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. What is Financial Statements? Financial Statements - Presentation of financial data involving BALANCE SHEETS, INCOME STATEMENTS and STATEMENTS OF CASH FLOW or any supporting

Home Inc. is considering buying a new piece of equipment, which will cost $715,000 and has an economic life of 5 years, in order to make a new line of product.  The company suppose

What kinds of risks does a firm like Amazon.com face with respect to safeguarding its assets? What types of controls do you think it already has in place to minimize these risks? G

MUTUAL DEALINGS A right of set-off is allowed where there have been - (a) Mutual credits, debts or other dealings resulting in pecuniary liabilities, (b) Between the debtor an


CONSOLIDATED BALANCE SHEET The consolidated balance sheet involves adding assets and liabilities of the subsidiary to those of the holding company while excluding inter-company

How does ordinary shares and preference shares included in the account

1. Select a publicly traded company (preferably manufacturing oriented; do not use a financial services company such as a bank or a bank holding company) and obtain a copy of their


t account for equipment beg, bal 80,000 disposal 22,000 acquisition-41,000 end bal. 99,600 acct. depreciation equip. disposa; 8,500 beg, bal 41,500