Accounting Cases
STEPS
Identify my role * Auditor: Makes sure the financials are represented “fairly”. Fair to whom. Concerned with Fair Representation. Public company: Not sure who your users are: so you use GAAP so ensure ppl are using the same thing. Who do I work for? Companies? No, but the users.
* Advisor: Advisor to seller or buyer? Or lawsuit. * In the Company (CFO, CEO). I work for the company.
Example:
A company is in poor shape is trying to get a loan. Auditor: Worried about Earnings Management Advisor for company: Make things look as good as possible In the Company: Make things look as good as possible
Leads to bias
Report Requirement * To whom am I writing? I’m writing a
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Put a star next to requirements and copy it down* : she asks you to determine if they comply with IFRS and to proide both she and Rusty with a report on your findings.
They put constraint items: Rusty must be CEO, so that you cant argue against him becoming CEO.
When you see data, what do you do?
Its used in conjunction with issues. Return on average equite >20%: You gotta calculate if they reached it.
Go on with Notes * Does this go with the overview (big picture) or does it present an issue? Does it describe the big picture more or the issues more. * Rusty doesn’t use spreadsheets, but does things on paper: Reference this paragraph to Report Requirements. * Employees have to work overtime: over 300hrs. Reference to Risks of Operations. * Company has an agreement with private company. Issues with agreement. Reference it to 2nd requirement
Tips * Have to read the case entirely before writing * If you dun know what to do, dun panic
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Role: Advisor
Report requirement: Determine compliance with IFRS Strengths + Weaknesses
Environment
NOB: Funeral home
Strong local presence
Going to be sold
Private ASPE or IFRS? (Trick question: IFRS)
User needs
Rusty and Pearl
What do they need to know?
Need to follow IFRS
Need to meet 20% Average Income over Equity
Issues
IFRS Issue Str + Weaknesses * - * - * -
Ex.
|b. |attempts to satisfy the costing objectives of both financial accounting and management accounting. |
It is a requirement that all hand written records must be written in black ink, clear and concise and contain only facts, no personal opinions are to be recorded in care plans as this is deemed unnecessary.
Margin of Safety: “Safety Net ” – tells the amount by which sales can be reduced before you reach break -even point. Formulae: Margin of Safety (units) = amount by which total sales can fall before losses are incurred Total Sales – Break-Even Sales Margin of Safety % = % total sales can fall before losses are incurred (Total Sales – Break-Even Sales) / Total Sales
Please see the attached document, which is a screenshot portion of the requirement as shown the record-keeping sheet.
California Surf Clothing Company issues 1,300 shares of $7 par value common stock at $22 per share. Later in the year, the company decides to repurchase 130 shares at a cost of $35 per share.
The numbers in parentheses represent the point values for each requirement. Type your responses. Do not copy/paste which is plagiarism. These sheets will be submitted to turnitin.com
Hurricane’s Team, in an attempt to follow the required works timetable, require the accomplishment of the following Submittal Time Schedule:
Xilinx, Inc. designs, develops, and markets complete programmable logic solutions, including advanced integrated circuits, software design tools, predefined system functions delivered as intellectual property cores, customer training, field engineering and technical support. Customers are electronic equipment manufacturers primarily in the telecommunications, networking, computing, industrial, and consumer markets. Products are sold globally through a direct sales management organization and through franchised domestic and foreign distributors. (Source: Company 2007 Form 10-K)
347 U.S. 483 Argued December 9, 1952 Reargued December 8, 1953 Decided May 17, 1954 APPEAL FROM THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF KANSAS* Syllabus Segregation of white and Negro children in the public schools of a State solely on the basis of race, pursuant to state laws permitting or requiring such segregation, denies to Negro children the equal protection of the laws guaranteed by the Fourteenth Amendment -- even though the physical facilities and other "tangible" factors of white and Negro schools may be equal. (a) The history of the Fourteenth Amendment is inconclusive as to its intended effect on public education. (b) The
Bill wants the entry in Column G to remind him of expenses that require receipts for the accountant. Tell Bill what to put in Column G to do this:
|Selling Price per|Year 1 Sales Units |Year 1 Year End Stock units |Year 2 Unit Sales |Sales Revenue Year 1 |
There were two separate self-checklists, one for the morning shift and one for the afternoon shift. The RBTs filled out the self-checklists themselves to make sure that they are graphing each program. In addition, the self-checklist helps with keeping track of programs already graphed, look back on any programs that the RBTs may have overlooked, make graphing more manageable, and making RBTs held accountable for any missing data. The self-checklist is comprised of four sections: programs, check-off, initials, and notes. In the program section, there is the list of programs that the RBTs run with the client everyday. In the check-off section, the RBTs would check-off if the program has been graphed and if not then the box would remain blank. For the initials section, if the RBT graphed the data for the program that RBT would initial his or her name in the box. Lastly for the notes section, the RBT would write any issue that he or she had while graphing (e.g., computer problems, did not run program, etc.) or the reason why some of the programs were not graphed to inform other members in their
Land owned by the company to be used as a future store site. – Asset (A)
Table of Contents ................................................................................................................................................ 1 Assignment Background .................................................................................................................................. 2 Bigg-Glowbell Overview ...................................................................................................................................... 3 The Company History ...................................................................................................................................... 3
The minutes shall be kept in written or typed form, and the accounting books and records shall be kept either in written or typed fom1 or in any other form capable of being converted into written, typed, or printed form. The minutes and accounting books and records shall be open to inspection on the written demand of any member, at any reasonable time during usu.al business hours, for a purpose reasonably related to the member 's interests as a member. The inspection may be made in person or by an agent or attorney, and shall include the right to copy and make extracts. These rights of inspection shall extend to the records of each subsidiary corporation of the corporation.