Budgeting

Budgeting is a tool used by management for performing the functions of planning, coordinating, and controlling operations of a business. Our textbook, Managing Accounting Concepts, describes 2 main types of budgeting: static budgets and flexible budgets. Respond to the following in a minimum of 175 words: Differentiate between the 2 types of budgets. Provide an example of the type of business or company that would benefit from using a flexible budget. Provide support for your business selection and include the advantage for using a flexible budget over a static budget. For more information on Budgeting read this: https://en.wikipedia.org/wiki/Budget

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Cost Accounting

 Bill Watts, president of Western Publications, accepts a capital budgeting project proposed by division X. This is the division in which the president spent his first 10 years with the company. On the same day, the president rejects a capital budgeting project proposal from division Y. The manager of division Y is incensed. She believes that the division Y project has an internal rate of return at least 10 percentage points higher than the division X project. She comments, “What is the point of all our detailed DCF analysis? If Watts is panting over a project, he can arrange to have the proponents of that project massage the numbers so that it looks like a winner.” What advice would you give the manager of division Y? For more information on Cost Accounting read this: https://en.wikipedia.org/wiki/Cost_accounting

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Partnership Interest

1. What did your clients attempt to accomplish by setting up the transactions in the manner they proposed? b. What are your client’s chances of success if they go ahead with the transactions as plan in spite of the ruling?  2. Is the ruling correct in stating that no matter how the transactions are handled, other than as your clients proposed, the income tax will be the result? 3. If your clients decide to sell their partnership interest rather than going through with the proposed transactions: Can they alter the income tax results stated in the ruling by having the partnership use $60.000 of its cash to pay down the mortgage on the land in order to secure a release from the mortgage of 20% of the land, sell 20% of the land for a $200.000 note and mortgage to an unrelated third party, use the remaining cash to reduce current liabilities and then have able Bernstine, and Charles sell their partnership interest to Peters who would assume the remaining current liabilities and mortgage liabilities? For more information on Partnership Interest  read this: https://en.wikipedia.org/wiki/Partnership_accounting

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Costing Systems

The type of product a company produces affects the type of accounting system needed to determine product cost. The 2 most common types of costing systems are job-order costing and process costing. Respond to the following in a minimum of 175 words: Compare and contrast job-order and process costing systems. How can events in a job-order costing system affect financial statements? How can events in a process costing system affect financial statements? Provide specific examples for each type.For more information on Costing Systems read this: https://en.wikipedia.org/w/index.php?search=Costing+Systems&title=Special%3ASearch&go=Go&ns0=1

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Net Sales

Assume that you are purchasing an investment and have decided to invest in a company in the smartphone business. You have narrowed the choice to Best Digital Electronics or Zone Network Electronics and have assembled the following data. Selected income statement data for the current year follows: Income StatementBest Digital     Zone Network      Net sales (all on credit) $467,200$569,400Cost of goods sold$203,000$242,000Interest expense$0$19,500Net income$72,800$95,400 Selected balance sheet data at the beginning of the current year follow: Balance SheetBest Digital     Zone Network      Current receivables, net $45,060$53,780Inventories$73,000$73,000Total assets$262,000$274,000Common stock $1 par (13,000 shares)$13,000   $1 par (18,000 shares)   $18,000 Selected balance sheet and market price data at the end of the current year follow: Best Digital     Zone Network      Current assets  Cash$ 27,000 $ 18,000 Short-term investments $ 38,520 $ 15,400Current receivables, net  $37,500 $ 44,500 Inventories$ 72,000 $ 103,000Prepaid expenses  $ 4,980 $ 6,100Total current assets $180,000  $ 187,000Total assets $300,000  $ 325,000Total current liabilities   $102,000 $95,000Total liabilities   $102,000 $ 143,000Common stock    $1 par (13,000 shares) $ 13,000  $1 par (18,000 shares)   $ 18,000  Total stockholders’ equity $198,000  $ 182,000Market price per share of common stock   $ 98.00$ 100.70  Your strategy is to invest in companies that have low price/earnings ratios but appear to be in good shape financially. Assume that you have analyzed all other factors and that your decision depends on the results of ratio analysis. Compute the following ratios for both companies for the current year and decide which company’s stock better fits your investment strategy. Assume all sales are on credit. Acid-test ratio Inventory turnover Days’ sales in average receivables Debt ratio Gross profit percentage Earnings per share of common stock Price/earnings ratio Please use the library for your research. Do not use sites such as Wikipedia or Investopedia as your sources. If you use a website, make sure you review APA guidelines as to how to properly format websites as a source. Minimum word requirement: 400; include a cover page and a separate reference page listing your sources in proper APA style. Minimum 2 sources For more information on Net Sales read this: https://en.wikipedia.org/wiki/Sales_(accounting)

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Traded Company

You are a senior manager for the highly successful regional CPA firm of Fine, Dee, Evah, Dense, LLP(Fine). Since its inception nearly 30 years ago, Fine’s audit practice has exclusively consisted of auditing private and not-for-profit organizations. Recently, the partners have been considering an opportunity to audit a publically-traded company for the company your team has selected. The primary reason Fine has not heretofore ventured into auditing publically-traded companies is because of the potential risk and legal liability associated with auditing public companies. However, Fine has been a bit stagnant, business-wise, for the past few years, and some of the older and more risk-averse partners are beginning to retire. Consequently, the lure of the often-lucrative and prestigious opportunity to audit a public company has become too hard to resist, so the partners have decided to pursue the chance to audit this company.  On a beautiful early-September morning you are called into the senior partner’s office and told you and your team has been selected to lead the first-ever effort to audit a publically-traded company for Fine. You are honored, but also know auditing a public company is a bit more tricky and complicated than auditing private and not-for-profit organizations. Fortunately, the senior partner had a considerable experience early in his career with another firm in auditing public companies and told you he would be with you all the way.  Relieved, you asked him what he wanted you to do. He tossed you the most recent Form 10-K of the company you selected and gave you the following assignments:   Review and discuss the Form 10-K for the company you have selected.  Create a report that will have 4 sections.  I only need section 4 completed. The company I choose is American Express Section 4, Audit Tests The reading in Chapter 13 (p. 402-407) describes five types of audit tests of financial statements:  (1)  Risk Assessment Procedures (2)  Test of Controls (3)  Substantive Tests of Transactions (4)  Analytical Procedures (5)  Tests of Details of Balances. In 350- to 700-words: Identify which tests are best suited for the company you selected and why.  Explain why some tests are not suitable.

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Fraud Article

Research an article in the University Library or from another credible source. The article should be about a recent accounting fraud incident within a company. Summarize the article in 350 to 525 words. Describe any measures you believe could have been used to avoid the problems presented in the article. Submit your assignment in a Microsoft® Word document.

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Physical Capital

Respond to the following in a minimum of 175 words: Innovation and physical capital are 2 of the 4 factors of production. Discuss some specific ways that 1 of the following laws increased the productivity of 1 or both of these factors of production:1862 Pacific Railway Act1956 Federal-Aid Highway Act1946 Federal Airport ActWhat other examples of economic concentration can you share? What are the risks and advantages to economic concentration? How has economic concentration influenced your industry? For more information on Physical Capital read this: https://en.wikipedia.org/wiki/Physical_capital

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CPA

You have been a CPA for many years and recently opened your own practice focusing on small businesses. You have a meeting with a client, Jack, who has an interesting career as a professional gambler. He makes about $100,000 per year and has won many tournaments on the circuit. He is considering entering the WSOP to play for “the bracelet.”As is standard procedure, you ask Jack for his taxes, and he says he hasn’t filed taxes since 2016 (meaning he has not filed 2017, 2018, and 2019, where 2019 is the current year), because he does not work, due to his time spent playing poker and attending tournaments. He actually says he is now concerned because his father said he should have been filing taxes, but he believed an accountant he met at a party, who after many, many martinis said he would not have to file taxes because this is a “hobby.”Your tasks: Jack makes good money now, but in 2017 he thinks he had losses and barely broke even in 2018. The first project Jack agrees to pay you for ($1300 max) is for a tax memo concerning this issue.1. Using an appropriate research tool, research to see if Gambling is income and subject to tax.2. Using an appropriate research tool, research to see if Jack does have to file or not.3. Assuming he does (regardless of the answer above), can you still file a return he has not filed previously in 2017 and 2018?Using the information above, write the memo using the header below: ===================================================================================== To:  File From:  [Name] Sbj:  Deductibility of Property Taxes under Code Section [Code Section] for the 2020 Tax Year.  For more information on CPA  read this:https://en.wikipedia.org/wiki/CPA

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Sales Manager

Breakeven Points 1.- The purchasing manager for Forster’s Fashion Bags has been able to purchase the materials for its signature handbags for $3 less per bag. If everything is kept the same, what effect would this reduction in material cost have on the breakeven point for Forster’s Fashion Bags? 2.- Now, assume that the sales manager decides to reduce the selling price of each handbag by $3. What would be the net effect of both changes be on the breakeven point in units for Forster’s Fashion Bags? 3.- Would you recommend a different approach to the purchasing manager if the results are not favorable to the organization? Please explain. For more information on Sales Manager read this:https://en.wikipedia.org/wiki/Sales_management

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