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As a professional accountant, you adhere to the code of ethics set forth by the International Federation of Accountants. Keeping the IFAC Code in mind, determine if there are any clear ethical considerations in the following scenarios:
a. Cleo Patra is the managerial accountant for a multinational company. An industry stock analyst has invited her to spend two weeks in Aruba at no cost to her. In return for this favour, Cleo would send him any financial press release before it became public.
b. Your company is a large multinational highly esteemed by investors. The shares are overpriced in your opinion. As the managerial accountant, you know that the company's earnings cannot sustain investor expectations, and you believe that the share price will fall dramatically within the next year. Your parents are thinking of investing a large part of their retirement income in the company. Do you tell them not to, on the basis of what you know?
Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.
Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.
Prepare a master budget for the three-month period.
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Evaluate the Predetermined Overhead Rate
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Complete the schedule to compute the pool rates for the different activities.
Prepare Company financial statements
This individual assignment is based on the TerraCycle Inc.
Discuss the ethical issues
Calculate the GDP in Income Approach and Expenditure Approach
A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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