Question 1
Please then read attached articles listed below and use them as support to prepare an integrated response that will address the following question:? What do you believe is an appropriate objective for a manager in the Accounting and Finance fields? In responding to this question, you might want to consider some of the following: ? What are the challenges that managers face in efforts to be ?socially responsible?? ? How might a self-serving manager exploit social responsibility for his or her own personal gain? ? Do budgeting processes plus strategic management accounting tools encourage a shareholder- or stakeholder-centric focus? ? What mechanisms might help to bind managers? interests to those of shareholders? or stakeholders?? ? Does a positive NPV equate to a project that adds value to the typical stakeholder? Draw upon examples of existing or recommended practice from the organisation that you researched for your Finance and Accounting for Managers Module Project, plus from your professional background, as well as trends experienced globally and as discussed in the articles. The target length for this IQ is 750?1000 words.,Extremely disappointed with solution. The solution does not cover fully to the question that I have posted. Secondly it does not have any reference? No citation is mention. Please refund the money. I have much time for correct, I decide to write on my own. Sample solutions attached.
Question 2
Ludwick Steel Company as lessee signed a lease agreement for equipment for 5 years, beginning December 31, 2010. Annual rental payments of $62,100 are to be made at the beginning of each lease year (December 31). The taxes, insurance, and the maintenance costs are the obligation of the lessee. The interest rate used by the lessor in setting the payment schedule is 9%; Ludwick?s incremental borrowing rate is 12%. Ludwick is unaware of the rate being used by the lessor. At the end of the lease, Ludwick has the option to buy the equipment for $1, considerably below its estimated fair value at that time. The equipment has an estimated useful life of 7 years, with no salvage value. Ludwick uses the straight-line method of depreciation on similar owned equipment. (Round all numbers to the nearest dollar.) (a) Prepare the journal entry or entries, with explanations, that should be recorded on December 31, 2010, by Ludwick. (b) Prepare the journal entry or entries, with explanations, that should be recorded on December 31, 2011, by Ludwick. (Prepare the lease amortization schedule for all five payments.) (c) Prepare the journal entry or entries, with explanations, that should be recorded on December 31, 2012, by Ludwick. (d) What amounts would appear on Ludwick?s December 31, 2012, balance sheet relative to the lease arrangement?
Question 3
1.A limitation on the scope of an audit sufficient to preclude an unqualified opinion will usually result when management A.Presents financial statements that are prepared in accordance with the cash receipts and disbursements basis of accounting. B.States that the financial statements are not intended to be presented in conformity with generally accepted accounting principles. C.Does not make the minutes of the board of directors? meetings available to the auditor. D.Asks the auditor to report on the balance sheet and not on the other basic financial statements. 3.Which of the following procedures most likely would not be included in a review engagement of a nonpublic entity? A.Inquiring about subsequent events. B.Considering whether the financial statements conform with GAAP. C.Assessing control risk. D.Obtaining a management representation letter 5 In which of the following situations would a principal auditor least likely make reference to another auditor who audited a subsidiary of the entity? A.The principal auditor finds it impracticable to review the other auditor?s work or otherwise be satisfied as to the other auditor?s work. B.The other auditor was retained by the principal auditor and the work was performed under the principal auditor?s guidance and control. C.The principal auditor is unable to be satisfied as to the independence and professional reputation of the other auditor. D.The financial statements audited by the other auditor are material to the consolidated financial statements covered by the principal auditor?s opinion. 7.A CPA?s report on agreed-upon procedures related to an entity?s compliance with specified requirements should contain A.An acknowledgment of responsibility for the sufficiency of the procedures. B. An opinion about whether the entity complied with specified requirements. C.A statement of limitations on the use of the report. D.Negative assurance that control risk has not been assessed. 9.One of the conditions required for an accountant to submit a written personal financial plan containing unaudited financial statements to a client without complying with the requirements of AR 100, Compilation and Review of Financial Statements, is that the A.Client agrees that the financial statements will not be used to obtain credit. B.Accountant compiled or reviewed the client?s financial statements. C.Engagement letter acknowledges that the financial statements will contain departures from GAAP. D.Accountant expresses limited assurance that the financial statements are free of any material misstatements. 11.A CPA should not express negative or limited assurance in a standard A.Review report on financial statements of a nonpublic entity. B.Comfort letter on financial information included in a registration statement of a public entity. C.Compilation report on financial statements of a nonpublic entity. D.Review report on interim financial statements of a public entity. 13.An auditor?s decision concerning whether to dual date the audit report is based upon the auditor?s willingness to A.Accept responsibility for subsequent events. B.Assume responsibility for events subsequent to the issuance of the auditor?s report. C.Permit inclusion of a footnote captioned: event (unaudited) subsequent to the date of the auditor?s report. D.Extend auditing procedures. 15.When there has been a change in accounting principles, but the effect of the change on the comparability of the financial statements is not material, the auditor should A.Refer to the change in an explanatory paragraph. B.Refer to the change in the opinion paragraph. C.Not refer to consistency in the auditor?s report. D.Explicitly concur that the change is preferred. 17.An auditor is engaged to report on selected financial data that are included in a client-prepared document containing audited financial statements. Under these circumstances, the report on the selected data should A.Indicate that the data are not fairly stated in all material respects. B.Be limited to data derived from the audited financial statements. C.State that the presentation is a comprehensive basis of accounting other than GAAP. D.Be distributed only to senior management and the board of directors. 19.The objective of the consistency standard is to provide assurance that A.There are no variations in the format and presentation of financial statements. B.Substantially different transactions and events are not accounted for on an identical basis. C.The comparability of financial statements between periods is not materially affected by changes in accounting principles without disclosure. D.The auditor is consulted before material changes are made in the application of accounting principles. 21.When a CPA reports on audited financial statements prepared on the cash receipts and disbursements basis of accounting, the report should A.State that the basis of presentation is a comprehensive basis of accounting (OCBOA) other than GAAP. B.Refer to the note in the financial statements that describes management?s responsibility for the financial statements. C.Explain why this basis of accounting is more useful for the readers of this entity?s financial statements than GAAP. D.Include a separate explanatory paragraph that discusses the justification for, and the CPA?s concurrence with, the departure from GAAP. 23.The AICPA Code of Professional Conduct requires compliance with accounting principles promulgated by the body designated by the AICPA Council to establish such principles. The pronouncements considered officially established accounting principles include all of the following except A.APB Opinions. B.Interpretations issued by the FASB. C.AICPA Issues Papers. D.AICPA Accounting Research Bulletins. 25.What is an auditor?s reporting responsibility concerning information accompanying the basic financial statements in an auditor-submitted document? A.The auditor should report on the accompanying information only if it contains obvious material misstatements. B.The auditor should report on the accompanying information only if the auditor did not participate in its preparation. C.The auditor should report on all the accompanying information included in the document. D.The auditor should report on the accompanying information only if the auditor participated in its preparation. 27.Grant Company?s financial statements adequately disclose uncertainties that concern future events, the outcome of which are not susceptible to reasonable estimation. The auditor?s report should include A.An unqualified opinion. B.An adverse opinion. C.An ?except for? qualified opinion. D.A ?subject to? qualified opinion. 29.Under which of the following circumstances may audited financial statements contain a note disclosing an event occurring after the balance sheet date that is labeled unaudited? A.When the event occurs after completion of field work and before issuance of the auditor?s report. B.When the subsequent event requires adjustment of the financial statements. C.When audit procedures with respect to the event were not performed by the auditor. D.When the event occurs between the date of the auditor?s original report and the date of the reissuance of the report. 31.In the first audit of a new client, an auditor was able to extend auditing procedures to gather sufficient evidence about consistency. Under these circumstances, the auditor should A.Not refer to consistency in the auditor?s report. B.State that the consistency standard does not apply. C.Not report on the client?s income statement. D.State that the accounting principles have been applied consistently. 33.Which of the following requires recognition in the auditor?s report as to consistency? A.Changing the presentation of prepaid insurance from inclusion in other assets to disclosing it as a separate line item. B.Division of the consolidated subsidiary into two subsidiaries that are both consolidated. C.Changing the salvage value of an asset. D.Changing the companies included in combined financial statements. 35.If management declines to present supplementary information required by GAAP, the auditor should express A.An unqualified opinion with an additional explanatory paragraph. B.An adverse opinion. C.A qualified opinion with an explanatory paragraph. D.An unqualified opinion. 37.The auditor?s judgment concerning the overall fairness of the presentation of financial position, results of operations, and cash flows is applied within the framework of A.Quality control. B.Generally accepted accounting principles. C.Generally accepted auditing standards, which include the concept of materiality. D.The auditor?s assessment of control risk. 39.Delta Life Insurance Co. prepares its financial statements on an accounting basis insurance companies use pursuant to the rules of a state insurance commission. If Wall, CPA, Delta?s auditor, discovers that the statements are not suitably titled, Wall should A.Disclose any reservations in an explanatory paragraph and qualify the opinion. B.Issue a special statutory basis report that clearly disclaims any opinion. C.Apply to the state insurance commission for an advisory opinion. D.Explain in the notes to the financial statements the terminology used. 41.The Securities and Exchange Commission has authority to A.Require a change of auditors of governmental entities after a given period of years as a means of ensuring auditor independence. B.Deny lack of privity as a defense in third-party actions for gross negligence against the auditors of public companies. C.Determine accounting principles for the purpose of financial reporting by companies offering securities to the public. D.Prescribe specific auditing procedures to detect fraud concerning inventories and accounts receivable of companies engaged in interstate commerce. 43.If the auditor obtains satisfaction with respect to the accounts receivable balance by alternative procedures because it is impracticable to confirm accounts receivable, the auditor?s report should be unqualified and could be expected to A.Refer to a footnote that discloses the alternative procedures. B.Disclose in the opinion paragraph that confirmation of accounts receivable was impracticable. C.Disclose that alternative procedures were used because of a client-imposed scope limitation. D.Not mention the alternative procedures 45.Trotman, Inc., a manufacturing company, has engaged a CPA to audit its financial statements for the year ended June 30, year 2. The CPA observed the physical inventory count at June 30, year 2, but no physical inventory had been taken at June 30, year 1. The CPA has not been able to become satisfied as to the value of the inventory at June 30, year 1. Assuming that the financial statements are fairly presented in all other material respects, the CPA should A.Express an unqualified opinion on the financial statements taken as a whole; no mention of the scope limitation is necessary. B.Disclaim an opinion on the statements of income, retained earnings, and cash flows but express an unqualified opinion on the balance sheet. C.Express an unqualified opinion on the financial statements taken as a whole but clearly indicate in a separate paragraph of the report the limitations on the work. D.Disclaim an opinion on the statements of income and retained earnings but express an unqualified opinion on the balance sheet and the statement of cash flows. 47.On August 13, a CPA completed field work on an engagement to audit financial statements for the year ended June 30. On August 27, an event came to the CPA?s attention that should be disclosed in the notes to the financial statements. The event was properly disclosed by the entity, but the CPA decided not to dual-date the auditor?s report and dated the report August 27. Under these circumstances, the CPA was taking responsibility for A.All subsequent events that occurred through August 13 and the specific subsequent event disclosed by the entity. B.All subsequent events that occurred through August 27. C.Only the subsequent events that occurred through August 13. D.Only the specific subsequent event disclosed by the entity. 49.Field is an employee of Gold Enterprises. Hardy, CPA, is asked to express an opinion on Field?s profit participation in Gold?s net income. Hardy may accept this engagement only if A.Field owns a controlling interest in Gold. B.Gold?s financial statements are prepared in conformity with GAAP. C.Hardy also audits Gold?s complete financial statements. D.Hardy?s report is available for use by Gold?s other employees. 1.Which of the following factors is(are) considered in determining the sample size for a test of controls? ? Expected Tolerable ? Deviation Rate Deviation Rate A. yes no B. no no C. no yes D. yes yes 3.When using classical variables sampling for estimation, an auditor normally evaluates the sampling results by calculating the possible misstatement in either direction. This statistical concept is known as A.Reliability. B.Projected misstatement. C.Precision. D.Standard deviation.,ok,Hi Michael, Are you sure about these answer?
Question 4
Your Course Project Financial Statement Analysis Project -- A Comparative Analysis of Kohl?s Corporation and J.C. Penney Corporation Below is the link for the financial statements for Kohl?s Corporation for the 2010 fiscal year ending January 29, 2011. Under the term Groupings Filter, change the term All Forms to Annual Filings using the drop-down arrow and press Search. You should then scroll down and select the 10k dated 3/18/2011 and choose to download in Word or PDF format. http://www.kohlscorporation.com/InvestorRelations/sec-filings.htm Below is the link for the financial statements for J.C. Penney Corporation for the 2010 fiscal year ending January 29, 2011. Under the term Groupings Filter, change the term All Forms to Annual Filings using the drop-down arrow and press Search. You should then scroll down and select the 10k dated 3/29/2011 and choose to download in Word format. http://ir.jcpenney.com/phoenix.zhtml?c=70528&p=irol-sec A sample Project template is available for download in Doc Sharing. The sample project compares the ratio performance of Tootsie Roll and Hershey using the 2009 financial statements of Tootsie Roll and Hershey provided in Appendix A and Appendix B of your textbook. Description This course contains a course project where you will be required to submit one draft of the Project at the end of Week 5 and the final completed Project at the end of Week 7. Using the financial statements for Kohl?s Corporation and J.C. Penney Corporation, respectively, you will calculate and compare the financial ratios listed further down this document for the fiscal year ending 2011 and prepare your comments about the liquidity, solvency and profitability of the two companies based on your ratio calculations. The entire project will be graded by the instructor at the end of the final submission in week 7 and one grade will be assigned for the entire project. Overall Requirements For the Final Submission: Your final Excel workbook submission should contain the following. You cannot use any other software but Excel to complete this Project. 1) A completed worksheet title page tab which is really a cover sheet with your name, the course, the date, your instructor?s name and the title for the project. 2) A completed worksheet profiles tab which contains a one paragraph description regarding each company with information about their history, what products they sell, where they are located, etc. 3) All 18 ratios for each company with the supporting calculations and commentary on your worksheet ratio tab. Supporting calculations must be shown either as a formula or as text typed into a different cell. The ratios are listed further down this document. Your comments for each ratio should include more than just a definition of the ratio. You should focus on interpreting each ratio number for each company and support your comments with the numbers found in the ratios. 4) The Summary and Conclusions worksheet tab which is an overall comparison of how each company compares in terms of the major category of ratios (Liquidity, Profitability, and Solvency). A nice way to conclude is to state which company you think is the better investment and why. 5) The Bibliography worksheet tab must contain at least your textbook as a reference. Any other information you use to profile the companies should also be cited as a reference. Required Ratios for Final Project Submission 1) Earnings per Share 2) Current Ratio 3) Gross Profit Rate 4) Profit Margin Ratio 5) Inventory Turnover Ratio 6) Days in Inventory 7) Receivables Turnover Ratio 8) Average Collection Period 9) Asset Turnover Ratio 10) Return on Assets Ratio 11) Debt to Total Assets Ratio 12) Times Interest Earned Ratio 13) Payout ratio 14) Return on Common Stockholders? Equity Ratio 15) Free Cash Flow 16) Current Cash Debt Coverage Ratio 17) Cash Debt Coverage Ratio 18) Price/Earnings Ratio [For the purpose of this ratio, for both Kohl?s and J.C. Penney, use the market price per share on January 31, 2011] The Excel files uploaded in the dropboxes should not include any unnecessary numbers or information (such as previous years' ratios, ratios that were not specifically asked for in the project, etc.). Please upload your final submission to the Week 7 Dropbox by the Sunday ending Week 7. For the Draft: Create an Excel spreadsheet or use the Project template to show your computations for the first 12 ratios listed above. The more you can complete regarding the other requirements the closer you will be to completion when Week 7 arrives. Supporting calculations must be shown either as a formula or as text typed into a different cell. If you plan on creating your own spreadsheet, please follow the format provided in the Tootsie Roll and Hershey template file. Please upload your draft submission to the Week 5 Dropbox by the Sunday ending Week 5. Other Helpful information: If you feel uncomfortable with Excel, you can find many helpful references on Excel by performing a Google search. The Appendix to Chapter 13 contains ratio calculations and comparison comments related to Kellogg and General Mills so you will likely find this information helpful. BigCharts.com provides historical stock quotes. Either APA or MLA style can be used to complete the references on your Bibliography tab. There is a tutorial for APA and MLA style within the syllabus. Grade Information The entire project will be graded by the instructor at the end of the final submission in week 7 and one grade will be assigned for the entire project. The project will count for 18% of your overall course grade. Category Points % Description Documentation & Formatting 9 5% The report will be submitted in the form of an Excel Workbook, with each page (worksheet) of the workbook named appropriately. Please do not use any other software (such as MS Works or Lotus) to complete the project. A quality report will include a title worksheet tab, a worksheet tab for the profile of the two companies, a worksheet tab for the ratio calculations and comments, a worksheet tab for the Summary and Conclusion, proper citations if applicable, and a bibliography worksheet tab for the references. Organization & Cohesiveness 9 5% A quality report will include the content described above in the documentation and formatting section. The ratios should be listed in the same order in which they appear in the project information above. Editing 18 10% A quality report will be free of any spelling, punctuation, or grammatical errors. Sentences and paragraphs will be clear, concise, and factually correct. Ratios will be expressed as numbers or percentages, depending on what is appropriate, as is shown in the textbook. Note that not all ratios are shown as percentages. Two decimal places is sufficient for each of the ratios. Content 144 80% A quality report will have correct ratio calculations and accurate supporting commentary. Any assumptions, if made, should be spelled out clearly. Supporting calculations must be shown either as a formula or as text typed into a different cell. Total 180 100% A quality report will meet or exceed all of the above requirements.
Question 5
As a participant in the AIBC, you will have an opportunity to become a published writer at the end of the conference. AIU hosts a marketing publication, "The Marketing Scene," which provides a platform for professionals and consumers to discuss new ways of marketing, the effectiveness of advertising trends, specific ad campaigns and the impact this information has on our society.? It provides a good starting point for this assignment. Some of the stories talk about the marketing of new products or the revitalization of existing ones. 1. What challenges does a company face when developing new products in the global economy? Describe selected challenges using examples of at least 3 product/service launches. Resources MUST include articles from the library?s full-text databases. 2. After having discussed the challenges of new product launches, how has technology assisted in the effort? Report on at least 3 situations in which technology supports the marketing effort. Resources MUST include articles from the library?s full-text databases. 3. Legal and ethical implications loom large in today?s business environment. Describe selected challenges using examples of at least 3 legal/ethical faux pas in marketing that hit the media. The Marketing Scene devotes a section to Controversy in Ads, which may give you some ideas for your research. Resources MUST include articles from the library?s full-text databases. The assignment requires the use of ARTICLES from the library?s full-text databases. Articles are found in periodicals. These are not to be confused with eBooks or Reference Books. The most popular databases in marketing are: ABI Inform Global, Academic Search Premier, and Business Source Premier. Your report MUST include a reference list. All research should be cited in the body of the paper. In-text citations and corresponding references should be included in your paper. For more information on APA, please visit the APA Lab. The paper should be written in third person; this means words like ?I?, ?we?, and ?you? are not appropriate. The use of direct quotes is discouraged, but may be used sparingly in appropriate situations. an abstract page and a reference page in addition to the body. The body of the paper should be 5-6 pages in length - starting with a brief one paragraph introduction and ending with a short conclusion. The entire submission will be 8-9 pages in length. Background for the Plan As a participant in the AIBC, you will have an opportunity to become a published writer at the end of the conference. AIU hosts a marketing publication, "The Marketing Scene," which provides a platform for professionals and consumers to discuss new ways of marketing, the effectiveness of advertising trends, specific ad campaigns and the impact this information has on our society.? It provides a good starting point for this assignment. Some of the stories talk about the marketing of new products or the revitalization of existing ones
