Accounts Receivable and Internal Control

Prepare common-sized financial statements for Leslie Fay for the period 1987–1991. For that same period, compute for Leslie Fay the ratios shown in Exhibit 2. Given these data, which financial statement items do you believe should have been of particular interest to BDO Seidman during that firm’s 1991 audit of Leslie Fay? Explain.

Purchase/payables/payment system: Based on a sample of 75 cash disbursements we concluded that the controls were operating effectively. Cash disbursements were made for purchases of raw materials from suppliers in Taiwan, and traced back to be properly converted to U.S. dollars and classified to the appropriate accounts.

The case study will form the basis of three individual assignments that are to be completed at various points in the course.

This week, you are going to complete an Assignment in which you analyze two case studies. You will read each case and answer the questions included using the information you have gained from this course so far. Your answer should include an analysis of client strengths, possible interventions, and a reflection on the possible ethical issues and cultural influences as they might impact the case.

For the first Case Assignment, please answer the following questions. You can submit your paper in a Question and Answer format. In other words, list the questions and provide a short answer to each.

Each study analysis will be 1,000-1,250 words and submitted in one document. As with the assignments in Topics 1-3, this should connect to your identified practice problem of

1. Please conduct a financial ratio analysis using the data in Exhibit 2. How do the results reflect different strategies pursued by the 4 firms?

d. “The auditor's reliance on substantive tests to achieve an audit objective related to a particular assertion may be derived from tests of details, from analytical procedures, or from a combination of both. The decision about which procedure or procedures to use to achieve a particular audit objective is based on the auditor's judgment on the expected effectiveness and efficiency of the available procedures. For significant risks of material misstatement, it is unlikely that audit evidence obtained from substantive analytical procedures alone will be sufficient (PCAOB, AS 2305.09).”

Your response Exercise 5-1 Fixed and Variable Cost Behavior [LO1] Espresso Express operates a number of espresso coffee stands in busy suburban malls. The fixed weekly expense of a coffee stand is $1,200 and the variable cost per cup of coffee served is $0.22. Requirement 1: Fill in the following table with your estimates of total costs and cost per cup of coffee at the indicated levels of activity for a coffee stand. (Round average cost per cup of coffee to 3 decimal places. Omit the "$" sign in your response.) 2,000 Fixed cost Variable cost Total cost Average cost per cup of coffee served $ $ $

The cost-volume-profit analysis is a form of cost accounting and an important part of this analyses is the break-even point.

Assess the strengths and limitations of each of the research designs presented in Week 2and 3.

This case study is located in the Assignment Section of your Blackboard.  You are to analyze:

Information will be gathered from legitimate sources as reflected in the references so as to approach this essay in an academic way. I have segmented my work over 3 weeks, commencing my research work and preparing my plan on week5, gathering relevant cases and information from books, articles and also from web during week6 and starting my essay on week7 so that it will be finished on time.

(a) Discuss the importance of ratio analysis for inter-firm and intra-firm comparisons including circumstances responsible for its limitations .If any (b) Why do you understand by the term ‘pay-out ratio’? What factors are taken into consideration while determining pay-out ratio? Should a company follow a fixed pay-out ratio policy? Discuss fully.

This short report is the progress of my field study. The report is consists of several sections, includes: Research Participants, ethics, data generation, initial finding, further data generation and reflection.