ACC 556 Assignment Substantive Procedures for Cash Outflow Irreg
December 24, 2015 | By sumathi020 |
Resource: Apollo Shoes Casebook Outline substantive procedures by using the Apollo Shoes Casebook for detecting irregularities in each of the following audit cycles: Cash Accounts payable Payroll Design an audit program for the cycle in no more than 1,050 words. Consider using a checklist or flowchart to outline your process. Format your audit program consistent with APA guidelines
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1. A major accounting contribution to the managerial decision-making process in evaluating possible courses of action is to 2. In incremental analysis, 3. Incremental analysis is most useful 4. It costs Ross Co. $24 of variable and $10 of fixed costs to produce one bathroom scale which normally sells for $70. A foreign wholesaler offers to purchase 2,000 scales at $30 each. Ross would incur special shipping costs of $2 per scale if the order were accepted. Ross has sufficient unused capacity to produce the 2,000 scales. If the special order is accepted, what will be the effect on net income? 5. Carter, Inc. can make 100 units of a necessary component part with the following costs: Direct Materials $120,000 Direct Labor 20,000 Variable Overhead 60,000 Fixed Overhead 40,000 If Carter purchases the component externally, $30,000 of the fixed costs can be avoided. At what external price for the 100 units is the company indifferent between making or buying? 6. Mink Manufacturing is unsure of whether to sell its product assembled or unassembled. The unit cost of the unassembled product is $60 and Mink would sell it for $130. The cost to assemble the product is estimated at $42 per unit and the company believes the market would support a price of $170 on the assembled unit. What decision should Mink make? 7. A company decided to replace an old machine with a new machine. Which of the following is considered a relevant cost?
Resource: WileyPLUS Complete the following Week 6 Assignment in WileyPLUS: • Exercises: 20-3 • Exercises: 22-1 • Brief Exercise 23-3 • Brief Exercise 23-4 • Brief Exercise 23-6
Respond to the following questions in approximately 500 words. The master budget is a detailed and comprehensive analysis of an organization's long- and short-term goals. Identify the major inputs to the master budget and the usefulness of each. Additionally, why would a company need to create a master budget? What are the advantages and disadvantages? This paper does not have to be in APA format but please double space the paper and include a title page with identifying information. Click the Assignment Files tab to submit your assignment.
Incremental analysis is considered to be more economical than a comprehensive analysis, while being just as effective. Do you agree or disagree? Explain your answer in a paper of no more than 750 words. Click the Assignment Files tab to submit your assignment.
1. Why are budgets useful in the planning process? 2. A common starting point in the budgeting process is 3. Which of the following statements about budget acceptance in an organization is true? 4. Why is budgetary control? 5. The comparison of differences between actual and planned results 6. A static budget 7. A responsibility centers generate both revenues and costs? 8. The linens department of a large department store is 9. What is a standard cost? 10. Using standard costs 11. Unfavorable materials price and quality variances are generally the responsibility of the
Resource: WileyPLUS Complete the following Week 5 Assignment in WileyPLUS: • Brief Exercise 18-8 • Brief Exercise 18-10 • Brief Exercise 18-11 • Brief Exercise 19-16 • Exercise 19-17 • Brief Exercise 21-1 • Brief Exercise 21-4
Resource: WileyPLUS Access the following Week 5 Assignment in WileyPLUS: • Broadening Your Perspective 18-1 Write a paper of no more than 750 words in which you respond to the Broadening Your Perspective 18-1 activity titled "Decision Making Across the Organization" in Ch. 18 of Accounting. Click the Assignment Files tab to submit your assignment.
Write a paper of no more than 350 words after completing Exercise 19-17 in WileyPLUS in which you respond to the following questions: • In this case, would it be better to use the variable or absorption costing method, and why? • What are the benefits of the two methods? • Which method would lead to the best decision when a competitor is submitting a lower bid for your product? Click the Assignment Files tab to submit your assignment.
1. A variable cost is a cost that 2. An increase in the level of activity will have the following effects on unit costs for variable and fixed costs: 3. A fixed cost is a cost which 4. Hollis Industries produces flash drives for computers, which it sells for $20 each. Each flash drive costs $14 of variable costs to make. During April, 1,000 drives were sold. Fixed costs for March were $2 per unit for a total of $1,000 for the month. How much is the contribution margin ratio? 5. Contribution margin 6. The equation which reflects a CVP income statement is 7. A company sells a product which has a unit sales price of $5, unit variable cost of $3 and total fixed costs of $150,000. The number of units the company must sell to break even is 8. Under absorption costing and variable costing, how are fixed manufacturing costs treated? 9. Management may be tempted to overproduce when using 10. Only direct materials, direct labor, and variable manufacturing overhead costs are considered product costs when using
Accessthe following Week 4 reading, linked to this assignment: • Broadening Your Perspective 17-2 Writea paper of no more than 750 words in which you respond to the Broadening Your Perspective 17-2 activity titled "Managerial Perspective" in Ch. 17 ofAccounting. Click the Assignment Files tab to submit your assignment.
Resource: WileyPLUS Complete the following Week 4 Assignment in WileyPLUS: • Exercise 15-5 • Exercise 16-3 • Exercise 17-1
Respond to the following questions in approximately 500 words. • What are the strengths and weaknesses of the CVP model? • How would you use CVP analysis to determine the product mix within a retail outlet? • You can evaluate special orders with the CVP model. What are some non-financial issues that might influence accepting a special order or not? This paper does not have to be in APA format but please double space the paper and include a title page with identifying information. Click the Assignment Files tab to submit your assignment.
Managerial accounting is all about making informed decisions. Cost-volume-profit (CVP) analysis is one of the most powerful tools available for managers to crunch numbers, gain a thorough understanding of a situation, and perform a what-if analysis. Write a paper of no more than 750 words in which you discuss the activities and learning this week and share how CVP analysis may be helpful to an entrepreneur starting a new business. Click the Assignment Files tab to submit your assignment.
1. A major purpose of cost accounting is to 2. The two basic types of cost accounting systems are 3. A process cost system would most likely be used by a company that makes 4. Which of the following would be accounted for using a job order cost system? 5. The flow of costs in a job order cost system 6. The entry to record the acquisition of raw materials on account is 7. Time tickets should be approved by 8. The labor costs that have been identified as indirect labor should be charged to 9. Manufacturing overhead is applied to each job 10. A process cost accounting system is most appropriate when 11. Which of these best reflects a distinguishing factor between a job order cost system and a process cost system? 12. In process cost accounting, manufacturing costs are summarized on a 13. In a process cost system, product costs are summarized: 14. Which of the following is considered a difference between a job order cost and a process cost system? 15. The costs that are easiest to trace directly to products are 16. Other the most difficult part of computing accurate unit costs is determining the process amount of----------------------to assign to each product, service, or job. 17. The last step in activity-based costing is to 18. The first step in activity-based costing is to 19. A well-designed activity-based costing system starts with 20. An example of an activity cost pool is
Access the following Week 3 Assignment in WileyPLUS: • Brief Exercise 13-8 (essay) • Brief Exercise 13-9 (essay) • Brief Exercise 13-4 • Brief Exercise 13-5 • Brief Exercise 13-10 • Brief Exercise 13-13 Click the Assignment Files tab to submit your assignment.