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
The book of Deven Verma could not be tallied. The accountant transferred the difference of Rs. 1,270 in the suspense account on the debit side. The following mistakes were found la

Consider a hypothetical banking system in which banks produce only demand deposit accounts. The currency deposit ratio (c) is 30% and the customary cash reserve ratio (r) for deman

On January 1, 2010, Solis Co. issued its 10% bonds in the face amount of $3,000,000, which mature on January 1, 2020. The bonds were issued for $3,405,000 to yield 8%, resulting in

Balance Sheet Preparation with a Missing Element The following data are available for Schubert Products Inc. as of December 31, 2012. Cash . . . . . . . . . . . . . . . . . . . . .

Suppose the interest rate for a one-period bond is 4% between the current period and the next. Then the rate becomes 5% for ever. (a) What is the price of an asset paying (1,1,1

Trend Analysis Trend analysis is an improvement over year-to-year analysis. When a comparison of financial statements covering more than three years i

Identify the Depreciation Methods On January 3, 2005, XYZ Distribution Co. paid $224,000 for a computer system. In addition to the basic purchase price, the company paid a set

The following data has been taken from the management accounting reports from Spinnaker Sales. Div A -Income from operations $1,800,000 Total service department charges $1,600,000.

Recognition of PPE

Does a state have the authority to require a U.S.-based multinational corporation to compute its state taxable income on a worldwide combined reporting basis? What about a foreign-