...AC202 Principles of Accounting II Name Kayleigh Alves Park University Version D First Hour Exam-Chapters 13-15 Multiple Choice Questions (2 points each) Select the ONE, BEST Answer. 1. A company received cash proceeds of $206,948 on a bond issue with a par value of $200,000. The difference between par value and issue price for this bond is recorded as a: A. Credit to Interest Income. B. Credit to Premium on Bonds Payable. C. Credit to Discount on Bonds Payable. D. Debit to Premium on Bonds Payable. E. Debit to Discount on Bonds Payable. 2. A company may retire bonds by: A. Exercising a call option. B. The holders converting them to stock. C. Purchasing the bonds on the open market. D. Paying them off at maturity. E. All of these. 3. All of the following statements relating to accounting for international operations are True except: A. Foreign exchange gains or losses can occur when accounting for international sales transactions. B. Gains and losses from foreign exchange transactions are accumulated in the Fair Value Adjustment Account and are reported on the balance sheet. C. Gains and losses from foreign exchange transactions are accumulated in the Foreign Exchange Gain (or Loss) account. D. The balance in the Foreign Exchange Gain (or Loss) account is reported on the income statement. E. Foreign exchange gains or losses can occur when accounting for international purchases transactions. 4. Buying stock in a corporation is attractive...
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...Keep your exam scantron covered . . . . Keep your eyes on your own paper . . . . A202 Managerial Accounting Exam 2B (Chapters 6, 9, 7, 8 & 11) Spring 1. If a company has excess capacity, how might they mitigate it in the short run? A. Outsource a component they are currently manufacturing in house B. Increase the selling price of the product C. Accept a special order D. Discontinue price discounts E. Hire additional employees 2. Brite Lites makes floor lamps. The company has received a request to make a special production run of 50 custom-made floor lamps. Each of the special order lamps requires $10 in labor, $8 in materials and $5 in variable overhead. In addition, the special production run requires a setup cost of $400. Brite Lites currently has 45 units of excess or idle capacity. The company's regular lamps generate a contribution margin of $20 each. Brite Lites allocates fixed overhead to its product at a rate of $7 per unit. What is the minimum selling price per lamp Brite Lites should accept to make the special order? $20 A. $23 B. $30 C. $31 D. $33 E. Cost of special order Variable cost ($10 + $8 + $5) x 50 units = $1,150 Setup cost = $400 Opportunity cost = $20 x (50 units - 45 units) = $100 Total = $1,650 Minimum price per unit = $1,650 / 50 units = $33.00 Keep your exam scantron covered . . . . Keep your eyes on your own paper . . . . 3. The Owens Company budgeted sales of 20,000 printers at $90 per unit last year. Variable manufacturing costs were...
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...Neil Christian A. Domingo BSIT 3-1 1. * What is a Financial Statement? It is the summary report that shows how a firm has used the funds entrusted to its stockholders and lenders, and what is its current financial position. They are meant to present the financial information of the entity in question as clearly and concisely as possible for both the entity and for readers. * What is a Balance Sheet? The balance sheet is one of the key elements in the financial statements, it is a financial statement that shows what the business is worth at one point in time. A standard company balance sheet has three parts, assets, liabilities and ownership equity or capital. Narra Corporation Statement of Financial Position (Amounts in thousands of pesos) ASSETS LIABILITIES Current Assets Current Liabilities Cash 100 Accounts payable 200 Accounts Receivable 500 Short Term loan 300 Inventories 400 Total Current Liabilities 500 Long-term debt _ ____400_. Net Fixed Assets 1,000 Total Liabilities_ ____900_. Shareholder’s Equity Common Stock 500 Retained...
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...Educarnival PediaAssignment, Internship Report, Term Paper * ------------------------------------------------- Home * ------------------------------------------------- Rules and Regulations * ------------------------------------------------- Educarnival Home ------------------------------------------------- Top of Form Bottom of Form ------------------------------------------------- A project paper on: “Performance in Pooling of funds, making of portfolios and Dividend policy of Investment Corporation of Bangladesh (ICB)”. March 19, 2013 | Author: Farzana | Posted in Featured Article Table of Contents * ------------------------------------------------- 1 Chapter 1 * ------------------------------------------------- 1.1 Overview * ------------------------------------------------- 1.2 Statement of the problem * ------------------------------------------------- 1.3 Rationale of the study * ------------------------------------------------- 1.4 Objective of the study * ------------------------------------------------- 1.5 Methodologies * ------------------------------------------------- 1.6 Expected outcome of the study and its use: * ------------------------------------------------- 1.7 Limitation of the study * ------------------------------------------------- 2 Chapter 2 * ------------------------------------------------- * ------------------------------------------------- 2.0.1 Background * -------------------------------------------------...
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...g The Malaysian Institute of Certified Public Accountants (Institut Akauntan Awam Bertauliah Malaysia) (3246-U) January 15, 2008 Circular No: Stu/02/01/08 To: ALL REGISTERED STUDENTS MICPA EXAMINATION ACCOUNTING AND AUDITING STANDARDS The Institute’s Examination Regulations and Syllabus state that: (a) Questions involving knowledge of accounting and auditing should be answered in accordance with the requirements of approved accounting standards, approved auditing standards/guidelines and the relevant legislation; Questions involving knowledge of new approved accounting standards, approved auditing standards/guidelines and exposure drafts will not be set until at least 6 months have elapsed since the last day of the month in which the statement became effective or was published. (b) The list of accounting standards, auditing standards and other technical pronouncements, which are currently examinable in the Institute’s examination, are set out below. I. Approved Accounting Standards The Companies Act 1965 requires that approved accounting standards are to be applied to the financial statements of all companies. Approved accounting standards are issued by the Malaysian Accounting Standards Board (MASB), which is established under the Financial Reporting Act 1997. For the purposes of the MICPA pronouncements are examinable : examination, the following accounting (i) (ii) (iii) MASB approved accounting standards and other pronouncements issued by MASB; Malaysian...
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...Acct 371 3rd October 2015 Solution of Final Exam Solution - 1 |NPV of bond | | | | | | | | | | | | | | | |Period |0 (now) |1 |2 |3 |4 |5 | |Discount rate |1 |0.943396226 |0.88999644 |0.839619283 |0.792093663 |0.747258173 | |Coupon | |$10,000 |$10,000 |$10,000 |$10,000 |$10,000 | |NPV of coupon |$9,433.96 |$8,899.96 |$8,396.19 |$7,920.94 |$7,472.58 | | | | | | | | | | | | | | | | | | | | | | |...
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...Faiz Khaja BYP 5-6 (a) The stakeholders in this situation are: • Users of Robbin Industries’ financial statements. • Wayne Terrago, controller. • The vice-president of finance. • The president of Robbin Industries. (b) The ethical issues in this situation pertain to correct accounting principles. Any kinds of violation of generally accepted accounting principles in order to satisfy a practical short-term personal or company need and create misleading financial statement is wrong. Selecting one acceptable method of accounting and reporting among other acceptable methods is not necessarily unethical. (c) Ethically, the management of Robbin Industries has a responsibility to report the correct numbers that is in accordance with GAAP. Wayne should inform management what is acceptable accounting and what is not. Normally, advertising costs are expensed in the period in which they are incurred because it is very difficult to associate them with specific revenues. BYP 6-3 (a) When looking at types of cost for coca-cola sweeteners and packaging are a variable cost because the use is directly proportional to the amount of product produced. If the unit cost of a variable cost item increases, the contribution margin will decline. Therefore, if the company is looking to keep the net income higher they need to either increase price, the number sold or cut other costs (b) However, unlike variable costs, the relationship of marketing costs is not directly...
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...Client Understanding Paper Colleen Witten ACC/541 11/11/2013 Thomas Gruber Adjusting lower cost of market inventory on valuation, capitalizing interest on building construction, recording gain or loss on asset disposal and adjusting goodwill for impairment are all areas in which numbers on a financial statement can be distorted. There are rules and regulations regarding each one that a company should follow and auditing of these areas is necessary for financial statement compliance. Any organization must recognize that the GAAP is an ever evolving set of regulations and standards that should be followed. Using the lower cost of market is defined as comparing the market value of each fixed asset with its cost and then using the lower of the two as an inventory value. (FASB ASC 30-10) Cost is defined as how much a company pays for an item if it purchases the item or how much it cost the company to manufacture the item. The market (How to Use Lower Cost of Market, 2012) value of an item is usually its replacement cost; unfortunately replacement cost is not always an accurate number to use. The net realizable value is the expected selling price of an item minus any selling cost or costs to complete the item, which will inflate the replacement cost. Replacement Cost can also be lower than it should be when the net realizable value minus the normal profit is placed on an item. The GAAP requires that all inventory that is in reserve being stated and value at either the cost...
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...| BENEFITS AND CHALLENGES OF FAIR VALUE ACCOUNTING | ACCT 525-22936 Current Issues in Accounting | Professor Kabani | Robert Larison | 10/20/2013 | In this paper I look at the benefits and challenges that are likely to follow the migration into the use of Fair Value Accounting. Perhaps, there is no issue today that carries with it as much controversy as does “FVA”. | BENEFITS AND CHALLENGES OF FAIR VALUE ACCOUNTING INTRODUCTION I do not think any topic in accounting has gathered as much interest as has the subject of “Fair Value Accounting” “FVA”. Heightened by the financial crisis of recent years “FVA” has received enormous attention by both academia and the business community alike. Rarely do “conspiracy theorists” make their way into the humdrum subject matter of accounting, but when it comes to the issue of “FVA” accounting, almost anything and everything has been postulated. The most widely held belief is that the move to “FVA” is to blame for the financial crisis of 2007. (Sorkin, 2008.) I have evaluated “FVA” and the transition from “historical value accounting “HVA”. In particular, I have researched the evolution within the Financial Accounting Standards Board (FASB) as it pertains to “FVA”. I have also reviewed the move toward the establishment of one set of standards for worldwide accounting as evidenced by the “convergence” project. With that in mind, we only need to look to the International Accounting Standards Board and its IFRS to get a...
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...EXPLORING THE PROS AND CONS OF FAIR VALUE ACCOUNTING Abstract The speed of globalization in the capital markets and the increasing complexity of financial instruments have caused financial statement users to question the relevance and usefulness of historical cost accounting (HCA). The propensity to use fair value accounting (FVA) is imminent as we enter into a borderless economy and as financial markets evolve that require more current and relevant financial information. The U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) joint effort to establish a uniform accounting standard has caused alarm to U.S. companies and accounting professionals. They contend that fair value accounting has some inherent flaws that will cause adverse effects in the economy. This paper will compare fair value accounting and historical cost accounting and will discuss the advantages and disadvantages of the two valuation methods. It will also explore several issues embedded between the two valuation methods and will examine other alternatives possible to reduce the limitations inherent between the two valuations. Key words: fair value accounting, historical cost accounting, and pro-cyclicality Introduction The use of fair value accounting has gained so much attention in the past decade due to the global economy and increasing complexity of financial instruments. Many critics believe that fair value accounting offers...
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...AMCY5.COM Free Online Library | | Projects | Reports | Proposals | Thesis | Letters | Free Courses | ------------------------------------------------- Top of FormBottom of Form | | | | | | Marketing | Finance | HRM | IT | OB | Research | ENT | Internship Reports | | | Internship Report on Bank Alflah | ------------------------------------------------- Top of FormBottom of Form | Share | SUBMITTED TOHonorableSir Mudassar Awan Lecturer COMSATS Institute of Information Technology, Lahore. SUBMITTED BYNajam-Ul-Hassan CIIT/Spo5-MBA-126/LHR September 05, 2006 Lahore CampusDefence Road off Raiwind Road, LahorePh No. 5321090, 9203101 Ext. 215 InTHE NAMEOF ALLAH,THE BENEFICENT,THE MERCIFUL DEDICATEDTO My PARENTSWHO ALWAYSLOVED ME& all those who have a soft corner for me in their hearts acknowledgementAll gratitude and thanks to almighty “ALLAH” the gracious, the most merciful and beneficent who gave me courage to undertake and complete this task. I am very much obliged to my ever caring and loving parents whose prayers have enabled to reach this stage.I am grateful to almighty ALLAH who made me able to complete the work presented in this report. It is due to HIS unending mercy that this work moved towards success.I am highly indebted to my course instructor Mr. Mudassar Awan for providing me an opportunity to learn about the Banking system of “Bank Al-Falah" which is vital ingredient of MBA program. I am very great full...
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...; ,.: ) j I 1 ' 7 I I I l-*--*** I I ___i Krispy Kreme Doughnuts,Inc. As the millennium began, the future for Krispy Kreme Doughnuts,Inc., smelled sweet.Not only could the company boast iconic statusand a nearly cultlike following. it had quickly become a darling of Wali Street.Less than a year after its initial public offering, in April 2000, Krispy Kreme shareswere selling for 62 times earnings and, by 2003, Fortune magazinehad dubbed the company "the hottestbrand in America." With ambitiousplans to open 500 doughnutshopsover the frrst half of the decade,the company'sdistinctivegreen-and-red "Hot vintage logo and unmistakable Dor.rghnr-rts Now" neon sign had becomeubiquitous. At the end of 2004, however,the sweet story had begun to sour as the company made severalaccountingrevelations,after which its stock price sank. Frcm its peal. in August 2003, Krispy Kreme's stock price plummeted more than 807c in the next l6 months.Investorsand analystsbegan asking probing questions aboLitthe con-ipany's fundamentals, even by the beginningof 2005, many of those questions but remainedunanswered. Exhibits 1 and 2 provide Krispy Kreme'sfinancialstatements for fiscal-years 2000 throLrgh 2004. Was this a healthy company?What had happened to the companythat some had thought woLrldbecomethe next Starbucks? almost If everyone loved the doughnuts.why were so many investorsfleeing the popLrlar doughnutmaker? Company Background Krispy Kreme beganas a single doughnutshop...
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...North South University Department of Electrical Engineering & Computer Science ETE 521 C-4 Case Study On QUBEE Case Report Prepared By Name: MD. Rakibul Islam Monshy ID: 1131048556 TABLE OF CONTENTS CONTENTS | Page No | Introduction | 3 | WIMAX | 3-5 | Qubee Coverage | 6-7 | Vision of QUBEE | 8 | Mission of QUBEE | 8 | CULTURE IN QUBEE | 8-9 | Strategy | 9 | ORGANOGRAM OF QUBEE | 10-13 | Qubee package | 14 | SWOT Analysis | 15-17 | Conclusion | 17 | Qubee Introduction: Qubee is the Augere wireless broadband business founded in 2007. It has a mission to provide "broadband for all" and seeks to bring broadband Internet services to underserved communities worldwide Qubee was launched in Pakistan in July 2009 and in Bangladesh in October 2009. Augere expected to launch Qubee in Uganda in 2010. Public limited company by shares registered on July 02, 2008 and incorporated in Bangladesh. Obtaining license from the Bangladesh Telecommunication Regulatory Commission (“BTRC”), AWBBL is engaged in the business of providing broadband wireless access and related services in Bangladesh under the name and style of “QUBEE”.QUBEE is one of the leading broadband internet service providers in Bangladesh from Augure. We are a multinational with global experience, offering you a trouble-free access to internet deserve. Qubee is the creation of a group of global telecoms professionals who saw that a new technology called WiMAX could really change the internet experience for...
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...AMITY UNIVERSITY MBA SECOND SEMESTER ASSIGNMENT 2014 – 16 Minor Project Financial Fraud –Sathyam computers SUBMITTED BY: Abhijith Rajan AUD 2351 MBA (GENERAL) ABSTRACT From Satyam, we can see that corporate book keeping misrepresentation is a noteworthy issue that is raising both in its recurrence and seriousness. Exploration confirmation has demonstrated that these developing number of fakes have made undermined the trustworthiness of monetary reports, added to generous financial misfortunes, and disintegrated speculators' certainty with respect to the handiness and dependability of money related articulations. The expanding rate of these sort of law violations need to get hardened punishments, excellent disciplines, and powerful requirement of law with the right soul. An endeavor is made to inspect and investigate inside and out the Satyam Computer's "inventive bookkeeping" embarrassment, which conveyed to spotlight the significance of "morals and corporate administration" (CG). The extortion submitted by the authors of Satyam in 2009, is a demonstration of the way that "the art of behavior is influenced in huge by human eagerness, aspiration, and crave influence, cash, acclaim and wonderfulness". Dissimilar to Enron, which sank because of "organization" issue, Satyam was conveyed to its knee because of "burrowing" impact. The Satyam embarrassment highlights the significance of securities laws and CG in "developing" markets. Without a doubt, Satyam misrepresentation...
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