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As the management accountant at AJack Partnership, you are involved in the planning and control of financial statements and cost accounting. AJack has been experiencing excellent sales and profit numbers. You have decided to invest and purchase stock in the company. The direct investment would not be material to the company, but it would be material to you. In your free time, you like to go to the local Gambling and Jack Box Boat.
Do you think that you should face the same integrity issues that an outside auditor faces with respect to conflicts of interest? Why, or why not?
As an employee of the firm, do you believe that you should refrain from engaging in questionable activities, such as gambling? Why, or why not?
Do you believe that internal management accountants possess the degree of skill commonly possessed by outside accountants and auditors? Explain your reasoning.
Compute the following for Iguana, Inc., for the second quarter (April, May, and June). 1. Budgeted production in units 2. budgeted cost of raw materials posted 3. budgeted direct labor cost 4. budgeted manufacturing overhead 5. budgeted cost of goods..
Find a newspaper article or web page report of an item of accounting news, i.e. it refers to a current event, consideration, comment or decision that has been published after November 2013
Describe how a 3 percent decline in sales at Home Depot could cause the 21 percent decline in profits. What accounting concept was involved, how were the many major types of costs incurred by Home Depot likely affected by decline in its sales
What is the growth rate in sales for the past three years and are revenues and expenses growing at the same rate? What was the experience in the past few years?
Clancy Inc. issues $2,000,000 of 7% bonds due in 10 years with interest payable at year-end. The current market rate of interest for bonds of similar risk is 8%.
Kristen is unsure about whether she should use her own car or rent a car to go on an extended cross-country trip for two weeks during spring break. What costs above are relevant in this decision? Explain.
What is the difference in profit under each of the alternatives if the clocks are to be sold for $21 each to Target?
Discuss how the management and risk at each level of the corporation is brought together into a comprehensive risk management program.
Write down the difference between the budget and Comprehensive Annual Financial Report (CAFR)? Describe and provide examples.
What are the major differences between job-order costing and process costing systems?
Recognize a product or service in your organization which could use ABC. You can as well use this technique for selling and administrative costs.
Galaxy Disk's projected operating income for 2008 is $200,000, based on a sales volume of 200,000 units. Galaxy sells disks for $16 each. Variable costs consist of the $10 purchase price and a $2 shipping and handling cost. Galaxy's annual fixed c..
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