taxes (LO. 6) Julie, being self-employed, is required to make estimated payments of her tax liability for the year. Her tax liability for 2011 was $25,000, and her AGI was less than $150,000. For 2012, Julie ultimately determines that her income tax liability is $18,000. During the year,