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An accounting professional requires at least two skill sets. The first is to be technically competent. Knowing how to capture, manage, and report information is a necessary skill. Second, the ability to assess manager and employee actions and biases for accounting analysis is another skill. For instance, knowing how a person is compensated helps anticipate information biases.
Background: Assume that your company sells portable housing to both general contractors and the government. It sells jobs to contractors on a bid basis. A contractor asks for three bids from different manufacturers. The combination of low bid and high quality wins the job. However, jobs sold to the government are bid on a cost-plus basis. This means price is determined by adding all costs plus a profit based on cost at a specified percent, such as 10%. You observe that the amount of overhead allocated to government jobs is higher than that allocated to contract jobs. These allocations concern you.
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1. Who are the stakeholders?
2. What are the ethical issues?
3. What is your recommendation to the financial officer of your company?
Do you believe that the leadership group of an organisation can have a significant impact on how a CSR agenda and its related activities are developed and implemented?
What are the main features of an intangible asset, as laid out in AASB 138 Intangible Assets. Explain how Pics Ltd's) expenditures on intangibles should be accounted for under AASB 138 Intangible Assets.
What are the differences between a direct cost and an indirect cost? Which is the more difficult cost to track? Why? How do indirect costs affect the cost of a product? Should indirect costs be included in product cost?
Suppose the division has the opportunity to purchase the ceramic pot from another manufacturer for $60. The supplier is willing to hold sufficient inventories to meet Evergreen's demand. Should the division outsource its ceramic pots? Why or why n..
Write down the difference between the budget and Comprehensive Annual Financial Report (CAFR)? Describe and provide examples.
Do you agree with the statement? Discuss the changing role of management accountants with reference to how it impacts on the current business environment.
Urban Athletics Company has two store locations, North and South. During October, the company reported net income of $192,000 on sales of $905,000.
Outsourcing these additional functions would mean that BKFin would not need either an e-mail information technology staff member or the separate virus protection license. Should CEO Wise outsource these extra services to Mail?
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?
Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for the Drawing Department.
Compute the firm's current contribution margin ratio and break-even in revenues. Recalculate contribution margin ratio and breakeven in sales if new machine is leased. What is the firm's operating income supposing that the new machine is leased?
Recast the full costing income statement for 2014 into a variable costing format. Does it appear, as Sanjay Patel contends, that the more the company sells, the more it loses?
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