Consider three bonds with 6.5% coupon rates, all selling at face value. The short-term bond has a maturity of 4 years, the intermediate-term bond has maturity 8 years, and the long-term bond has maturity 30 years. a. What will be the price of each bond if their yields increase to 7.5%? (Do not round intermediate calculations
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You mentioned that the FASB is trying to transition to one set of international financial standards. Do you believe it is possible to have on set of standards? What challenges do you see? What are some examples of non-authoritative sources?
H.22 In a computerized information system, automated equipment controls or hardware controls are designed to a. Arrange data in a logical sequential manner for processing purposes. b. Correct errors in the computer programs. c. Monitor and detect errors in source documents. d. Detect and control errors arising from use of equipment. H.23 A good example of application (user) computer software is a. Payroll processing program. b. Operating system program. c. Data management system software. d. Utility program. H.24 Which of the following would lessen internal control in a computer system? a. The computer librarian maintains custody of computer program instructions and detailed lists. b. Computer operators have access to operator instructions and detailed program lists. c. The control group is solely responsible for the distribution of all computer output. d. Computer programmers write and debug programs that perform routines designed by the systems analyst. H.25 Which of the following is true with respect to fraud risk factors in an electronic environment? a. Employees are more intelligent in an electronic environment. b. Auditors cannot audit the information system during the year. c. Larger dollar amounts are involved in an electronic environment. d. Employees have greater access to information systems and computer resources in an electronic environment. H.26 A procedural control used in the management of a computer center to minimize the possibility of data or program file destruction through operator error includes a. Control figures. b. Crossfooting tests. c. Limit checks. d. External labels. H.27 An auditor would most likely use computer-assisted audit tools and techniques (CAATTs) to a. Make copies of client data files for controlled reprocessing. b. Construct a parallel simulation to test the client's computer controls. c. Perform tests of a client's hardware controls. d. Test the operating effectiveness of a client's password access control. H.28 Which of the following client computer systems generally can be audited without examining or directly testing the computer programs of the system? a. A system that performs relatively uncomplicated processes and produces detailed output. b. A system that affects a number of master files and produces a limited output. c. A system that updates a few master files and produces no other printed output than final balances. d. A system that performs relatively complicated processing and produces very little detailed output. H.29 The client's computerized exception reporting system helps an auditor to conduct a more efficient audit because it a. Condenses data significantly. b. Highlights abnormal conditions. c. Decreases the tests of computer control requirements. d. Is an efficient computer input control. H.30 An auditor will use the test data method to gain certain assurances with respect to a. Input data. b. Machine capacity. c. Control procedures contained within the program. d. General control procedures. H.31 Assume an auditor estimates that 10,000 cash disbursement checks were issued during the accounting period. If a computer application control, which performs a limit check for each check request, is to be subjected to the auditor's test data approach, the sample should include a. Approximately 1,000 test items. b. A number of test items determined by the auditor to be sufficient under the circumstances. c. All of the transactions. d. One transaction.
Can you help me get started on this assignment? Thank you. See *ATTACHED* file for complete details!
Your schedule and statement must be in proper form - this means they should look like they would in an annual report - and not in a spread sheet or a work sheet. Individual overheads should be listed rather than just a total being given. Greenville Products Inc. is a manufacturing firm. The company's inventory balances were
The advantages and disadvantages of harmonizing accounting standards were summarized in this weeks readings. Expand on these advantages and disadvantages (Hint: You may wish to consult John N. Turner, "International Harmonization: A Professional Goal," Journal of Accountancy (January 1983): 58-59 and Richard Goeltz, "International Accounting Harmonization: The impossible (and Unnecessary?) Dream," Accounting Horizons (March 1991), 85-88)
Briefly explain: The advantages and disadvantages of harmonizing accounting standards were summarized in this weeks readings. Expand on these advantages and disadvantages (Hint: You may wish to consult John N. Turner, "International Harmonization: A Professional Goal," Journal of Accountancy (January 1983): 58-59 and Richa
TaxatiClifford Johnson has a limited partnership investment and a rental condominium. Clifford actively manages the rental condominium. During 2009, his share of the loss from the limited partnership was $12,000, and his loss from the rental condo was $16,000. Assuming Clifford's modified adjusted gross income is $120,000 for 2009, complete Form 8582.
Where to start with this problem: Once I know what information to look for or where to go, I can figure it out. Here is the problem: Clifford Johnson has a limited partnership investment and a rental condominium. Clifford actively manages the rental condominium. During 2009, his share of the loss from the limited partnersh
What is the importance of setting up and solving equations and inequalities? How can equations and inequalities help a business maximize profits?
Briefly discribe the following The FASB ASC is now the sole authoritative source of all U.S. GAAP. a. What are the major goals of the FASB ASC? b. How is the FASB ASC expected to improve the practice of accounting? c. What literature is now contained in the FASB ASC? d. What should an accountant do if the guidance for
In the flow of funds in U.S. economy, households are the main source of funds. Explain the process through which household funds are recycled.
Question 1 In the flow of funds in the U.S. economy, households are the main source of funds. Explain the process through which household funds are recycled. What is the benefit of this process?
1a- A bond portfolio consists of the following debt securities: Bond 1: 3-year, zero-coupon note; $1,200,000 holdings Bond 2: 7-year, zero-coupon note; $1,500,000 holdings Bond 3: 10-year, zero-coupon note; $1,650,000 holdings Bond 4: 25-year, zero-coupon bond; $1,000,000 holdings The key rate duration of the portfolio is
Andre has asked you to evaluate his business, Andre's Hair Styling. Andre has five barbers working for him. (Andre is not one of them.) Each barber is paid $9.90 per hour and works a 40-hour week and a 50-week year, regardless of the number of haircuts. Rent and other fixed expenses are $1,750 per month. Hair shampoo used on all clients is .40 per client. Assume that the only service performed is the giving of haircuts (including shampoo), the unit price of which is $12. Andre has asked you to find the following information. Find the contribution margin per haircut. Assume that the barbers' compensation is a fixed cost. Show calculations to support your answer. Determine the annual break-even point, in number of haircuts. Support your answer with an appropriate explanation. Show calculations to support your answer. What will be the operating income if 20,000 haircuts are performed? Show calculations to support your answer. Suppose Andre revises the compensation method. The barbers will receive $4 per hour plus $6 for each haircut. What is the new contribution margin per haircut? What is the annual break-even point (in number of haircuts)? Show calculations to support your answer
Andre has asked you to evaluate his business, Andre's Hair Styling. Andre has five barbers working for him. (Andre is not one of them.) Each barber is paid $9.90 per hour and works a 40-hour week and a 50-week year, regardless of the number of haircuts. Rent and other fixed expenses are $1,750 per month. Hair shampoo used on all
Dwayne owns 50% of the stock of Tangerine (a C corporation) and 50% of the stock of Heron Corporation (an S corporation), each of which incurs an operating loss of $80,000 during 2011. Neither corporation pays any dividends during the year. Discuss Dwayne's tax consequences.
Governmental accounting: Proprietary fund, Statement of net assets, statement of activities, recognizing grant revenue, special revenue fund
1) Which of the following choices regarding the proprietary fund financial statements is TRUE? A. Normally, reconciliation is required between the proprietary fund financial statements and the business-type activities column in the government-wide financial statements B. The Statement of Net Assets (or Balance Sheet) ref
Assume you are running a business and must manufacture a product to sell. For this assignment, you will need to create a product and document the relevant costs. That means you will need to gather raw materials, supply the labor and overhead, and create the product. For instance, you can bake a cake, create a floral arrangement,
Please help with the following problem. Ace Manufacturing Company produced 12,000 units and sold 10,000 units during 2010. The prime costs required for one unit of product totaled $10, along with variable factory overhead of $2. Total fixed factory overhead during 2010 was $48,000. Ace's sales expenses were $5 per unit, w
Jo Manufacturing Company provides the following data from 2011: 20,000 units were sold for $60 each; total variable expenses were 900,000 and total fixed expenses were $240,000. Jo's income tax rate is 30%. What was Jo's break-even point in units? How many units would have to be sold to earn an after tax profit of $90,000?
Please help with the following problem about accounting. Provide step by step calculations. Jo Company actually incurred $400,000 of factory overhead during 2011. On January 1, 2011, Jo expected to incur $500,000 in factory overhead and to work 80,000 direct labor hours during the year. 100,000 hours were actually worked dur
See attached file for proper format. Accounting Questions on Budgeting A) In today's work force there are those who earn "Salaries", "Wages" and "Base plus Commissions". Identify each distinct applicable cost. B) Exercise 13.3 & 13.4 - Cost Classifications: Mark with an X for each type COST TYPES VARIABLE CO
Why should caution be exercised in the use of the income figure derived in an income statement? How should correction of errors be reported in the financial statements? What is the difference between operating and nonoperating items? And why do we show the difference in the financial statements ?
What are the advantages and disadvantages of management judgement? What are some of the disadvantages of the regression method?
Describe the full cost of preparing in my own kitchen a dinner for one consisting of salad (lettuce, tomatoes, and dressing), baked chicken, baked potatoes, green beans, and ice cream. Assume that on one shopping trip I purchased all of the components of this dinner except the ice cream, which I purchased on a previous shopping trip. The costs of the components were: Lettuce, one head (your serving is ¼ of the head) $1.00 Tomato (your serving is ¼ of the tomato) $0.80 Chicken, one piece (your serving is the full piece) $1.25 Potato, one (your serving is one potato) $0.25 Ice cream, one quart (your serving is ¼ of the quart) $2.50 Dressing, one bottle (your serving is one-tenth of the bottle) $2.50 Frozen green beans, one bag (your serving is ¼ of the bag) $2.20 When calculating full cost, remember that the costs of incidental items (such as salt, butter, and spices) must be considered. Describe such costs and make some reasonable estimate of the costs. 1. After considering and describing the full cost of preparing your dinner, answer the following with respect to the full costs you have calculated or described: a. Will the full cost change if you boil, instead of bake your potato? b. Will the full cost change if you microwave (as opposed to cooking on the range top) your green beans? c. Did your description of full cost include the cost of storing the ice cream? d. Did your full cost include the cost of water to wash the vegetables and chicken before preparation and the cost of paper towels to dry the vegetables and chicken? e. Did your full cost include the cost of writing the check (or using your credit card) at the supermarket? f. Did your full cost include the cost of two trips to the supermarket (gas, depreciation on your car, depreciation on your tires)? g. What are the assets employed in preparing your dinner? Did your full cost include depreciation on these assets? If you do not own the assets, did your full cost include a portion of the monthly rental of the assets? h. Did your full cost include an amount necessary to return your kitchen to its original state (i.e., a cost to clean/maintain the kitchen)? 2. Assume that you invite one friend to dinner. Will the cost of preparing the dinner "double?" Indicate which costs included in your full cost will "double" and which will not. Explain why some costs "double" and some do not. Note that this illustration of developing the full cost of a relative simple process (shopping for and preparing dinner) illustrates the types of the problems that arise and judgments that must be made in developing full cost for production in complex business situations, where many judgments must be made in determining the costs to allocate to production.
Describe the full cost of preparing in my own kitchen a dinner for one consisting of salad (lettuce, tomatoes, and dressing), baked chicken, baked potatoes, green beans, and ice cream. Assume that on one shopping trip I purchased all of the components of this dinner except the ice cream, which I purchased on a previous shopping
DATA ABC, Inc. is a newly organized manufacturing business this year. The following company's costs and expenses are: Sales price per unit $75 Manufacturing costs: Fixed Costs Variable Costs Direct materials $8 Direct labor
What is Governmental Accounting Standards and what are Financial Accounting Standards Board. What are the objectives of the GASB and the FASB. What are their similarities and what are their differences. And how do the modified accrual basis of accounting differe from full accrual accounting.
See the attachments. 3-33. The following information relates to the Richard Renick Company for 2005: Units Percent Complete Units completed in 2005
Speedy Parcel Service: high-low method, estimate the variable and fixed cost elements of the annual cost of truck operation.
Speedy Parcel Service operates a fleet of delivery trucks in a large metropolitan area. A careful study by the company's cost analyst has determined that if a truck is driven 138,000 miles during a year, the average operating cost is 14.8 cents per mile. If a truck is driven only 92,000 miles during a year, the average operating
Haaki Shop, Inc., is a large retailer of surfboards. The company assembled the information shown below for the quarter ended May 31: Amount Total sales revenue $ 1,364,000 Selling price per surfboard $ 440 Variable selling expense per surfboard $ 47 Variable administrative expense per surfboard $ 18
Buchanan Corp. is refunding $12 million worth of 10% debt. The corporation's tax rate is 35%. The call premium is 9%. What is the net cost of the call premium?
Buchanan Corp. is refunding $12 million worth of 10% debt. The corporation's tax rate is 35%. The call premium is 9%. What is the net cost of the call premium?
See attached file for the table. Determine the gross profit margin for each product produced based on the data [(selling price-ABC cost per foot) x feet produced] Determine the gross profit margin for each product produced based on the traditional costing data [(selling price-traditional cost per foot) x feet produced]
Slick Pads break even for new printers; Fine Manufacturing break even for selling price of new product line
Business, Project Management - Year 4 u02a1 Break Even Analysis (Attempt 1 ) I. u02a1 Break Even Analysis (Attempt 1 ) 1. Problem 4: Slick Pads is a company that manufactures laptop notebook computers. It likes to add its own line of computers printers as well. It has also considered the implications from the marke
Assess the information presented in the medical group statement of revenues and expenses and calculate the operating margin for fiscal year 2006. FINANCIAL ACCOUNTINGâ?"STATEMENT OF REVENUE AND EXPENSES Statement of Revenue and Expenses for Group Practice for Year Ending June 30, 2006 REVENUE Patient service reven