...Financial Accounting Assignment IV Group 7 Raghu Arun T V N 1401098 Rajat Ramesh 1401099 Raushan Kumar 1401100 Rohith Ambati 1401102 Sangameswaran Ashwin 1401104 2. What were the reasons behind the accounting fraud: Accounting fraud refers to the fraud that is committed by a company by maintaining false information about the sales and income in the company books, With an intention to inflate the worth of company's assets or profits, When a company is actually operating at a loss. The major reason behind the occurrence of accounting fraud at WorldCom Telecommunication company, The CEO of the company Ebbers focused largely on being the No.1 stock on Wall Street rather than capture market share or being global. This has led to creation of a pressure among the top management to meet the most important performance indicator Expense-to-Revenue(E/R) ratio, even when the entire telecommunication industry is facing adverse conditions at the onset of economic recession and the aftermath of the dot-com bubble collapse. This pressure on top management provided the necessary motivation to commit to fraudulent accounting practices. Adding to the motivation, the culture within the organization is very diluted with no proper corporate code of conduct and WorldCom has completely failed to integrate the people, cultures and incompatible legacy accounting systems of 60 different organizations it has acquired. Also, WorldCom encouraged an attitude conveyed from top...
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...| | ACCT11 FINANCE AND ACCOUNTING ASSIGNMENT | | | | | | | Lorem | | | QUESTION #1 ANSWER: A.) The variable costs per unit are as follows: * Wages - $3500 * Tinting – 500 x $4.00 per sq. ft. x $3.00= $6000 * Total Variable Costs= $9500 * Variable Costs Per Unit= $9500/500 units= $19 per unit The total fixed costs are as follow: * Rent - $3000 * Amortization - $5000 * Total Fixed Cost= $8000 B.) The break-even point in number of windows to be tinted is shown below using a spreadsheet calculation: BREAK EVEN POINT CALCULATION | IN UNITS | FIXED COSTS | | PRICE PER UNIT SOLD -VARIABLE COST PER UNIT | | | | THE NUMBERS: | $8,000.00 | | $35.00 | - $19.00 | | | | BREAK EVEN POINT: | 500 | | Therefore, 500 windows would have to be sold to make the break-even point. C.) Number of windows to be tinted to earn an income of $14,000: FORMULA: | FORMULA EXPLAINED: | 16x-8000=1400016x=22000x= 1375 | (contribution margin times X number of units, less $8000 fixed costs = $14,000 income) | | Checking my numbers: | | $8,000 | fixed | | $26,125 | $19 each variable * 1375 units) | | $34,125 | total costs | | $48,125 | net sales for 1375 units sold at $35 | | $14,000 | net sales less fixed and variable costs | Therefore, the total number of windows to be tinted can be expressed as x= 1375, or 1375 windows would need to be tinted to earn an income...
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...year was 4,479,278. (Directors’ Report, Page 36, Blackmores Annual Report 2011) | 3. Name all the financial reports in Blackmores’ 2011 annual report | The financial reports in Blackmores’ 2011 Annual Report are: * Consolidated Income Statement * Consolidated Statement of Comprehensive Income * Consolidated Statement of Financial Position * Consolidated Statement of Changes in Equity * Consolidated Statement of Cash Flows(Financial Report, Page 32, Blackmores Annual Report 2011) | 4. Identify the number of the note that deals with Significant Accounting Policies and identify the method of depreciation the company uses to depreciate property, plant and equipment. What is the underlying assumption of this method in relation to the usefulness of property, plant and equipment? | The number of the note that deals with Significant Accounting Policies is 3, consisting of 22 points. (Significant Accounting Policies, Page 58-67, Blackmores Annual Report 2011)Depreciation for plant and equipment and leasehold improvements is measured at cost...
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...UNIVERSITY OF NAIROBI SCHOOL OF BUSINESS MBA PROGRAMME DEPARTMENT OF ACCOUNTING AND FINANCE DAC 501: FINANCIAL ACCOUNTING ASSIGNMENT THREE - SOLUTION The assignment should be done individually and is due on 28th April 2015. ===================================================================== (a) Indicate the correct answer for each statement below (i) The primary difference between a statement of cash flows prepared in direct format and one prepared in indirect format is a. in how net cash flow from operations is computed. (ii) The statement of cash flows for the Halyard Exploration Company reported the following: Cash paid for equipment Sh 300,000 Cash paid to employees 400,000 Cash paid to owners 150,000 Cash paid to suppliers 560,000 Cash received from creditors 200,000 Cash received from customers 1,200,000 What were Halyard’s net cash flows from operating, investing, and financing activities? Operating Investing Financing a. Sh240,000 (Sh300,000) Sh 50,000 (iii) A statement of cash flows has been prepared in the indirect format. Depreciation expense has been added back to net income because depreciation is d. a noncash expense. (iv) Zeff Company reports positive operating cash flows, near zero investing cash flows, and negative financing cash flows. This may indicate that the company ...
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...Assignment 1: Review of accounting ethics 1 Assignment 1: Review of Accounting Ethics By February 1, 2013 ACC 557: Financial Accounting Oleksii Morgun Strayer University at Arlington Campus School of Business Administration (M.S. Accounting Program) Assignment 1: Review of Accounting Ethics 2 Abstract This research writing is to describe the following: 1. Given the corporate ethical breaches in recent times, assess whether or not you believe that the current business and regulatory environment is more conductive to ethical behavior. 2. Based on research, describe organization, the accounting ethical breach and the impact to the organization related to ethical breach. 3. Determine how the organizational ethical issue was detected and how management failed to create ethical environment. 4. Analyze the accounts impacted and/or accounting guidelines violated and the resulting impact to the business operation. 5. As a CFO, recommend which measures could have been taken to prevent this ethical breach and how each measure should be implemented in future. Assignment 1: Review of Accounting Ethics 3 Before the Enron and Andersen scandals, relatively little public attention was paid to the truthfulness of financial reporting. Of course, no one believed every...
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...Week 2 Assignment: Understanding Effective Money Management Assessment A, Part 1: Creating a Personal Financial Statement - Assets | 1 point | Car: Bluebook value $1250.00Cash: $378.00Savings Accounts: $826.00 | Assessment A, Part 2: Creating a Personal Financial Statement - Debts | 1 point | Rent: $750.00Electric/ Gas bill: $131.75Cable/ internet/ Phone bill: $80.42Credit Card: $31.00Cell phone bill: $72.37 | Assessment A, Part 3: Identify Money Management Tool | 1 point | Explain to Monica how the money management tools were identified. | Students should explain how they evaluated various cash management products and services. | Assessment A, Part 4: Creating a Personal Financial Statement – Steps | 1 point | Drag the steps listed on the right into their correct sequences on the left. When done click the Send button | Step 1: I got all my financial stuff together – bills, loans, bank statements, etc. | Step 2: I balance my checkbook. | Step 3: I decided what were my assets and what were my debts. | Step 4: I enter my assets in the program. | Step 5: I enter my debts in the program. | Step 6: The program gave me a Net worth figure at the end. | Assessment B: Creating a Monthly Cash Flow Statement ...
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...Diagnostic Algebra Assessment Definitions Categories Equality Symbol Misconception Graphing Misconception Definition Concept of a Variable Misconception Equality Symbol Misconception As algebra teachers, we all know how frustrating it can be to teach a particular concept and to have a percentage of our students not get it. We try different approaches and activities but to no avail. These students just do not seem to grasp the concept. Often, we blame the students for not trying hard enough. Worse yet, others blame us for not teaching students well enough. Students often learn the equality symbol misconception when they begin learning mathematics. Rather than understanding that the equal sign indicates equivalence between the expressions on the left side and the right side of an equation, students interpret the equal sign as meaning “do something” or the sign before the answer. This problem is exacerbated by many adults solving problems in the following way: 5 × 4 + 3 = ? 5 × 4 = 20 + 3 = 23 Students may also have difficulty understanding statements like 7 = 3 + 4 or 5 = 5, since these do not involve a problem on the left and an answer on the right. Falkner presented the following problem to 6th grade classes: 8 + 4 = [] + 5 All 145 students gave the answer of 12 or 17. It can be assumed that students got 12 since 8 + 4 = 12. The 17 may be from those who continued the problem: 12 + 5 = 17. Students with this misconception may also have difficulty with the idea that adding...
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...Team B Calorie Count Tool PRG/211 May 5, 2014 Team B Calorie Count Tool PROBLEM STATEMENT Team B was asked to develop a program which would calculate the user’s daily intake of calories and measure those calories against the overall calories expended. The core purpose of this program will do two primary functions. First, it will record the user intake of calories as acquired through meals throughout the day. Second, the user will record caloric output associated with physical activity. This information will be calculated together to determine the caloric surplus or deficit for the user. In order for the program to execute accurately, and provide customized results, the user will be required to input personal data to include gender, age, weight, and height. This additional information is essential to determine the user’s default caloric burn rate, otherwise known as the basal metabolic rate (BMR). The BMR and the calories burned as a result of physical activity will be calculated against the intake of calories to determine the overall success for the user. As the program is executed it must: * Record user name, age, height, weight to enable more accurate calculations * Record the users specific caloric values entered for each meal * Record the user activity and caloric burn values for that activity * Calculate the basal metabolic rate (BMR) for the individual * Subtotal the total caloric values for the day * Combine the physical activity and...
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...Problem Solving with Computing Homework - WEEK 2 [30 points] This is a review of some of the material from Chapter 2 and lectures from class. No credit for answers that are copies or near verbatim transcripts – please use your own words1 and document sources where appropriate. 1 This will apply to all assignments in this class. Answer the following questions: Chapter 2 1. Short Answers [1 point each, 2 points total] 1. What does a professional programmer usually do first to gain an understanding of a problem? The first thing that a professional programmer usually do first to gain an understanding of a program is to closely relate customer (Interview ) to inquire or gather information about the problem. 2. What two things must you normally specify in a variable declaration? The two things normally specified in a variable declaration are the variable type and identifier. 2. Algorithms / Pseudocode [1 point each, 5 points total] 1. Design an algorithm that prompts the user to enter his or her height and stores the user’s input in a variable named height. Declare height Display “Enter Your Height” Input Height Display “Height” 2. Write assignment statements that perform the following operations with the variables a and b. - Adds 2 to a and stores the result in b. - Subtracts 8 from b and stores the result in a Set b=2+a Set a=b-8 3. Write a pseudocode statement that declares the variable cost so it can hold real numbers. Floating Point-Variable...
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...11108944 Name: ASHWINI KUMAR Roll No. : RE3R02B32 PART- A 1. Ans :- (a) unary and ternary operator Unary operator:- It pecedes an operand . The operand (the value on which the operator operates ) of the unary operator must have arithmetic or pointer type and the result is the value of the argument. Example:- If a=5 then +a means 5 If a=0 then +a means 0. If a=-4 then +a means -4. Ternary operator:- It precedes an operand. The operand of the unary operator must have arithmetic type and the result is the negation of the operand’s value. Example:- If a=5 then –a means -5 If a=0 then –a means 0 If a=-4 then –a means 4. (b) Assignment and equalto operator Assignment operator:- Equal to operator: An assignment operator assigns value In this we put the To a variable. value as it is. Example – Example- a*=5 means a=5*5. Int a; a=5 means a is initialized with 5 if(a==5) { return true; } return false; (c) Expression and statement Expression:- An expression is any valid combination of operators , constants , and variables. Example:- ...
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...Selection statements Selection is used to select which statements are to be performed next based on a condition being true or false. Relational expressions In the solution of many problems, different actions must be taken depending on the value of the data. The if statement in C I used to implement such s decision structure in its simplest form – that of selecting a statement to be executed only if a condition is satisfied. Syntax: if(condtion) statement executed if condition is true When an executing program encounters the if statement, the condition is evaluated to determine its numerical value, which is then interpreted as either true or false. If the condition evaluates to any non-0 value (positive or negative), the condition is considered as a “true” condition and the statement following the if is executed; otherwise this statement is not executed. Relational Operators In C Relational operator | Meaning | Example | < | Less than | age < 30 | > | Greater than | height > 6.2 | <= | Less than or equal to | taxable <= 200000 | >= | Greater than or equal to | temp >= 98.6 | == | Equal to | grade == 100 | != | Not equal to | number !=250 | In creating relational expressions, the relational operators must be typed exactly as given in the above table. Thus, although the following relational expressions are all valid: age > 40 length <= 50 temp >= 98.6 3 < 4 flag == done day != 5 The following are invalid: length =< 50 ...
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...1. Inventory for resale is classified as an operating activity because it is a part of operating the business. Operating activities are those transactions that involve the primary activities of the business. Investing activities involve the purchase of assets for use in the business like equipment or land. 2. One of the controls is separating the handling of cash from the recording of cash. If the cash is handled by the same person recording the cash, it is easier for them to steal and cover it up. A second control is the practice that all cash receipts be deposited daily in bank accounts. This prevents the accumulation of a large amount of cash. The most trusted employees can be tempted with large amounts of cash. A third cash control practice is to require that all cash expenditures be made with prenumbered checks. Payments made by check are well documented and cant be hidden or pocketed as easily as cash. 3. The direct write off can cause more problems than the allowance method because when you are using the direct write off it is hard to match bad debt expenses with the sales that caused them. It is less of a problem to estimate what the total bad debt may be even though it might be somewhat imprecise. 4. It is more difficult to account for the inventory of a manufacturing firm than for a merchandising firm because the former has three different types of inventories; raw materials, work in process, and finished goods. In addition, the work in process and finished...
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...Final Assignment Hollydazzle.com Case Exhibit 1: FunDays International |Operating Data, year ending June 1998 | |Average revenue per transactions |$12,00 | |No. of transactions |264.000 | |Average merchandise cost per transaction |$8,50 | |Operating P&L, year ending June 1998 | | |Revenues | |$3.168.000 | | |COGS | | | | |Merchandise | |2.244.000 | | |Store Occupancy (rent) | |158.400 | | |Distribution Center Expense | |30.000 | | |Gross Profit | |$735.600 |* | |Less Expenses | | | | |SG&A | |$479.040 | | |Advertising & Marketing | |31.008 | | |Depreciation ...
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...Assignment 2 1. On February 7, 2014, a subsidiary sold land to its parent for $25,000, and showed a loss of $4,000. The parent sold the land to an outside party in 2018 for $30,000. At what amount should the land be shown on the December 31, 2014 consolidated balance sheet? How much gain/loss on the sale of the land should be reported on the 2018 consolidated income statement? Prepare the working paper entry (in journal entry format) for the intercompany sale for the parent and its subsidiary for the years ended December 31, 2014, 2015, and 2018. 2014 Land $4,000 Intercompany loss on sale $4,000 2018 Loss on sale of land $4,000 Retained earnings $4,000 2. Sally Corporation (a 75%-owned subsidiary) owned a truck with an original cost of $12,000. It had been depreciated for $7,500 in the last 5 years on the straight-line method with 8 years of life and no salvage value. On January 1, 2014, Sally sold the truck to its parent, Paulson Company for $5,280. Prepare the working paper entry (in journal entry format) for the intercompany sale for Paulson Company and subsidiary for the years ended December 31, 2014 and 2015. 2014 Intercompany gain on sale of truck $780 Truck $780 Accumulated Depreciation $260 Depreciation expense...
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...STUDY HABITS OF SECOND YEAR BS-AVTECH STUDENTS OF PATTS COLLEGE OF AERONAUTICS S.Y 2013-2014 An Undergraduate Research Presented to The Languages Department of PATTS College of Aeronautics In Partial Fulfillment of the Requirements for the course ENGL 211 – Technical Report Writing By Guevarra, Giorgio Martin C Guevarra, Lorenzo Miguel Jang, Jose, Yosalina, Leo Xander March 2014 ACKNOWLEDGEMENT The researcher would like to express our thanks to the lord. Our God for his guidance towards everything we do In life, including this study that we had made, and for being an inspiration for us all to do our best in life. We give our thanks to Ms. Karen M. Millano, our adviser for ENGL 211, for carefully and patiently guiding us so that we may finish the thesis research, and for supporting us and believing in us, that we can accomplish our task finishing the thesis. To the respondents of this study, we express our gratitude because without them, this thesis research would not have been completed, we thank them for allowing us to conduct a survey during their spare time, and their patience and integrity in answering the survey. To our parents, for their support and everlasting patience and understanding for us. And lastly to our classmates, since they have been with us since the beginning of the semester and they had been our companions in everything we do for the subject ENGL 211. ABSTRACT STUDY HABITS OF...
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