...inconsistencies of accounts in FCB. Company Background FCB Cargo Berhad (FCB) was established in 1997 operating primarily as an air cargo carrier. FCB providing freight services to the intra-Asia air market. Its services were not only limited to air freight transportation but also included aircraft charter and leasing. FCB was chaired by Dato’ Ibrahim Samad, a former Director General for the Ministry of Transportation and former President of Malaysia Chamber of Commerce. He was the company’s independent Non-Executive Director. The senior management team consist of Mr. Lim Loon Sim as the Chief Executive Officer, Mr. Ali Bin Ahmad as the Executive Director and Mr. Kim Boon Chok as the Chief Financial Officer. Mr. Ali Bin Ahmad also held the position of FCB’s Audit Committee Chairman. In terms of financial growth, FCB demonstrate a tremendous revenue growth from year 2001 to 2005. It is also recorded a 1.5 times increase in revenue amounting to RM550 million in 2005 compared to 2004 and was projected to increase further by 54% to RM809 million in the following year due to its major capacity expansion in 2005. The increase in share price per unit was also significant from RM1.89 in 2001 to RM10.60 in 2005. The amount of dividend paid was at a steady 3% over a four consecutive year. Figure 1 Flat Cargo Group Berhad’s corporate structure Problem Statement FCB was a reputable company with a good business model and the possibility of an irregular activity in FCB was remote. Findings: ...
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...defines a partnership? (Points : 5) A business owned and operated by one person A voluntary association of two or more persons to carry on a business for profit as co-owners The governing body for corporate activity An organization in which each owner has limited personal liability 2. (TCO D) The financial forecasting process used to project financial statements consists of which of the following processes? (Points : 5) Project sustainable growth rate Project balance sheet Forecast sales Forecast consumer demand and interest rates on borrowing Project Income Statement Page 2 1. (TCO C) What is meant by the terms depreciation and accumulated depreciation? In which financial statement does each of these items appear? What is accrual accounting and how does it influence financial statement presentation? (Points : 30) 2. (TCO B) Six months ago, you invested $350,000 to become a partner in a medical practice in which you have a 50% ownership interest. Today, your partner defaulted on the payments for a $2 million Open MRI system that is used by the partnership. What is the dollar amount of your personal liability exposure if you are a) the general partner, and b) if you are a limited partner? Discuss the characteristics of general and limited partners, and how these influence the liability amounts. (Points : 30) 3. (TCO C) ServerSolutions’ management has asked you to help the firm identify...
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...degradation, especially the rising of global temperature and thereby melting of glaciers and ice-berg in the polar region and consequently rising of sea level, which will directly affect the low lying countries of the world. The world conscious people are also concerned about the increase of Green House Gases and Chlorofluorocarbons (CFCs) and thereby depletion of Ozone layer. As such, every person and especially the professionals must have greater role to check the environmental degradation. Bankers are the important professional group who has interaction with the other groups of people and also with general masses. They can adopt different green activities within their in-house environment and also can initiate the protection of the air pollution, water pollution by their clients. Bankers...
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...557 Midterm Exam Part 1 Question 1 Equipment is classified in the balance sheet as • a current asset. • property, plant, and equipment. • an intangible asset. • a long-term investment. Question 2 Correcting entries are made • at the beginning of an accounting period. • at the end of an accounting period. • whenever an error is discovered. • after closing entries. Question 3 The first required step in the accounting cycle is • reversing entries. • journalizing transactions in the book of original entry. • analyzing transactions. • posting transactions. Question 4 The net income (or loss) for the period • is found by computing the difference between the income statement credit column and the balance sheet credit column on the worksheet. • cannot be found on the worksheet. • is found by computing the difference between the income statement columns of the worksheet. • is found by computing the difference between the trial balance totals and the adjusted trial balance totals. Want to see the ACC 557click here ACC 557 Question 5 The purpose of the post-closing trial balance is to • prove that no mistakes were made. • prove the equality of the balance sheet account balances that are carried forward into the next accounting period. • prove the equality of the income statement account balances that are carried forward into the next accounting period. • list all the balance sheet accounts in alphabetical order for easy reference. Question 6 ...
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...hidden mystery to the light as possible. Based on the study, a report was written to summarise the situation. The aspects that were given highlights in the report included the issues contributing to those inconsistencies and the possible reasons that have led to this situation. Based on the identified problematic issues, several possible solutions have been suggested to overcome the said problems. Finally, an objective conclusion is made to make a stand about the given case study. This is important as it could facilitate the auditor to make an appropriate decision for the said case. B. COMPANY BACKGROUND Flat Cargo Berhad (FCB) was established in 1997 as the mean of providing air freight services to the Intra-Asia air market. FCB’s services were not only limited to air freight and aircraft ground handling but also included aircraft charter and leasing. FCB was chaired by Dato’ Ibrahim Samad, a former Director General for the Ministry of Transportation and former President of Malaysian Chamber of Commerce. He was the company’s Independent Non-Executive Director (INED). The top management team consisted of Mr Lim Loon Sim as the Chief Executive Officer, Mr Ali Bin Ahmad as the Executive Director and Mr Kim Boon Chok as the Chief Financial Officer. Mr Ali Bin Ahmad also held the...
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................................................................................................... 3 Target Market and Business Model ................................................................................................ 3 Current Product............................................................................................................................... 4 Southwest’s Culture ........................................................................................................................ 5 Mission Statement .......................................................................................................................... 5 Mission and Corporate Culture....................................................................................................... 6 Employees and the Mission ............................................................................................................ 7 The Importance of the Mission Statement and Corporate Vision................................................... 7 Strategic Analysis ........................................................................................................................... 8 External Environmental Analysis (EFE) for Southwest ................................................................. 8 EFE Opportunity Results ................................................................................................................ 8 EFE Threat Results...
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...DRAFT Model Assignment Issued September 2010 OCR Level 3 Nationals in Public Services Unit 15: Physical Fitness for Public Services The scheme codes for these qualifications are: OCR Level 3 National Introductory Diploma in Public Services 0XXX OCR Level 3 National Diploma in Public Services 0XXX OCR Level 3 National Extended Diploma in Public Services 0XXX The Ofqual Unit Number for this unit is: Unit 15: Physical Fitness for Public Services X/XXX/XXXX This OCR model assignment remains live for the life of these qualifications. Please note: This OCR model assignment may be used to provide evidence for the unit above. Alternatively, centres may wish to adapt this assignment or devise their own assignment for the purposes of assessment. It is the centre’s responsibility to ensure that any adaptations made to this assignment allow candidates to meet all the assessment criteria and provide sufficient opportunity for candidates to demonstrate achievement across the full range of grades. ALL THESE MATERIALS MAY BE PHOTOCOPIED. Any photocopying will be done under the terms of the Copyright Designs and Patents Act 1988 solely for the purposes of assessment. Contents | |Page Number(s) | |CANDIDATE INFORMATION ...
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...existing mission, vision, objectives and strategies. Mission Statement: “Bring humanity Back to Air travel”. We exist to provide superior services at low cost. Vision Statement: SAFETY: We commit to "Safety First"; Comply with all Regulatory Agencies; Set and Maintain Consistently High Standard. Ensure the Security of Crewmembers and Customers; Never Compromise Safety. CARING: Maintain Respectful Relationships with Crewmembers and Customers; Strive to be a Role Model at Work and in the Community; Embrace a Healthy Balance between Work and Family; Take Responsibility for Personal and Company Growth. INTEGRITY: Demonstrate Honesty, Trust and Mutual Respect; Give the JetBlue Values a "Heartbeat"; Never Compromise the Values for Short-Term Results; Possess and Demonstrate Broad Business Knowledge; Commit to Self Improvement. FUN: Exhibit a Sense of Humor and the Ability to Laugh at Self; Add Personality to the Customer Experience; Demonstrate and Create Enthusiasm for the Job; Seek to Convert a Negative Situation into a Positive Customer Experience; Create a Friendly Environment Where Taking Risks is Okay. PASSION: Strive to Meet the Diverse Needs of Crewmembers and Customers; Champion Team Spirit; Crave and Deliver Superior Performance; Enjoy Overcoming Barriers to Good Service; Look for Innovative Solutions to Business Issues. STEP 2: Develop vision and mission statements for the organization Mission Statement: Jet Blue’s mission is to be the leading low fare, low...
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...Flat Cargo Berhad Presented by: ABDUL RAHMAN BIN YAACOB AFIFAH BINTI HALIM MAZIAH BINTI MOKHTAR MOHAMMAD AZWAN BIN BASHIRUN MOHD ZUBAIR BIN NOR AZMAN AC088467 AC088398 AC088445 AC088323 AC086470 Presented to: SIR AZWAN ABD RASHID NABILAH BINTI SAAD AC088349 INTEGRATED CASE STUDY ACSB 413 INTRODUCTION Company Background 1997 Started operations with 2 aircraft - Boeing 737-200F - Cessna Grand Caravan Operating Primarily -Air cargo carrier Principal activities of FCB Subsidiaries -Air Freight Service and Aircraft Ground handling service 15 September 2001 -Obtained listing in Bursa Malaysia Auditor -Kenyans & Associates In 2001 to 2004 -the have a fast growing at intra- Asian air express market -demand for express transportation Services increased. -give best delivering quality services and satisfying customer demand. FCB Wholly Owned Subsidiaries Cargo management Sdn Bhd Fc Spare Sdn Bhd FCB Wholly Owned Subsidiaries FC Air Ltd FCB (SPV) Ltd Cargo Air Service Sdn Bhd FCB secured agreements with well-established companies Up to 2005 Bax Global United Parcel Service (UPS) Express Worldwide Nippon Express CityLink Nationwide Express Top Management Team Dato’ Ibrahim Samad • Chairman • Independent non-executive director • Former of Directors General for Ministry of Transportation • As a Malaysia chamber of commerce’s former president Mr Lim Loon Sim • Chief Executive Officer (CEO) • Founder for FCB • Board...
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...These pages were downloaded from Writing Personal Statements Online, available at https://www.e-education.psu.edu/writingpersonalstatementsonline/ Short Personal Statement by a Geology Student Growing up in Canada with a life-long fascination for Canadian geography, I have always been interested in returning to the country. Although my family moved to the US before I entered high school, I have always kept my eyes turned north, especially in recent years as I began to read journal articles about research conducted on John Evans Glacier, located about 80° N latitude. Graduating next semester with a B.S. in computer science and engineering and a minor in geographic information systems, I am interested in attending the University of Alberta for graduate study. Geographic information systems (GIS) is a field especially suited to investigating spatial patterns, modeling diverse scenarios, and overlaying spatial data. This semester, in my advanced GIS course, Spatial Data Structures and Algorithms, I am part of a team developing a temporal database and program for tracing historical trading data. My computer science skills have also been put to use in two summer internship projects, where I acquired proficiency with using LIDAR (light detection and ranging) technology, now favored by NASA in its current 10-year study of Greenland and changes in the ice cap extent. Through my coursework and project experience, I have also accrued skills...
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... Economic Trends Recent global events, including regional political turmoil, natural disasters, and debt crises, have affected global economic growth. While global growth is expected to recover, the risk of persistent high oil prices and debt contagion could have lasting effects on the economy (The Boeing Company, n.d.). Economic growth also could be affected by slowing trade liberalization in some regions. Reduced liberalization could prolong the recovery period, affecting the demand for air travel and new airplanes. Though recent data indicates that the global economy continues to recover, the pace of the recovery in 2011 has moderated compared to 2010. High oil prices, natural disasters (Japan earthquake) and resulting consequences in a politically unrest Middle East area pose as primary threat to a continued economy recovery. China continues to grow and outpace the world DGP growth rate compared to United States, Europe and Japan (The Boeing Company, n.d.). The liberalization of air services between countries generates significant additional opportunities for consumers, shippers, and the numerous direct and indirect entities and individuals affected by such liberalization....
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...CHAPTER 1 - COMPANY DESCRIPTION NATURE OF ORGANIZATION’S BUSINESS DHL global delivery network is known as the “undisputed international market leader of international express and logistic industry globally, with almost 45% of the total market”, (DHL Company Overview, n.d. para 1). DHL is over 34 years old and is known for its focus on product quality, achieved thorough a technical and meticulous quality control system that offers customers new ways of transporting solutions for customers. DHL has system in place that integrates quality control, efficient customer services, and robust transportation systems to ensure that the global transportation and delivery service reaches the customer is of the highest standard. The marketing challenge for the company is to position its product and services as a high-quality, high value alternative to other transportation and international express and logistic brands that exists. Figure #1 below outlines the process and highlights the major activities at each stage. Figure 1: Overview of DHL Service delivery’s Production Process [pic] DHL has the largest logistics and infrastructure of any international express delivery company in the market. Essentially – they dominate the market. Their customer base has spanned over thirty million (30,000,000) customers annually and the service lines span over 220 direct destinations via direct service over thirty-two (32) continents. DHL has some unique product and service...
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...Birds are fascinating creatures, small yet powerful. They display a range of colors and expressions. Moreover ,certain birds characterize particular qualities. Everyone identifies with similes such as “ as wise as an owl”, “as proud as a peacock” and “as graceful as a swan”. All three parallels can be used in a logo to represent various aspects of a company. A yellow crane flying high above in the air surrounded by a yellow circle against a dark blue background. The idea of “as free as a bird” immediately comes to my mind when I see the effective design of Lufthansa´s logo (Designfollow,2012). And this is where Lufthansa´s identity begins. A simple logo can represent a whole brand. In a very effective way. But what is behind the logo that gives Lufthansa´s such a strong identity and makes them to one of the most attractive employers in Germany? Clear Mission Statement “We are Europe´s powerhouse connecting Europe with the world and the world via Europe with our global service.” (Lufthansa Group,2013) First of all Lufthansa defines a clear, well written and concise mission statement. It acts as the perfect tool to develop in order to define the business's purpose, activities, and values. People, Planet, Profit The principle of people, planet profit matters because people do not trust business. They increasingly see companies as irresponsible, greedy and inhuman. Climate change, new technologies and economic crisis’s have accelerated new expectations. Moreover, it matters...
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...ACT 4197 INTEGRATED CASE STUDY FLAT CARGO BERHAD: AN AUDITORS CONUNDRUM Submit to Prof. Madya Dr Nor Aziah binti Abu Kasim Submit by Ummu Syafiqah binti Yaakob 156756 Lee Liu Kim 157279 Nurhafiza binti Abdul Razak 157458 Tay Yee Joe 159264 Semester 2, 2013/2014 * Table of Contents 1.0 Introduction 1 2.0 Case Overview 2 3.0 Issues Identified in FCB 4 3.1 Material Misstatements in Financial Statements of FCB 4 3.2 Lack of Internal Control 7 3.3 Weaknesses on the Corporate Governance 9 3.4 Ethical Issues of the Top Management and Auditors 11 4.0 Recommended solutions 15 5.0 Conclusion 23 6.0 Appendices 24 Introduction Flat Cargo Berhad (FCB) is an air cargo company, which was listed in Bursa Malaysia on 15th September 2001. It was known to be one of the largest airfreight companies in Malaysia. The company was registered as an investment holding company with several subsidiaries, for which their principal activities ranging from air freight services to ground handling services. FCB was the only dedicated Intra-Asian overnight express cargo operator based in Malaysia and had exclusive excess to an international cargo complex at Sultan Abdul Aziz Shah Airport in Subang. Furthermore, as it has successfully secured the landing rights in Asia Pacific regions, FCB was in ideal niche position to serve the international integrators, freight forwarders, and major airlines within Asian region. However, as highlighted...
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...another ethical stance called meth ethical antirealism. Meth ethical antirealism is centered on the idea that because there is no right and wrong actions, just personal preferences there is no such thing as morality. It also states that morals are just a personal preference So, any moral claim may be translated as a reporting of one’s feelings. The best example here in this type is “Stealing things from good friends is wrong” can be rewrite as “I disapprove of stealing things from good friends.” In this case, moral right or wrong is based on the individual’s opinion. In the other word, if two people have different opinions about a same moral questions. Then they might have two opposite ideas. For instance, Katie believes that lying is wrong because when people lied to her, they expect to treat him like a thing not a person. However, Samira thinks that lying is right due to some cases that people can save innocent lives by lying to a bunch of dangerous guys. I can say that both of them are right because they have their own evidence to approve their ideas. There is no certain evidence that moral rules exist. So, moral truth exists, but is not based on universal standards. Nobody can say that lying is absolutely right or wrong because people can have many so many evidences to approve either side right or wrong. As a result, personal feelings must provide the certain rules of moral truth. Like the example before, Katie’s moral truth is built on the respects and trusts between her friends...
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