Case Study : Moss And Mcadams Accounting Firm

The purpose of this report is discussing the case of Wilkerson Company that confronting tough competition in price cutting in pumps which caused to a big drop of pre-tax operating income from 10% to 3%. After observing the existing costing allocation, we found out there is an issue on the existing costing report that the manager could not be able to see the real situation. In light of this, there will be brought to the discussion on the feasibility of using an alternative costing method – Activity based costing (ABC) in the latter paragraphs.

Marketing. Because of the large number of suppliers selling similar products, apparel-retail firms must stimulate demand with attractive store layouts, colorful product offerings, and various sales promotions.

Revenue recognition is one of the top causes for financial statement restatements. In addition, revenue recognition is an area commonly questioned by the Securities and Exchange Commission (SEC) staff in their review of public filings and resultant comment letter process. Furthermore, revenue recognition is often prey to financial fraud.

• In this case Deloitte & Touche Consulting Group was tasked to come in and consult with SKS Manufacturing, an auto supplier, in order to fix their inventory problems along with other issues the company was facing. Maria Chen would lead part of the team for her first time on this 12-week engagement, but would in occur some difficulties throughout the first 6 weeks of the project. The Deloitte team has a lot of work to do before the end of the engagement in order stabilize the company and prepare them for a more radical long term project that plans to “reengineer” their business process. Most of the responsibility for the slow start on the project is resting on Chen’s shoulders due to the choices she has made during the first half

The Goodner Brothers, Inc. audit case is based off the story of two men who have been friends since their childhood: Woody Robinson and Al Hunt. Now as adults, Mr. Hunt works for an auto supply store while Mr. Robinson works for Goodner Brothers, Inc., a tire wholesaler in Huntington, West Virginia. In the Goodner case, internal auditors were conducting their annual inventory counts of Goodner Brothers, Inc. and determined that their numbers were lower than the book inventory numbers by $143,000. As it would with any company, the misstatement of inventory raised red flags forcing the company to contact their independent audit firm to investigate the inventory shortage. The

Another lawsuit filed in 2009 against Arthur T. caused Rafaela Evans to switch her allegiance from Arthur T. to Arthur S after the lawsuit was settled in June 2013. The allegiance shift caused a personal rift between Evans and Arthur T. and Evan’s vote switched the balance between the two cousins. When the time came for the board of directors to elect executives in 2014, Arthur T. was voted out. Although Rafaela Evans did not have the power on her own to fire Arthur T., this example of interpersonal conflict exemplifies how relationships between individuals can affect the grand scheme of organizations.

Accounts receivable are amounts owed by customers on account. They result from the sale of goods and services on credit. These receivables are generally expected to be collected within 30 to 60 days. They are typically the most significant type of claim held by a company. Accounts receivable and notes receivable resulting from sales are also known as trade receivables. Accounts receivable resulting from sales are referred to as trade receivables in Alcatel's financial statements.

Hooker Furniture Corporation uses a multi-step format for what they call the Statement of Income (Income

Due to the information, 20 acres of land equal 80 sheep according to the exchange rate of last year, a one-room cabin equal 3 acres of land and equal 12 sheep finally, a plow equals 2 goat and equal 2/3 sheep according to last year’s exchange rate and 2 carts which were traded with a poor acre of land equals 8 sheep plus 400 sheep. So Deyonne’s total assets are 500(2/3) sheep. Deyonne’s liabilities and assets deduction are 35 sheep plus 3 sheep, which will come to 38 sheep,

QuickBooks and Sage 50 Accounting are both great options for small business accounting. These programs help manage business finances which can drastically save time that may have been spent creating Excel spreadsheets and more. However, while both programs are sufficient for small businesses, the programs differ based on what they can offer your company.

Cost accounting is a type of accounting process that aims to capture a company's costs of production by assessing the input costs of each step of production as well as fixed costs such as depreciation of capital equipment. Cost accounting will first measure and record these costs individually, then compare input results to output or actual results to aid company management in measuring financial performance (Cost Accounting, n.d.).

On the Maxwell & Co. side of the Craftset assignment, there was more than one accountant assigned to the client, and there was a Senior accountant who provided supervision. Therefore, there was some segregation of duties and a senior member of the firm to verify that all work is being done correctly. With no room to wiggle, she did just enough to be able to keep focus on Rusher.

Moreover, this further supports our recommendation for Atlantic to proceed with this acquisition as it will obtain one of the best mills for a cheap initial cost ($319m compared to the construction cost of $750m).

Peter should have addressed the issue much sooner instead of waiting until the project was so far behind before he decided to take action. Although Peter did not get the outcome he desired, it is evident that the move the out Olds on Crosby’s project full time was better for the company and better for Olds. The consulting project that Crosby was in charge of sounds like it is a bigger deal for the firm than the audit so it in the company’s best interest to have their best people on that project. Since Peter was getting substandard work from Old’s he should make the concession to give up Olds in return for a suitable replacement and could ask for some type of

1. Evaluate the economics of Gulf's exploration and development program in net present value terms. How do Gulf's outlay for exploration and development compare to cash returns Gulf generates from these activities.