46. The directors of Starge plc, a company listed on the Main Market of the London Stock Exchange, will normally be appointed by the company’s auditors the company’s shareholders a representative committee elected from among the company’s shareholders a joint committee of company shareholders, existing directors and the company’s auditorsauditors
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45. Which of the following data is mosrt likely to be analysed as a continuous variable?
- bunches of bananas sold in a shop
- cars driven over a bridge
- water used in a factory
- people employed in a distribution centre
46. The directors of Starge plc, a company listed on the Main Market of the London Stock Exchange, will normally be appointed by
- the company’s auditors
- the company’s shareholders
- a representative committee elected from among the company’s shareholders
- a joint committee of company shareholders, existing directors and the company’s auditorsauditors
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- 23-Easa Saleh Al Gurg Group Careers company collecting and storing all kinds of information for future planning and decision making. Because of present Covid-19 pandemic situation, they found the decrease in sales revenue of the company and to take necessary actions, the management of the company collected information on percentage of product rejections, number of customer complaints. The category of information the company focusing on is termed as: O a. Financial Quantitative information O b. Financial Qualitative information O c. Non-Financial Qualitative information O d. Non-Financial Quantitative informationA study investigated the relationship between audit delay (the length of time from a company’s fiscal year-end to the date of the auditor’s report) and variables that describe the client and the auditor. Some of the independent variables that were included in this study follow: Industry A dummy variable coded 1 if the firm was an industrial company or 0 if the firm was a bank, savings and loan, or insurance company. Public A dummy variable coded 1 if the company was traded on an organized exchange or over the counter: otherwise coded 0. Quality A measure of overall quality of internal controls, as judged by the auditor, on a 5-point scale ranging from “virtually none” (1) to “excellent” (5). Finished A measure ranging from 1 to 4, as judged by the auditor, where 1 indicates “all work performed subsequent to year-end” and 4 indicates “most work performed prior to year-end.” A sample of 40 companies provided the following data: Develop the estimated regression equation using all of the independent variables included in the data. How much of the variation in the sample values of delay does this estimated regression equation explain? What other independent variables could you include in this regression model to improve the fit? Test the relationship between each independent variable and the dependent variable at the 0.05 level of significance, and interpret the relationship between each of the independent variables and the dependent variable. On the basis of your observations about the relationships between the dependent variable Delay and the independent variables Quality and Finished, suggest an alternative model for the regression equation developed in part (a) to explain as much of the variability in Delay as possible.Choose a company (local or multinational) of your choice and discuss how this Covid-19 pandemic might have impacted the financial performance of the company.Your discussion should not be more than 150 words.
- Company B uses a responsibility reporting system to measure the performance of its three investment centers: Planes, Taxis, and Limos. Segment performance is measured using a system of responsibility reports and return on investment calculations. The allocation of resources within the company and the segment managers’ bonuses are based in part on the results shown in these reports.Recently, the company was the victim of a computer virus that deleted portions of the company’s accounting records. This was discovered when the current period’s responsibility reports were being prepared. The printout of the actual operating results appeared as follows. Planes Taxis Limos Service revenue $ ? $450,000 $ ? Variable costs 5,000,000 ? 320,000 Contribution margin ? 180,000 380,000 Controllable fixed costs 1,500,000 ? ? Controllable margin ? 70,000 176,000 Average operating assets 25,000,000 ? 1,600,000 Return on investment 12% 10% ? InstructionsDetermine the missing pieces…Which of the following does U.S. GAAP not consider to be an objective of segment reporting? a.It helps users better understand the enterprise’s performance. b. It helps users better assess the enterprise’s prospects for future cash flows. c. It helps users make more informed judgments about the enterprise as a whole. d. It helps users make comparisons between a segment of one enterprise and a similar segment of another enterprise 21. Livro Company has three operating segments with the following information: Books Calendars Bags Sales to outsiders $12,000 $9,000 $8,000 Intersegment transfers 1,000 500 1,500 In addition, corporate headquarters generates revenues of $2,000. What is the minimum amount of revenue that each of these segments must generate to be considered separately reportable? a.$2,900 b.$3,200 c.$3,300 d. $3,40048-Mr. Ahmad is working as account manager in Unikai Company for the last 10 years. The management is satisfied with his performance as far as the reporting of financial data is concerned. But in a conference held in Muscat, Al Marai LLC presented an analysis of Al-Dhahira region with such interactive data and graphs which was not seen by Unikai LLC. Which of the following point need to focus by Mr. Ahmad? a. Management should write a memorandum of association with Al Marai company O b. Unikai company should make benchmarking with some international organizations O c. None of the options O d. Mr. Ahmad should participate in some professional training programs
- You have recently been appointed as the accountant attached to the head office of the company with the specific responsibility of monitoring the performance of the companies within the group. Each company is treated as an investment center and every month produces an operating statement for the group headquarters. Summaries of the statements for companies A and B which make similar products selling at similar prices for the last month showed a typical situation. Extract from the company monthly operating statements. A B GHS000 GHS000 Sales 600 370 Less variable cost 229 208 Contribution 371 162 Less controllable fixed overheads…Noda plc (‘Noda’) is a large company which your firm has justaccepted as a new client. You are the audit manager for Nodaand are planning the audit for the year ended 31 December20XY. The principal activity of the company is the manufactureand sale of mobile phones and associated software. Noda isbased in the UK but manufactures the phones in China andsells its product all over the world.You are conducting initial planning and risk assessment workand have discovered the following information:i. Draft Figures for the Year Ended 31 December 20XYManagement accounts indicate that the revenue for the yearhas fallen by 25% compared with the previous year followingconcerns that Noda is using an operating system for its phonesthat is unpopular with customers. Noda has entered into acontract with the operating system supplier that lasts foranother two years. Withdrawal from the contract could meanthat Noda would have to make significant penalty payments tothe operating system supplier.ii.…Noda plc (‘Noda’) is a large company which your firm has justaccepted as a new client. You are the audit manager for Nodaand are planning the audit for the year ended 31 December20XY. The principal activity of the company is the manufactureand sale of mobile phones and associated software. Noda isbased in the UK but manufactures the phones in China andsells its product all over the world.You are conducting initial planning and risk assessment workand have discovered the following information:i. Draft Figures for the Year Ended 31 December 20XYManagement accounts indicate that the revenue for the yearhas fallen by 25% compared with the previous year followingconcerns that Noda is using an operating system for its phonesthat is unpopular with customers. Noda has entered into acontract with the operating system supplier that lasts foranother two years. Withdrawal from the contract could meanthat Noda would have to make significant penalty payments tothe operating system supplier.ii.…
- You have recently been appointed as the management accountant attached to the head office of the company with special responsibility of monitoring the performance of the companies within the group. Each company is treated as an investment center and every month produces an operating statement for the group headquarters. Summaries of the statements for companies X and Y which make similar products selling at similar prices for the last month showed a typical situation. Extract from the company monthly operating statements. X Y GHS000 GHS000 Sales 600 370 Less variable cost 229 208 Contribution 371 162 Less controllable fixed…Indicate how the auditor could use substantive analytical procedures in resting the following accounts: a. Interest expense related to bonds outstanding. b. Natural gas expense for a public utility company. c. Supplies expense for a factory. d. Cost of goods sold for a fast-food franchisor (e.g., Wendy’s or McDonald’s). Note that cost of goods sold tends to average about 35% of sales in fast-food franchises. e. Salary expense for an office (region) of a professional services firm.3. Jenna Suarez, the controller for Arben Company, has faced the following situations in the past two weeks:a. Ben Heald, head of production, wondered whether it would be more cost effective to buy parts partially assembled or to buy individual parts and assemble them at the Arben factory.b. The president of Arben reminded Jenna that the stockholders’ meeting was coming up, and he needed her to prepare a PowerPoint presentation showing the income statement and balance sheet information for last year.c. Ellen Johnson, vice president of sales, has decided to expand the sales offices for next year. She sent Jenna the information on next year’s rent and depreciation information for budgeting purposes.d. Jenna’s assistant, Mike, received the information from Ellen on depreciation and added it to depreciation expenses and accumulated depreciation on office equipment.e. Jenna compared the budgeted spending on materials used in production with the actual spending on materials used in…
