...Syllabus Certified General Accountants Association of Canada 100 – 4200 North Fraser Way Burnaby, British Columbia Canada V5J 5K7 www.cga-canada.org © CGA-Canada, 2013 All rights reserved. These materials or parts thereof may not be reproduced or used in any manner without the prior written permission of the Certified General Accountants Association of Canada. Printed in Canada ISBN for an individual volume: 978-1-55219-599-4 About CGA-CANADA _________________________________________ CGA-Canada today The CGA designation focuses on integrity, ethics, and the highest education requirements. Recognized as the country’s accounting business leaders, CGAs provide strategic counsel, financial leadership, and overall direction to all sectors of the Canadian economy. The Certified General Accountants Association of Canada — CGA-Canada — sets standards, develops education programs, publishes professional materials, advocates on public policy issues, and represents CGAs nationally and internationally. The Association represents 75,000 CGAs and students in Canada, Bermuda, the Caribbean, Hong Kong, and China. Mission CGA-Canada advances the interests of its members and the public through national and international representation and the establishment of professional standards, practices, and services. A proud history CGA-Canada was founded in Montréal in 1908 under the leadership of John Leslie, vicepresident of the Canadian Pacific Railway. From the beginning, its objective...
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...Case ACC 613 Chapter 3: Harnischfeger Case 1. Identify all the accounting policy changes and accounting estimates that Harnischfeger made during 1984. Estimate, as accurately as possible, the effect of these on the company's 1984 reported profits. Harnischfeger made the following accounting policy changes and accounting estimates during the year 1984. • There was a change in the recognition of some types of sales. This resulted in a change in sales calculation. Harnischfeger incorporated products purchased from Kobe Steel, which were re-sold by the company, into its net sales. This increased aggregate sales and cost of sales by $28 million. • There was a change in the fiscal year for some foreign subsidiaries. • There was a change in the depreciation methods on assets. The depreciation policy for financial reporting purposes was changed to a straight-line method from a principally accelerated method. • There was a change in the use of last-in, first-out (LIFO) liquidation in inventory valuation. • There was a change in the allowance for doubtful accounts. The company adjusted its allowance for doubtful accounts to 6.7% of sales for 1984 from 10% of sales in 1983. • There was change in the R&D expenses. Harnischfeger significantly reduced its R&D expenses to $5.1 million in 1984, from 412.1 million in 1983. • There was change in employee pension plans. The Salaried Employee Retirement Plan was terminated in 1984 and a new plan was created. ...
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...5 Short-term Decision Making 5.1 Introduction and objectives Previous chapters have focused on the nature of costs and how they behave in relation to changes in activity and over time. The nature of costs is an important factor to consider in decision making. Types of decisions are usually split into short and long-term. Chapter 14 (Capital Investment Appraisal) considers the longer-term decision-making process, whilst this chapter focuses on the short-term. After studying this chapter you will be able to: Understand costs that are relevant to the decision-making process in different circumstances Demonstrate working knowledge of typical short-term decisions managers have to make and how financial data can support these decisions Recognise the issues of managing scarce recourses in decision making; and Appreciate the implications of outsourcing in a business context. 5.2 Relevant costs in decision making Relevant costing is a management accounting term and relates to focusing on only the costs relevant to a specific decision being made. It simplifies the decision-making process as it ignores cost data that is ‘irrelevant’, or will not have an impact on the specific decision being made. When making a particular decision-relevant costs are those that may change, depending on the decision taken. Relevant costing is often used in short-term decision making and a number of specific practical examples are illustrated later in this chapter. A typical decision...
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...Module 1 National library of New Zealand Is accounting a profession? Ethics Failures in Corporate Financial Reporting The strategic accountant - best show business leadership Public practice: Firm of the future Briefly explain why you think that SMEs do not extensively rely on their external accountants for business advisory services. discuss at least four types of relationships and possible conflicts an accountant faces in performing the above roles How soft skills can boost your career Former Harris Scarfe officer jailed The Ford Pinto Nestle Milk Powder Exxon Oil Company Jacinta faces distress in the office what circumstances apply professional judgement Module 2 Accoutants,ethical issues and the corporate governance context apply the code's conceptual framework approach to explain threat to independence Arthur Andersen and auditor independence accountant no experience,what he should do to perform audit The cautionary tale of Jose L.Gomez contact or obtain professional clearance prior to accepting the appointment? fundraising for a charity,sole tax purposes,voilation of ethic? marketing professional services Explain why integrity is an essential attribute of the profession quality control, merger,not yet completed a review kitchen-tabling-Keith Purcell's earnestness Utilitarianism Does employer have a right to inquire your personal life-rights theory Cheating-the pressure on Pasquale Vialletta to succeed which stage of Kohlberg's of CMD best describes the decisionmaking behaviour...
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... Submitted on Assignment title Word Count Hand-in Policy You must complete this assignment on time. If you experience difficulties, you must inform your tutor accordingly. Late Work Policy Consideration will be given to students who have valid reasons for late submission (e.g. illness) Plagiarism In case of plagiarism, college regulations will be applied. You must declare that this work is your own by signing the following statement: Learner declaration I certify that the work submitted for this assignment is my own and research sources are fully acknowledged. Student signature: Date: Assessment Criteria Learning Outcome LO1 LO2 LO3 Learning Outcome Understand the relationship between supply chain management (SCM) and organisational business objectives Be able to use information technology to optimise supplier relationships in an organisation Understand the role of information technology in supply chain management Assess ment Criteria 1.1 1.2 1.3 2.1 2.2 2.3 3.1 3.2 3.3 LO4 Understand the role of logistics and procurement in supply chain management 4.1 4.2 4.3 5.1 LO5 Be able to plan a strategy to improve an organisation’s supply chain 5.2 5.3 In this assessment you will have the opportunity to present evidence that shows you are able to: Explain the importance of effective supply chain management in achieving organisational objectives Explain the...
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...Jennifer Diaz ACG6175 Harnischfeger Corp: Case Study 2 1. Describe clearly the accounting changes Harnischfeger made in 1984 as stated in Note 2 of its financial statements. As stated in Note 2 of its financial statements, the accounting changes Harnischfeger made in 1984 are those of net sales of the products that were purchased from Kobe Steel which were then sold by Harnischfeger which added on to the net sales of the company. Harnischfeger included financial statements of certain foreign subsidiaries. Its effect would result in sales which totaled to $28.0 million in 1984. In addition, because Harnischfeger would go on to changed its method of depreciation to a more accelerated version, which would be a straight line method, their net income for 1984 went up by $11.0 million. Furthermore, the company went on to increase and change the depreciation life on US plant, and residual value on machinery, which in essence resulted their equipment increase in net income by $3.2 million in 1984. 2. What is the effect of the depreciation accounting method change on the reported income in 1984? How will this change affect profits in future years? The effect Harnischfeger experiences by using the depreciation accounting method change resulted an income increase by $11.0 million. Because of this method change, the company’s net income in 1984 summed up to $15.2 million. As a result of changed their accounting depreciation method, it will affect its profits in future...
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...Case 5.1 Junjie Chen 1.Intergrity and Ethical Values 5 Simply steam Co is in an industry has lots of employees’ turnover. So we cannot say they have a very strong integrity of management and employees. But they do put some effort to monitoring the company, Phil is always in charge of employees and give them appropriate training. That do helps build the team. 2, Board of Directors 4 They are kind of a family and close friends based company, so they don’t have audit committee. Also, they are not independent of management. They also join to the day-to-day business. The good thing is they are very familiar with their job and corporate well. So for this size of business, its management is effective. 3. Management’s Philosophy and Operating Style 6 Open door policy help employees say what they see when some unfavorable things happen. They have the willing to be audited reveals that they want to pursue their business endeavors in future and want more professional ideas about how to prepare their financial statement. This attitude also means they want to control the uncertain risk in their company. 4. Organizational Structure 5 Phil takes care of employees training. Mr. Day as the office manager assigning of daily duties and overview of each day’s accounting records. Sometimes may have overlapping of duties because they assign works based on who are available. Buy overall, they I don’t think they have a need to hire an extra accountant to help...
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...GAAP Circumstances when GAAP not consistently followed Adequacy of disclosures Expression of opinion on financial statements *Test* Table 5.1 Definitions And broad broad stuff Can accept a gift from a client as long as its no more than “token” or the amount the firm gives you You can indirectly own stock in an auditing client if its immaterial to your net worth You cannot be paid in stock Because we don’t see the audit as one event, its not a series of events even though that looks like it. Because once you have the client you usually have it for a good amount of time. “The professional engagement period begins when the registered public accounting firm either signs an initial engagement letter (or other agreement to review or audit a client’s financial statements) or begins audit, review, or attest procedures whichever is earlier: and (B) the professional engagement period ends when the audit client or the registered public accounting firm notifies the commission that the client is no longer that firm’s audit client. You might be able to write a contract that can say the audit engagement is only a year and you might get away with it for a year so you can own stock but then PCAOB will eventually catch you and change the rule. Sarbanes Oxley Act and SEC Provisions Prohibited Services Bookkeeping and other accounting services Financial information systems design and implementation Appraisal or valuation services Actuarial Services Internal Audit Outsourcing...
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...ACCT5910 Business Analysis and Valuation Summary of Case This case is talking about Harnischfeger Corporation, leading producer of Construction Equipment, Mining and Electrical Equipment, Material Handling Equipment and Harnischfeger Engineer, based in Milwaukee, Wisconsin. The main topic of this case is the accounting policy changes after financial difficulties and its effect on financial reporting and the motive of these changes. Questions 1. Identify all accounting policy changes and accounting estimates that Harnischfeger made during 1984. Estimate, as accurately as possible, the effect of these on the company’s 1984 reported profit. Harnischfeger made the following accounting policy changes and accounting estimates during the year 1984. - There was a change in the recognition of some types of sales. This resulted in a change in sales calculation. Harnischfeger incorporated products purchased from Kobe Steel, which were re-sold by the company, into its net sales. This increased aggregate sales and cost of sales by $28 million. - There was a change in the fiscal year for some foreign subsidiaries. - There was a change in the depreciation methods on assets. The depreciation policy for financial reporting purposes was changed to a straight-line method from a principally accelerated method. - There was a change in the use of last-in, first-out (LIFO) liquidation in inventory valuation. - There was a change in the allowance for doubtful accounts. ...
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...TAX COMPLIANCE: AN ANALYSIS ON TAX KNOWLEDGE AND DEMOGRAPHIC FACTORS Noor Suhaila Shaharuddin (2012) & Mohd Rizal Palil (PhD). Tax Compliance: An Analysis On Tax Knowledge And Demographic Factors. ABSTRACT Empirical research on tax compliance has shown that knowledge of taxation is essential as determinants of tax behavior. In other words, to be tax compliant individual taxpayers need to possess some basic knowledge on personal taxation such as chargeability of income, exemptions, reliefs, rebates in order to compute tax liability correctly. Taxpayers are less compliant if they do not understand the basic concept of taxation. Thus, the purpose of this study is to examine the effect of tax knowledge in understanding the tax compliance behaviors. In addition, this study also examined three common demographic variables that may be relevant in explaining tax compliance behavior. A total of 50 questionnaires were distributed to all academicians at Faculty of Management and Muamalah, KUIS. Out of the 50 questionnaires distributed, a total of 39 usable responses were received, which represents response rate of 78 per cent. The results show about 35.8 per cent of the respondents had high level of tax knowledge, 41 per cent had medium tax knowledge and the remaining of 23.2 per cent had low level of basic tax knowledge. Findings also revealed that marital status had significantly affecting on tax compliance. However, the other two variables namely gender and age were insignificant...
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... 1.1 Background 2 1.2 Purpose 2 1.3 Method 2 1 The Role and Responsibility (CFO-Accounting Major) 4 2.4 CFO’s Dilemma and Responsibility 4 2.5 CFO as a Whistleblower 4 2 Unethical Conduct and Analyses 6 3.6 Misrepresent Product 6 3.7 Bribe Officials of Foreign Government 6 3.8 Mislead Audit Committee 6 3.9 Ignore Important Internal Keys 7 3 Conclusion 9 Reference List 10 Ethical Issues in Accounting By: Ernest Boentaran 1. Introduction 1.1 Bacground CFO today needs to be able to evaluate business through ethical perspectives to avoid and minimise ethical issues in Accounting, in order to remain competitive and survive in the industry especially since there are cases like Enron, which makes the public more critical about the issues. 1.2 Purpose The purpose of this report is to provide the CEO with a report that outlines the relevant ethical considerations, CFO responsibilities and give advice to the CEO. This paper will evaluate possible unethical action by the company using 4 component of ethical theory which consists of Consequences, Consistency, Care, Character & Culture in the business environment as well as compliance with accounting standard from APESB (Accounting Professional and Ethical Standard Board). The actions of the company that will be assessed are: a. Pay some relative small...
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...Project Management, 2e (Pinto) Chapter 5 Scope Management 5.1 True/False 1) Scope management is the function controlling a project in terms of its goals and objectives during the execution phase. Answer: FALSE Diff: 1 Section: 5.0 Introduction Skill: Definition AACSB Tag: Reflective 2) The statement of work is a detailed narrative description of the work required for a project. Answer: TRUE Diff: 1 Section: 5.1 Conceptual Development Skill: Definition AACSB Tag: Reflective 3) A work package may be composed of one or more subdeliverables. Answer: FALSE Diff: 2 Section: 5.2 The Scope Statement Skill: Definition AACSB Tag: Reflective 4) A work package may consist of more than one milestone. Answer: TRUE Diff: 2 Section: 5.2 The Scope Statement Skill: Definition AACSB Tag: Reflective 5) A lump sum contract requires the customer to pay for the full delivered price of the project before any work is done. Answer: FALSE Diff: 2 Section: 5.3 Work Authorization Skill: Definition AACSB Tag: Reflective 6) Scope reporting not only identifies the type of information that will be reported, but also to whom it will be reported and with what frequency. Answer: TRUE Diff: 2 Section: 5.4 Scope Reporting Skill: Factual AACSB Tag: Reflective 7) Controls can be established at any point during a project but should follow the maxim "more control is better". Answer: FALSE Diff: 2 Section: 5.5 Control Systems Skill:...
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...announcement led to a market value gain of $2.55 billion . Buffett was a well respected businessman with a successful investment philosophy. His philosophy included accounting with economic realty, acknowledging opportunity cost, assessing the time value of money, and scoring performance by intrinsic gain, along with other principles. Buffet was a believer in diversification; he helped Berkshire attain a diverse portfolio that included investments in insurance companies, apparel manufacturers, and grocery distributers. Though highly successful in the past, Buffett was frustrated after a few-year period that resulted in a lack of major investment by Berkshire Hathaway Inc. Rather than focus on investments that yielded short term gains, Buffett was waiting for an “elephant” investment opportunity to present itself. Buffett hoped to have found just that in the PacifiCorp acquisition. Problem Buffett badly wanted to make a significant gain for Berkshire Hathaway Inc. However, Buffett needed to consider if PacifiCorp was worth his cash offer of $5.1 billion. Should the investment be undertaken? Analysis As mentioned above, the announcement of the acquisition was met optimistically with a $2.55 billion market value gain. This can be considered a future cash flow, since it represents a future expected gain. Buffett stated in the case study that firm’s goal was to meet a 15% annual growth rate in intrinsic value; therefore, we can discount this cash flow with rate of 15%. The present value...
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...and building should be included in the project in order to reflect the true cost of the investment (Exhibit 5- page). According to Mr. Samberg’s suggestion, the minimum should be to take 453 million (half of an existing agglomerator and two thirds of an existing building) of agglomerator and the building should be record as an opportunity cost. Second, the cash flow from operation should be change due to the change on overhead expenses, test market expense, adjustment erosion, and depreciation (Exhibit 3- page). Normally, overhead expenses are not included but, due to this case, the project expects a $90 million per year increase in overhead expenses during the last 6 years. The test market expense is the sunk cost so it should not be included in the cash flow. Regardless of who produces the project, adjustment of erosion will always occur because the introduction of the new product in the market. In this case, the change in erosion should be included in the cash flow for operation because the project affects their other sales. Depreciation expense should change due to the change in agglomerate and building (Exhibit 2- page ). We needed to determine the correct allocation of depreciation. We calculated the depreciation rates by dividing the Depreciation Expense by the previous year’s Net Investment (both found in Exhibit 6 in textbook). We then applied these rates multiplied by the Net Jell-O Facilities to determine its new depreciation expenses after finding the Tax Rate and...
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...Future In: Computers and Technology Future Vincent Fernandez April 24, 2013 Mr. Greene NT1230 Lab 5.1 Exercise 5.1.1 Bridges standards which include bridging, spanning tree and others it links many of the other 802 projects. Such as 802.3(Ethernet) 802.11 (Wi-Fi) and 802.1b standards. Exercise 5.1.2 In June 2003, the IEEE approved a standard, IEEE 802.3af, for Power over Ethernet technology. The standard specified a 15.4W maximum power delivery from the network device, also known as power sourcing equipment (PSE), to an end device, also known as a powered device (PD). The average maximum power available to the PD is 12.95W after accounting for cable loss. This expands broader end device coverage such as Cisco IP phone 7941G-GE/7961G-GE/7985G and wireless access points http://www.networkworld.com/details/4681.html 802.3af, also known as Power over Ethernet, defines a way to build Ethernet power-sourcing equipment and powered terminals Exercise 5.1.3 In book Exercise 5.1.4 The numeric prefix before BASE in the Ethernet standards defines the speed of the cable. At the front of each identifier, 10 denote the standard data transfer speed over these media - ten megabits per second. Short for Baseband, this part of the identifier signifies a type of network that uses only one carrier frequency for signaling and requires all network stations to share its use. Lab 5.1 Review 1 Using Auto negotiation, it will choose the fastest speed. 2. Auto negotiation. IEEE created a...
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