Internal audit department and financial statements, Financial Accounting

1.  What cost flow assumption does the company use to value inventories?

2.  What was the amount of expense that the company reported for inventory write-downs during 2011?

3.  What amount of raw materials, work in process, and finished goods inventory did the company report at April 30, 2011?

4.  How does the approach used by Zetar Plc to values its inventories differ from US GAAP? (You need to go beyond the cost flow assumption used).

5.  Which committee of the Board of Directors is responsible for considering management's report on internal controls? (See the Corporate Governance section of the Annual Report)

6.   Does the company have an internal audit department?

7.   In what section or sections of the balance sheet does Zetar Plc report its bank overdrafts?

8.   According to the "Operational Review," what was one reason for the decline in the trading performance of the Snacks Division in 2011 relative to the previous year?

9.   According to the notes to the financial statements, how are loans and receivables defined?

10. Using the information in the notes to the financial statements, determine what percentage the provision for impairment of receivables was as a percent of total trade receivables for 2010 and 2011. How did the ratio change from 2010 to 2011, and what does it suggest about the company's receivables?

Posted Date: 2/18/2013 8:15:54 AM | Location : United States

Related Discussions:- Internal audit department and financial statements, Assignment Help, Ask Question on Internal audit department and financial statements, Get Answer, Expert's Help, Internal audit department and financial statements Discussions

Write discussion on Internal audit department and financial statements
Your posts are moderated
Related Questions
Q. A prior period adjustment that corrects income of a prior period requires that an entry be made to a. an income statement account. b. a current year revenue or expense account.

Budgetary Control is a technique of managerial control through budgets. Elaborate.

On December 31, 2014, Santana Company has $7,194,600 of short-term debt in the form of notes payable to Golden State Bank due in 2015. On January 28, 2015, Santana enters into a re

On 1 January 2009, a company, Yeti, granted an employee the right to choose between (i) 30,000 Yeti shares or (ii) a cash-payment equivalent to the price of 24,000 Yeti shares on 3

Q. Show the Foreign Tax Credit? Foreign Tax Credit - A U.S. taxpayer who pays or accrues income tax to a foreign country may elect to credit or deduct these taxes in a determin

ORDER OF PAYMENTS The bankrupt’s estate must be distributed in the following order. 1. Cost and charges: Costs and charges properly incurred in administering the estate mu

A)  A portfolio's daily changes have a standard deviation of $15 million. Suppose the daily changes in the portfolio's value have a first order serial correlation of 0.25. Calculat

explain the types of principles and concepts of financial accountin

Final accounts 1) Examination questions – two types of problems arise in examinations: transfers between head office and branch are made at cost; or Transfers bet