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Accounting standards and theories

1. Accounting standards could be established using descriptive theory, which explains practice, or normative theory, which leads practice. Which theory is currently being used in setting standards? Which do you think should be used? Justify your response. 2. Accounting standards are very complex and require expertise in the

Angela Company: How Should Angela Report the Safety Hazard?

Please help with the following: Angela Company is a manufacturer of toys. During the year, the following situations arose: -- A safety hazard related to one of its toy products was discovered. It is considered probable that liabilities have been incurred. Based on past experience, a reasonable estimate of the amount of los

Intangible Asset Account: Reichenbach Company

Can you help me get started with this assignment? Correct Intangible Asset Account Question Details: Reichenbach Co., organized in 2009, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2009 and 2010. Intangible Assets: 7/1/09--8 year

Diluted EPS: Given data, calculate diluted earnings per share

Net profit for the year $18,160,000 Ordinary shares of $1: $40,000,000 Number of ordinary shares in issure : 40,000,000 Average fair value of one ordinary share during the year : $1.5 Number of shares under options during the year : 2,000,000 Exercise price for shares under options during the year : $1.2 Calculatio

Contemporary Accounting Issues: United States

Scenario: You have recently obtained a new position as a manager of an international accounting firm, Smith, Lindsey, and Lueders, CPA (SLL). SLL is primarily an auditing firm. Part of your duties will be to analyze the current state of accounting with an emphasis on the international environment. An additional responsibility

Assembly Dept of Webster Manufacturing cost report

Problem 1 Study guide The Assembly Department of Webster Manufacturing uses a process cost accounting system and a weighted-average cost flow assumption. The department adds materials at the beginning of the process and incurs conversion costs uniformly throughout the process. During July, $190,000 of materials costs and $135

Heart Ltd Cost & Revenue Variances: Volume variance, over- under-applied overhead

Use the following information to answer questions 1 and 2 Heart Ltd. applies overhead on the basis of machine hours. One and one�half (1.5) machine hours are required for each unit of product. The master budget showed planned production of 6,000 units for the upcoming period, with manufacturing overhead budgeted at $205,2

CPA exam sample question: Best Avaition Associates partnership issues

Following is a sample writing (essay) question for the CPA exam. The answers are to be a paragraph each (in essay form) explaining your reasoning. Best Aviation Associates is a general partnership engaged in the business of buying, selling, and servicing used airplanes. Best's original partners were Martin and Kent. They

Marshall Corp Future Tax Asset - Amounts to be Realized

Marshall Corp. had a future tax asset account with a balance of $101,500 at the end of 2007 due to a single temporary difference of $290,000 related to warranty liability accruals. At the end of 2008, this same temporary difference has increased to $315,000. Taxable income for 2008 is $887,000. The tax rate is 35% for all yea

Forensic Accounting: Compare internal to external auditor; examples of fraud

Please include your opinions and personal experience if you can. You may also do some Internet and library research to add to your response. 1. Contrast and compare the role of the following: a. The internal auditor. b. The external auditor. c. The external forensic accounting consultant in an external audit 2. List the

Make or Buy decision at Nantucket Nectars

Assume that Nantucket Nectars reports the following costs to make 17.5 oz. bottles for its Juice Cocktails: Nantucket Nectars Company Cost of Making 17.5-Ounce Bottles Total Cost for 1,000,000 Bottles Cost per Bottle Direct materials $80,000 $0.08 Direct labor 30,000

Analyse distribution of IQ scores in Americans

From a population of 25,000 Americans in 1969; it was discovered that their collective IQ Score mean was 105 with a standard deviation of 12. a. how many IQ scores exceeded 115? b. what is the probability of IQ scores that fell between 68 and 75? c. how many IQ scores fell above 3 standard deviations? d. what is t

Prepare a schedule showing corrected income before taxes

Error Analysis The before-tax income for Lonnie Holdiman Co. for 2007 was $101,000 and $77,400 for 2008. However, the accountant noted that the following errors had been made: 1 Sales for 2007 included amounts of $38,200 which had been received in cash during 2007, but for which the related products were del

Managerial and cost accounting problems for manufacturing and process costing

The following data (in thousands of dollars) have been taken from the accounting records of Larsen Corporation for the year completed. Sales.......................................................$860 Purchases of raw materials.......................$150 Direct labor.............................................$110 Manufact

Determine the cost driver rate

Use the information below to answer the following question(s). Apple Valley Corporation uses a job order cost system and has two production departments, A and B. Budgeted manufacturing costs for the year are: Department A Department B Direct materials $700,000

Mason Engineering Company Equipment Purchase

On October 10, 2005, Mason Engineering Company completed negotiations on a contract for the purchase of new equipment. Under the terms of the agreement, the equipment may be purchased now or Mason may wait until January 10, 2006, to make the purchase. The cost of the equipment is $400,000. It will be financed by a note bearing i

Review the Comprehensive Annual Financial Report

Review the Comprehensive Annual Financial Report (CAFR) from 1. How many capital projects funds does the government maintain? How can you tell? Are any of these major funds? If so, for what purposes are they maintained? 2. How many debt service funds does the government

Prepare pseudocode for programmer using accountant's instruction for sale data

Accountants understand their jobs very well. Programmers also understand their jobs. Unfortunately, accountants are rarely programmers and programmers are rarely accountants. Although an accountant does not need to program, the accountant must be able to communicate his requirement to the programmer, an individual who may not un

Green Initiatives Implemented Sustainability

Evaluate a business that has not implemented a sustainability plan or is currently working toward one. Must determine what initiatives the company has implemented, what driving forces initiated the transformation, and what the benefits have been or might be if the company has not started the plan. The assignment will help me gai

Calculate the bid on a Special Order using two methods

Lyan needs the custom-designed equipment to increase its bottle-making capacity so that it will not have to buy bottles from an outsider supplier. Lyan company Requires 5,000,000 bottles annually. Its prsent equipment has a maximum capacity of 4,500,000 bottles with a directly traceable cash outlay cost of 18 cents

Lopez Plastics: Determine costs as Direct, Indirect, or Unallocated Costs

Refer to the Lopez Plastics Company example on pages 152-155 and to Exhibit 4-7. The following list gives various resources used by Lopez Plastics Company. Use the letters D, I, and U to indicate how the cost of each resource cost would be classified; D = direct, I = indirect, and U = unallocated. 1. Salary of plant manager

Requires Investing Projects

Southeastern Specialty, Inc. (SSI)â?"Financial Risk State of the Economy Probability 1-Year T-Bill Project A Project B S&P Fund Equity in SSI Poor 0.10 7.0% -8.0% 18.0% -15.0% 0.0% Below Average 0.20 7.0% 2.0%

New Hope's Tax Liability and Marginal Tax Rates

Problem 1 New Hope Managed Care Inc., is a for-profit managed care company that serves the southwest United States. Last year, it reported $1,200,000 in income from operations, $250,000 in interest income from bonds it bought in the previous year, and $60,000 in dividend income from shares in a large drug company. New Hope al

Budgeting Functional Plans

Tom is establishing some basic plans for his business. He is in the process of writing down some basic questions that he believes the plans should answer. Which of the following questions does not relate to establishing a functional plan? A. What skills do they need? B. When will it be accomplished? C. Where do I want my

Sustainability Plan

Can you please assist me in 700 to 1,00 words with the following study question: Identifying Sustainability Plan Effect Princeton University has hired you as a consultant to help put a sustainability plan into effect that focuses on greenhouse gas. â?¢ Resource: â?¢ identifying po