Internal audit department and financial statements, Financial Accounting

Assignment Help:

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?


Related Discussions:- Internal audit department and financial statements

Presumption of survivorship, PRESUMPTION OF SURVIVORSHIP Where two or m...

PRESUMPTION OF SURVIVORSHIP Where two or more persons have died in circumstances rendering it uncertain which of them survived the other or others, the deaths shall, for all pu

Ademption-failure legacies and gift residue-executorship, Ademption If ...

Ademption If property which has been specifically bequeathed does not belong to the testator at the time of his death, or has been converted into property of a different kind,

Illustration of head office records-branches, Illustration of Head office r...

Illustration of Head office records In order to provide a check that branch managers and staff deal properly with goods and cash passing through their hands, goods are normally

Leases, Company A(lessee) will rent inventory for you for 3 years rather th...

Company A(lessee) will rent inventory for you for 3 years rather than buying it for the regular price of $240,000. Normally these units, which cost us $120,000 to produce, will las

Describe about financial intermediation, Q. Describe about Financial interm...

Q. Describe about Financial intermediation? Financial intermediation refers to the role of a bank or else other financial institution that serves to bring together lenders and

implied exchange rate between usd and gbp , You have been provided with th...

You have been provided with the following information on a fixed-fixed USD-GBP currency swap, the spot exchange rate between USD and GBP, and the USD and GBP yield curves: Fi

Lease accounting, The following facts pertain to a noncancelable lease agre...

The following facts pertain to a noncancelable lease agreement between Lennox Leasing Company and Gill Company, a lessee. Inception date: May 1, 2012 Annual lease payment due at th

U.s savings bonds, Natalie cashes in her U.S savings Bonds and receives % 5...

Natalie cashes in her U.S savings Bonds and receives % 520, which she deposits in her personal bank account. Journalize it

What amount should emig report in its 2011 income statement, On its Decembe...

On its December 31, 2010 balance sheet, Emig Corp. reported bonds payable of $6,000,000 and related unamortized bond issue costs of $320,000. The bonds had been issued at par. On J

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd