...Norman Corporation (A)* Until 2006, Norman Corporation, a young manufacturing of specialty products, had not had its financial statements audited. It had, however, relied on the auditing firm of Kline & Burrows to prepare its income tax returns. Because it was considering borrowing on a long-term note and the lender surely would require audited statements, Norman decided to have its 2006 financial statements attested by Kline & Burrows. Kline & Burrows assigned Jennifer Warshaw to do preliminary work on the engagement, under the direction of Allen Burrows, Norman’s financial vice president had prepared the preliminary financial statements shown in Exhibit 1. In examining the information on which these financial statements were based, Ms Warshaw discovered the facts listed below. She referred these to Mr. Burrows. 1. In 2006 a group of female employees sued the company, asserting that their salaries were unjustifiably lower than the salaries of men doing comparable work. They skied for back pay of $250,000. A large number of similar suits had been filed in other companies, but results were extremely varied. Norman’s outside counsel thought that the company probably would win the suit but pointed out that the decisions thus far were divided, and it was difficult to forecast the outcome. In any event, it was unlikely that the suit would come to trial in 2007. No provision for this loss had been made in the financial statements. 2. The company had a second...
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...KUALA LUMPUR: Malaysia will be able to rake in an additional income of up to RM27 billion if the proposed goods and services tax (GST) is implemented at seven per cent, similar to neighbouring Singapore. Minister in the Prime Minister's Department, Datuk Seri Idris Jala said the new taxation mechanism can guarantee additional revenue of RM20 billion to RM27 billion, at maturity. "At maturity, is when, every Malaysians starts to contribute towards the GST. It must be implemented as soon as Malaysians are ready to accept the mechanism," he added. Speaking at the forum, "GE13 - What it means for business?" here today, Jala said education on what the GST is all about and how it benefits the country's economy is very important, as well as for Malaysians to understand and accept the taxation mechanism moving forward. He also said the GST will provide extra funds for the government to spend on the well-being of Malaysians, according to what was promised in the Barisan Nasional's manifesto, before the 13th General Election. "Even though a new tax is being introduced, Prime Minister Datuk Seri Najib Razak had committed to reducing corporate as well as personal income tax. "This shows that the government wants a balance in every move that it makes, whether economically or politically," said Jala, who also heads the Performance Management & Delivery Unit (Pemandu). Meanwhile, he denied claims that the pre-election promises made by the government, will increase...
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...General Information about the iPad The iPad is a line of tablet computers designed and marketed by Apple Inc., primarily as a platform for audio-visual media including books, periodicals, movies, music, games, apps and web content. Its size and weight fall between those of contemporary smartphones and laptop computers. The iPad runs on iOS, the same operating system used on Apple's iPod Touch and iPhone, and can run its own applications as well as iPhone applications. Without modification, the iPad will only run programs approved by Apple and distributed via the Apple App Store (with the exception of programs that run inside the iPad's web browser). Like iPhone and iPod Touch, the iPad is controlled by a multitouch display—a departure from most previous tablet computers, which used a pressure-triggered stylus—as well as a virtual onscreen keyboard in lieu of a physical keyboard. History: Apple released the first iPad in April 2010, selling 300,000 units on the first day[22] and selling 3 million in 80 days.[23] During 2010, Apple sold 14.8 million iPads worldwide,[7][8][9] representing 75% of tablet PC sales at the end of 2010.[24] By the release of the iPad 2 in March 2011, more than 15 million iPads had been sold[25]—selling more than all other tablet PCs combined since the iPad's release.[26] In 2011, it took approximately 73% of the tablet computing market share in the United States.[27] During the fourth quarter of 2011, Apple sold 15.4 million iPads. Before launch Apple's...
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...Barriers experienced with additional needs Discrimination There are 4 types of disability discrimination: direct discrimination, failure to make reasonable adjustments, disability related discrimination and victimisation. (The Equality Act, 2010) Direct discrimination Direct discrimination occurs when a disabled person is treated less favourably than someone else, who has similar circumstances and abilities or the treatment is for a reason relating to the person’s disability. Failure to make reasonable adjustments An employer, education provider or service provider has a duty to make reasonable adjustments where a provision, criterion or practice, or any physical feature of premises occupied by them, places a disabled person at a substantial disadvantage compared with people who are not disabled. Disability-related discrimination This form of discrimination refers to treatment of a disabled person that: • is unlawful because it is for a reason related to a disability; • is less favourable than the way in which others, to whom that reason doesn’t apply, are treated • the employer cannot show that the treatment is justified Victimisation Victimisation is outlawed by the DDA. It says that a person should not be treated less favourably because they have, brought legal action under the DDA (eg at an employment tribunal, or other body), or given evidence in such an action or done anything else relating to such an action, such as supporting the person taking...
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...Puffery Comparing your product to that of a competitor without scientific studies to substantiate your claims could lead to charges of deception. Saying you make a better pizza is puffery. Saying two out of three people prefer your pizza when you have no studies to substantiate the claim crosses the line to deception. Literal false largely applies to promotional materials that involve statistical and testing proof of claims. The “tests prove” literal false advertising is where advertising relies on a study or test that establishes the supposed validity of the claim. There are also “bald claims” that do not rely on tests or peer-reviewed studies and therefore must be proven to be false Shoplifting is a common crime that occurs when someone steals merchandise offered for sale from a retail store. elements of shoplifting are (1) willfully taking possession of or concealing unpurchasedgoods that are offered for sale (2) with the intention of converting the merchandise to the taker's personal use without paying the purchaseprice kleptomania (a compulsive urge to steal) Some of the things that can happen to shoplifters are: * They may be arrested and paraded through a store in handcuffs. * They may face charges for theft. * They may be banned from stores or malls. * People who have been arrested for shoplifting — especially if it's more than once — may end up with a criminal record. This can make it harder to get a job, get into college, or do the other things...
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...Dementia is an additional need that affects one in three people over 65 in the UK and two thirds of people with dementia are women. The number of people living with dementia is increasing as most people are living longer (NHS 2013). Dementia is when the brain is declined and its abilities no longer work as they should. This brings a wide range of problems, which may include language, problem solving, Memory loss and difficulties with thinking. There are a lot of barriers that can prevent a dementia sufferer from being individual, therefore they will need additional help with everyday tasks. Dementia sufferers face a lot of barriers to health care services, and these can prevent the person from getting the care/support they are entitled to e.g. they received a phone call from the doctors, while on the phone the service user made an appointment to see the doctor but due dementia forgot when the appointment was. This is a barrier as they’re not adapting to the needs of the service user. There are many services a person with dementia can access that will help and support them. Firstly there is the NHS this is statutory, it is free and is provided by the government. Most people use the NHS for the GPs. Dementia sufferers can use the health care professionals in the NHS such as nurses that will help with general health problems or injuries, geriatrician are professionals that will provide medicines for older people that have more than 3 medical issues, admiral nurses who...
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...The causes of additional needs Cystic fibrosis Cystic fibrosis is a genetic condition which is caused by the faulty CFTR gene which is on chromosome 7. This faulty gene blocks the normal workings of a protein which then allows too much salt and not enough water into the cells. This then builds up thick, sticky mucus in the tubes and passageways in the body which cause blockages to occur which then damage the lungs, digestive system and other organs. This then results in inflammation and swelling and infections. This faulty gene has to be inherited by both parents to develop cystic fibrosis, but it is still a relatively common genetic condition as it is estimated that 1 person in every 25 carries the faulty CFTR gene. When both parents’ carries the gene there is a one in four chance that the child will not inherit either of the faulty genes and will not be a carrier of the condition. There’s also a one in two chance that the child will inherit only one of the faulty genes from one of their parents instead of both of them which would mean that they would not have cystic fibrosis, but they would be a carrier of the condition. Finally, there is also a one in four chance that the child will inherit both copies of the faulty gene which would mean that the child would have cystic fibrosis. Downs syndrome The cause of Down syndrome is that it is a genetic condition which occurs when an extra copy of chromosome 21 is present. Chromosome 21 causes physical and developmental characteristics...
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...UNIVERSITI TUNKU ABDUL RAHMAN Centre | : | Centre for Foundation Studies (Kampar) | | Course Code | : | FHSP1014 | Programme | : | Foundation in Science | | Course Title | : | Physics I | Year/ Trimester Session | :: | Year 1 / Trimester 12016/05 | | Lecturer | : | | Additional Questions 3: Kinematics 1. A balloon is 30.0 m above the ground and is rising vertically with a uniform speed when a coin is dropped from it. If the coin reaches the ground in 4.00 s, what is the speed of the balloon? Solution:- Initial velocity of coin = speed of balloon, v. by using the equation [Answer: 12.1 ms–1] 2. A car and train moves together along two parallel paths at 25.0 m s–1. The car then undergoes a uniform acceleration of -2.5 m s–2 because of a red light and comes to rest. It remains at rest for 45.0 s, then accelerates back to a speed of 25 m s–1 at a rate of +2.5 m s–2. How far behind the train is the car when it reaches the speed of 25 m s–1, assuming that the train’s speed has remained constant at 25 m s–1. Solution:- For the car to stop we used the equation v2=v02 + 2as and v = v0 + at m and s For the car to speed up again, m and time taken, s Total distance moved by car in that time = 125 m + 125 m = 250 m. Total distance travelled by the train = 25 × (10+45+10) = 1625 m Therefore the car is (1625 – 250) = 1375 m behind the train. [Answer:...
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...Financing Costs of Additional Funds Needed: A Modified Equation Approach By: Daniel T. Winkler Winkler, D. T. "Financing Costs of Additional Funds Needed: A Modified Equation Approach," Financial Education and Practice, Summer 1994, pp. 149-154. Made available courtesy of Financial Management Association International: http://www.fma.org/fm.htm ***Note: Figures may be missing from this format of the document The additional funds needed (AFN) equation is a popular forecasting model for estimating additional funds requirements (Brigham [3]). Academicians regard the AFN equation as an excellent pedagogical tool; practitioners find it highly beneficial for many forecasting needs. To apply the model, an analyst needs to know the amount of assets required per dollar of sales, the amount of spontaneous liabilities available per dollar of sales, the change in sales, and additions to retained earnings. Additions to retained earnings are calculated by multiplying the net profit margin by forecasted sales and the retention ratio. The equation is shown as follows: The first term on the right-hand side (RHS) of equation (1) is the increase in assets required to support the change in sales. The second term subtracts the increase in spontaneous liabilities associated with the sales increase. The third term deducts additions to retained earnings. As useful as practitioners and academicians find the AFN equation, it is subject to considerable estimation error when financing costs change...
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...Note: once completed, please email the answers to your lecturer Exercise 1 Tesla Motors, head quarter in Palo Alto (California), manufactures electric vehicles. The following transactions occurred in September 2014: a. Declared $1,900,000 in dividends, to be paid next month b. Ordered $800,000 of equipment c. Paid $690,000 in dividends declared in prior months d. Borrowed $260,000 in cash from banks e. Sold equipment at its costs of $30,000 for cash f. Received the equipment ordered in event (b), paying $690,000 cash and signing a note for the balance g. Purchased investments for $300,000 cash Prepare journal entries for the transactions as mentioned above. Nr. | Account | Debit | Credit | Exercise 1 | 1a | Retained earnings | 1,900,000 | | 1a | Dividends payable | | 1,900,000 | | | | | 2b | Equipment | 800,000 | | 2b | Cash | | 800,000 | | | | | 3c | Dividends payable | 690,000 | | 3c | Retained earnings | | 690,000 | | | | | 4d | Cash | 260,000 | | 4d | Notes payable | | 260,000 | | | | | 5e | Cash | 30,000 | | 5e | Equipment | | 30,000 | | | | | 6f | Equipment | 800,000 | | 6f | Cash | | 690,000 | 6f | Notes payable | | 110,000 | | | | | 7g | Investments (Short Term or LT?) | 300,000 | | 7g | Cash | | 300,000 | Exercise 2 Vail Resorts, Inc., owns and operates four premier year-round ski resort properties (Vail Mountain, Beaver Creek Resort, Breckenridge...
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...Introduction Enzymes are biological catalysts. Catalysts are substances that increase the rate of chemical reactions without being used up themselves. Enzymes are also proteins. They all have different and complex shapes that allow smaller molecules to fit into them. The place where these substrate molecules fit is called the active site. The shape of an enzyme can change; its active site may no longer work. It is said the enzyme is denatured. They can be denatured by high temperatures or extremes of pH. Like all other proteins, enzymes are made of amino acids. Each enzyme is made of between 100 to 1 million amino acids placed like pearls on a string. Each amino acid is bonded to the next by chemical bonds. Some enzymes can be made from 20 different kinds of amino acids. No two enzymes are alike. Each enzyme has its own unique sequence of amino acids, which is determined by the genes in the cells. Enzymes consist of millions of amino acids placed one after the other, however, do not look like a long string of amino acids. In most enzymes the string is coiled and folded thousands of times to form a highly complex three-dimensional structure. It is the chemical interactions between the amino acids that force the enzymes into their three-dimensional structure, which is held together by the many different links between the different amino acids. Each enzyme has its own unique three-dimensional structure that determines the function of the enzyme. The three-dimensional structure...
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...Enabling individuals with additional needs to face daily challenges Introduction What does additional needs mean? Additional needs are used to specify that a child/adult requires extra support or services so they able to then participate entirely in quality early childhood care, education, adulthood and other activities. Down’s syndrome: During pregnancy women are offered screening tests (the combined test) when they are at 10-14 weeks. The screening test involves a blood test and an ultrasound scan. If the combined test shows that your child has a higher chance of being born with Down’s syndrome you will be offered another test known as a diagnostic test. Screening tests are unable to tell you if your child will have Down's syndrome for...
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...Application-Level Requirements List 1) The application will display a menu and prompt the user to enter an item name or number, and item quantity. 2) The application will calculate the price and any applicable discount for the item(s). 3) The application will calculate the tax (in this case, a rate of 7.5%) for the item(s). 4) The application will calculate the subtotal, final tax and final total. 5) The application will add any additional items, and recalculate all taxes and totals for those items. 6) The application will display the subtotal, final tax, and final total for the items purchased to the user. Input-Process-Output Chart Complete the following input-process-output chart for the application using a structured programming approach. Hierarchy Chart Complete a hierarchy chart for the application by typing into the textboxes below. Flowcharts Main Module Get User Input Module Calculate Item Price, Item Discount Module Calculate Item Tax Module Calculate Totals Module Display Totals Module Add Item(s) Module Display New...
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...AUO1 – Auditing and Information Systems Additional Study Questions Accounting Information Systems Competency 302.1.1: Nature and Purpose The student understands the nature and purpose of information systems. * What is the difference between transaction processing systems, management information systems, and decision support systems? Transaction processing systems - document financial activities Management information systems - used to collect qualitative as well as quantitative information for decision making within organizations Decision support systems - help the developers of an AIS identify what information they need for their planning, decision making, and control functions * How is a flowchart used? A document flowchart traces the physical flow of documents through an organization—that is, the flow of documents from the departments, groups, or individuals who first created them to their final destinations. * How is the accounting information system documented? An accounting information system is a collection of data and processing procedures that creates needed information for its users. An information system's components: Data or information is input, processed, and output as information for planning, decision-making, and control purposes. Nine reasons to document an AIS are (1) to explain how the system works, (2) to train others, (3) to help developers design new systems, (4) to control system development and maintenance costs, (5) to standardize...
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...ADDITIONAL NOTE ON PROGRESSIVE CASE (TO BE CONSIDERED FOR CASE ANALYSIS) In March 2000 Progressive began to offer a new product: homeowners insurance. Made available first in an Arizona pilot, the program was extended to Michigan in October 2000, Maryland in January 2001, and Illinois in September 2001. Marketed initially through specially selected and trained independent insurance agents, Progressive’s homeowners policies were eventually to be\ offered, along with its primary product, auto insurance, through the company’s two direct channels, its 800-number and web site. Many consumers sought the convenience of bundling auto and homeowners insurance rather than dealing with separate companies for each policy. Some insurers even offered discounts to customers who consolidated their coverage. Progressive executives thus viewed homeowners insurance as a natural extension of the company’s auto-insurance product suite. In 1997 Progressive ran a trial partnership in Ohio with Travellers Casualty, a major player in homeowners insurance, whereby consumers were offered homeowners quotes when they called for auto insurance. By 2000, Progressive had decided to offer its own homeowners product. 2 The product was launched slowly in select states. The move into homeowners seemed an obvious choice for Progressive. The data-driven company had success in providing auto insurance rates that more accurately (and less expensively) reflected individual consumers’ coverage needs. Cross-selling to...
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