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Practice questions:
The director of Leisure Magazines Ltd recently introduced a budgetary control system. An accountant was appointed who drew up budgets for the advertising and editorial departments based on the actual results for the last 3 years. At the end of the first month of the new financial period, the actual total revenue was higher than planned, but the total advertising department costs were higher than budgeted. The editorial department actual costs were the same as those budgeted and the actual profit for the period was higher. On receiving the first month's results, the director threatened to dismiss the advertising manager for exceeding the budgeted costs. The advertising manager retaliated by saying that he would resign unless the budgetary control system was scrapped. The accountant left to join another company.
You work for the firm of consultants which has been asked to advise the company.
Prepare a preliminary report covering the following:
a. an analysis of the problems. and how you think they have arisen;
b. guidelines for the operation of a successful and effective budgetary control system;
c. recommendations as to what action the director of the client company should take.
Sale on the financial statements What should Milley do?
Cadavieco Detailing's cost formula for its materials and supplies is $2,030 per month plus $8 per vehicle. For the month of November, the company planned for activity of 98 vehicles, but the actual level of activity was 58 vehicles. The actual materi..
What are the two main methods to account for uncollectible receivables? Who are the two parties to a Promissory Note? How do we mathematically calculate interest? How does one calculate "Accounts Receivable Turnover"?
Assume that you are the division controller of Ajax. Would you recommend that Ajax supply fitting no. 1726 to Defco? Why or why not? (Ignore any tax issues.)
Comment on the company's relative liquidity at the beginning and end of the year.- Explain the change in the company's liquidity from the beginning to the end of 2014.
please do the correct entry for the given below
List the accounting standards issued by ICAI and prepare a Three-column Cash Book of M/s Thuglak & Co. from the particulars
Mr.Speakers enters into a lease for computer equipment. Mr.Speakers leases five, 27” iMacs with 5k Retina displays, the 3.5ghz quad core chipset and advanced graphics capabilities. The iMacs retail for $2,300 apiece. The lease specifies monthly payme..
Compute the following for the month of December: Variable overhead spending variance and Variable overhead efficiency variance.
You are the new Financial Controller of Advanced Radio repairs. Write a memo to the company Chairperson identifying the internal Control weakness in this situation. State the steps to be taken to correct the weakness.
On July 7, 2012, Saints Inc. received $10,500 in cash from a customer for services to be provided on October 10, 2012. Which of the following describes how the transaction should be recorded on July 7, 2012?
show through some examples that every other way of allocating income provides less utility than does the point identi?ed in part b. graph this utility maximizing situation.
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