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What are the answers for questions 3-7 on the InterCat case study?
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"Management and Internal Control" Please respond to the following:Create a scenario where external auditors determined that a company's internal controls were deficient, but such a deficiency might not mean that a material weakness existed. Ascertain the impact on the audit plan if additional deficiencies are discovered on other related internal controls. Support your position.From the e-Activity, identify the accounts that the fraud had affected, and analyze the auditor’s responsibility to detect fraud. Suggest key internal controls that would have either prevented or detected the fraudulent behavior or transactions. Justify your response.
AC 499 Stanford University Unit 10 Ethical Decision Financial Statements Discussion
Discussion Topic 1: Ethical-Decision MakingRead the scenario about Stacy Lynn, Inc. After you complete the reading respond ...
AC 499 Stanford University Unit 10 Ethical Decision Financial Statements Discussion
Discussion Topic 1: Ethical-Decision MakingRead the scenario about Stacy Lynn, Inc. After you complete the reading respond to the following components:Part A: If
Stacy Lynn wants to show the bank the maximum profit over the previous
2-year period, which costing method should be presented?Part B: However,
the bank requires that all financial statements conform to Generally
Accepted Accounting Principles (GAAP). Based on that requirement, which
costing method should be presented?Part C: The
bank has delivered a memo in preparation for the meeting to negotiate
the Credit Line; the memo states that they will expect a significant Net
Income. Based on your responses to Parts A and B, what are some of the
legal and ethical issues that may be of importance to Stacy Lynn?Just do response each posted # 1 to 3 down below onlyPosted 1Hello class and professor,The absorption cost method will produce the highest operating income.
Total absorption costing as it is requested to provides direct and
overhead expense in product and service costs conforms to GAAP. Stacy
has dishonestly accounted a significant income by absorbing her fixed
costs inside of her unit costs. Stacy has altered these statements to
make it look as though she does not need as much help as she is asking
for. Posted 2If Stacy wants to show the maximum profit, she would use the Variable
Costing Method; it inflates net income by excluding the fixed costs,
thus reducing COGS. However, Stacy is required by the bank to prepare
the financial statements in conformity with GAAP. The costing method
required by GAAP is absorption costing, which "considers fixed and
variable factory expenses as overhead" (Lohrey, 2017). Thus, Stacy
wouldn't be able to use the Variable Costing Method. As for the memo, the issue is that Stacy is being told two seemingly
different things. On the one hand, she is being asked to prepare the
company's financial statements in accordance with GAAP, yet on the other
hand, she is being told that the bank expects a significant net income.
This is a zero-sum game. If she does the one, she compromises the
other. Stacy should prepare the financial statements in accordance with
GAAP, using the aforesaid costing method. Posted 3Part A:Patty should use variableethod of costing to show the bank maximum
profit over the period of 2 years. It is so because variable costing
method doesn't take into account fixed manufacturing costs as a part of
total product cost resulting in a lowet value of ending inventory. This
results in lower cost of goods sold resulting in higher value of profitsPart B:As per GAAP, the company should use full costing method. This is
because the use of full costing method helps in ensuring that the value
of a product is calculated at its complete cost, resulting in a more
accurate costing and presentation of financial statements.Part C:Since bank requires the financial statements in accordance with GAAP,
SLI is not in a position to show higher profits in order to obtain
better terms of credit from the bank. If SLI prepares statements in
accordance with variable costing method, the financial statements will
not be accepted by bank for extending credit. Further, providing
financial statements as per variable costing may not be considered legal
by the bank as they will be considered as a violation of GAAP. Imports from the Chinese market is a large problem for many
industries and it is important that companies find ways to adapt in
order to weather the economic hardships this can cause but it should not
be at the expense of ethical accounting practices. SLI risks damaging
their reputation within the financial community if they are not adhering
to GAAP.
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Need accounting help with Management and Internal Control
"Management and Internal Control" Please respond to the following:Create a scenario where external auditors determine ...
Need accounting help with Management and Internal Control
"Management and Internal Control" Please respond to the following:Create a scenario where external auditors determined that a company's internal controls were deficient, but such a deficiency might not mean that a material weakness existed. Ascertain the impact on the audit plan if additional deficiencies are discovered on other related internal controls. Support your position.From the e-Activity, identify the accounts that the fraud had affected, and analyze the auditor’s responsibility to detect fraud. Suggest key internal controls that would have either prevented or detected the fraudulent behavior or transactions. Justify your response.
AC 499 Stanford University Unit 10 Ethical Decision Financial Statements Discussion
Discussion Topic 1: Ethical-Decision MakingRead the scenario about Stacy Lynn, Inc. After you complete the reading respond ...
AC 499 Stanford University Unit 10 Ethical Decision Financial Statements Discussion
Discussion Topic 1: Ethical-Decision MakingRead the scenario about Stacy Lynn, Inc. After you complete the reading respond to the following components:Part A: If
Stacy Lynn wants to show the bank the maximum profit over the previous
2-year period, which costing method should be presented?Part B: However,
the bank requires that all financial statements conform to Generally
Accepted Accounting Principles (GAAP). Based on that requirement, which
costing method should be presented?Part C: The
bank has delivered a memo in preparation for the meeting to negotiate
the Credit Line; the memo states that they will expect a significant Net
Income. Based on your responses to Parts A and B, what are some of the
legal and ethical issues that may be of importance to Stacy Lynn?Just do response each posted # 1 to 3 down below onlyPosted 1Hello class and professor,The absorption cost method will produce the highest operating income.
Total absorption costing as it is requested to provides direct and
overhead expense in product and service costs conforms to GAAP. Stacy
has dishonestly accounted a significant income by absorbing her fixed
costs inside of her unit costs. Stacy has altered these statements to
make it look as though she does not need as much help as she is asking
for. Posted 2If Stacy wants to show the maximum profit, she would use the Variable
Costing Method; it inflates net income by excluding the fixed costs,
thus reducing COGS. However, Stacy is required by the bank to prepare
the financial statements in conformity with GAAP. The costing method
required by GAAP is absorption costing, which "considers fixed and
variable factory expenses as overhead" (Lohrey, 2017). Thus, Stacy
wouldn't be able to use the Variable Costing Method. As for the memo, the issue is that Stacy is being told two seemingly
different things. On the one hand, she is being asked to prepare the
company's financial statements in accordance with GAAP, yet on the other
hand, she is being told that the bank expects a significant net income.
This is a zero-sum game. If she does the one, she compromises the
other. Stacy should prepare the financial statements in accordance with
GAAP, using the aforesaid costing method. Posted 3Part A:Patty should use variableethod of costing to show the bank maximum
profit over the period of 2 years. It is so because variable costing
method doesn't take into account fixed manufacturing costs as a part of
total product cost resulting in a lowet value of ending inventory. This
results in lower cost of goods sold resulting in higher value of profitsPart B:As per GAAP, the company should use full costing method. This is
because the use of full costing method helps in ensuring that the value
of a product is calculated at its complete cost, resulting in a more
accurate costing and presentation of financial statements.Part C:Since bank requires the financial statements in accordance with GAAP,
SLI is not in a position to show higher profits in order to obtain
better terms of credit from the bank. If SLI prepares statements in
accordance with variable costing method, the financial statements will
not be accepted by bank for extending credit. Further, providing
financial statements as per variable costing may not be considered legal
by the bank as they will be considered as a violation of GAAP. Imports from the Chinese market is a large problem for many
industries and it is important that companies find ways to adapt in
order to weather the economic hardships this can cause but it should not
be at the expense of ethical accounting practices. SLI risks damaging
their reputation within the financial community if they are not adhering
to GAAP.
5 pages
Topic Selection And Proposal
Global terrorism has been widespread with various countries been targeted. Many people have lost their lives to this vice. ...
Topic Selection And Proposal
Global terrorism has been widespread with various countries been targeted. Many people have lost their lives to this vice. The majority of the ...
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Questions:1. What data does Rebecca need to help perform the analysis for her dad?2. What assumptions should she use in he ...
ACCT 560 Jeddah Universty Perform the Analysis Calculations Case Questions
Questions:1. What data does Rebecca need to help perform the analysis for her dad?2. What assumptions should she use in her calculations?3. What technique should Rebecca use to solve this problem?4. What might Rebecca’s solution look like?5. What recommendation should Rebecca make? How should it be presented to Jim?
AMU Week 4 Cost of Running Hvac Units in Summer Pasadena Manufacturer Access Database
InstructionsThe scenario:Johnston Smith, Associate Director of Sales as Pasedena HVAC Manufacturer, has asked you to calcu ...
AMU Week 4 Cost of Running Hvac Units in Summer Pasadena Manufacturer Access Database
InstructionsThe scenario:Johnston Smith, Associate Director of Sales as Pasedena HVAC Manufacturer, has asked you to calculate the cost of running HVAC units in summer and provide a report.For this assignment, you will need the following files:New blank Access databaseHVAC_CoolingYou will save your files as:Lastname_Firstname_HVAC_CoolingLastname_Firstname_Cooling_CostsOpen the HVAC_Cooling Excel file, and save the file as Lastname_Firstname_HVAC_Cooling.Insert the your name in the footer.In the worksheet, insert an Excel table with a header row.Add a calculated column that calculates the cost of cooling using $0.00124 per Cooling BTU formatted with the Accounting Number Format.Filter the data to display only one Heating BTU number of your choice.Apply Best Fit to all columns.Center the worksheet horizontally on a landscape page.In Access, create a new database and save it as Lastname_Firstname_Cooling_CostsImport your Lastname_Firstname_HVAC_Cooling Excel file.In the table, filter the data to show only data for the Cooling BTU greater than 60,000 and the Power unit of your choice.Create a report based on your results.Delete the four measurement fields following the Heating BTU field, and be sure the title fits on one line.
5 pages
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The list of potential countries chosen by the Tavazo brothers included Los Angeles, Dubai, and Vancouver. These countries ...
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