As the accountant for this split-interest trust would it be important for you to read the trust document ? Why? Do you have to do any research to perform your task properly? How should the annual appreciation in the maturity value of this bond be accounted for ?

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14th Ethics HW

Answer the following questions in 4 sentences max.

2. While acting as a fiduciary, you recommended that your client buy a particular brand of refueling station to charge her new, electricity- powered car. You told your client that she would be able to save 70% of the purchase price of the home refueling station through a combination of tax credits and utility rebates. You were correct, and the client achieved these savings . However , you did not tell the client that you were receiving a 200 commission from the manufacturer of that particular refueling station brand. Your client now is furious that you received this commission and never told her about it. Do you owe your client 200?

3. You recently introduced your wealthy client Grace to a broccoli importer named Gonzalo. You told your client that she would likely “get along well” with the broccoli importer because they both were entrepreneurial and they both were raised in Guatemala You also told your client to strongly consider investing with the broccoli importer because he was a ” stand-up guy” After several business discussions between Grace and Gonzalo, Grace invested $5 million in Gonzalo’s business . Several months later, a fierce hurricane destroyed the broccoli importer’s crop causing the company to cease its operations Grace now has sued you for breach of fiduciary duty Are you liable ?

4. A trustee of a split-interest trust has to allocate income to the income beneficiary and principal to the remaindermen. The trustee recently used $20 million of the trust’s assets to purchase a zero-coupon bond in a very safe company . The effective annual yield on this bond is 8. Zero-coupon bonds are purchased at a deep discount and provide the full face value to an investor in cash on the maturity date of the bond .

  • A . As the accountant for this split-interest trust would it be important for you to read the trust document ? Why?
  • B . Do you have to do any research to perform your task properly? .
  • C. How should the annual appreciation in the maturity value of this bond be accounted for ?
  • D . How much cash income will this bond generate for the income beneficiary in the first year of ownership ?
  • E . Has the trustee breached a fiduciary duty ?

12. You are the auditor for Q Company, and you also serve as the trustee of a trust that owns some shares of Q Company stock . According to trust documents you are prohibited from making investment decisions for the trust. Furthermore , the trust owns a diversified portfolio of 100 stocks in large, publicly traded companies . No stock accounts for more than 2% of the trust’s net worth. Does your position as trustee impair your independence to audit Q Company?

14. During the past two years, you audited the financial statements of many clients, including Zohank Company. After one of your individual clients had a stroke, she created a living trust and appointed you as the trustee. According to the trust documents you may disburse “funds on behalf of the grantor to adequately satisfy her medical needs.” You may not, however , alter the trust’s investment portfolio . The trust’s total investment portfolio is worth mil- lion and is comprised of five different stocks , each of which represents 20% of the value of the trust’s assets . Zohank Company common stock is one of the five stocks held in the portfolio . Do you retain the independence to audit Zohank Company ?

Which of the following statements best define split off point in joint costing? Which of the following customer related costs are NOT economically feasible to trace but are related to a customer?

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Course: ACC 203 – Cost Accounting Assignment: Exam 3

1. What is the name of a cost of production process that yields multiple products simultaneously?
A. main
B. joint
C. separable
D. byproduct

2. When a joint production process yields two products with high total sales values relative to the total sales values of other products, those products are called ______.
A. joint products
B. byproducts
C. split off products
D. bundled products

3. Which of the following statements best define split off point in joint costing?
A. It is the juncture at which decisions determining joint costs of various products to be produced are taken.
B. It is the point at which managers decide to discontinue one or more of the products.
C. It is the juncture in a joint production process when two or more products become separately identifiable.
D. It is the point at which the managers decide to outsource some of its production processes.

4. A company produces three products from a joint production process: A, B, and C. As a percentage of total sales value, a represents 50%, B 49.5%, and C .5%. Product C could be considered a ________.
A. main product
B. byproduct
C. waste product
D. primary product

5. Which of the following customer related costs are NOT economically feasible to trace but are related to a customer?
A. the allocation of the cost of travel, lodgings, and meals that result from visiting customers at their locations
B. the additional cost of selling one more unit to a new customer who has never done business with the firm before
C. the shipping costs that result from shipping a package by Fed Ex to a customer when the technology allows a direct match of that c
D. the direct material costs of a product that a customer has purchased

6. Which of the following is a reason to gather data, associate revenues with each customer and develop a system of allocating costs to each customer?
A. ABC systems cannot be implemented without customer profitability reporting−
B. to assure that more resources are committed to loss making customers in an attempt to retain all customers−
C. GAAP requirements for external reporting including 10K disclosures
D. to assure that highly profitable customers get the appropriate level of care and attention

7. Segmenting customers as a result of customer profitability analysis would be done by which of the following groupings?
A. gross margin
B. geography such as state or by zip code
C. operating income
D. total direct costs

8. Which of the following classifications would the cost of visiting customers would most likely fit into?
A. customer sustaining cost−
B. customer output unit level cost−
C. customer batch level cost−
D. corporate sustaining cost−

9. Which of the following classifications would be the most appropriate for the cost of the manager of a retail distribution channel?
A. distribution channel cost−
B. customer batch level cost−
C. customer sustaining cost−
D. corporate sustaining cost−

10. Which of the following classifications would be the most relevant for the costs incurred to process orders?
A. customer batch level cost−
B. corporate sustaining cost−
C. customer sustaining cost−
D. customer output unit level cost−

11. ________ categorizes costs related to customers into different cost pools on the basis of either different classes of cost drivers or different degrees of difficulty in determining the cause and effect (or benefits received) relationships.− − −
A. Customer revenues
B. Customer cost hierarchy
C. Price discounting
D. Customer profitability analysis−

12. Which of the following is an example of division sustaining costs?−
A. corporate brand advertising
B. research and development cost
C. shipment costs
D. corporate administration costs

Based on a given firm from Gas, Water & Utilities industries, briefly discuss one (1) major market risk the firm exposed to and evaluate the effectiveness of the hedging strategy on the firm’s performance over the recent years (2019 to 2022).

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Market Risk & Hedging Strategy Effectiveness

Based on a given firm from Gas, Water & Utilities industries, briefly discuss one (1) major market risk the firm exposed to and evaluate the effectiveness of the hedging strategy on the firm’s performance over the recent years (2019 to 2022).

Prepare an accounts receivable aging schedule given a small set of customer data. Implement two tools that are often used in business spreadsheets: vlookup function and pivot tables.

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Accounting Vlookup and Pivot Table

The purpose of this activity is to prepare an accounts receivable aging schedule given a small set of customer data. You will implement two tools that are often used in business spreadsheets: vlookup function and pivot tables.

How would you rate this firm’s commitment to corporate social responsibility and sustainability? Provide as much detailed evidence as possible. How has this firm’s commitment to corporate social responsibility and sustainability impacted its financial performance and image?

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Publicly traded stock company

Background

Select a publicly listed company from the common top-level (NAIC) industry classification.

NAIC Code Description
11 Agriculture, Forestry, Fishing, and Hunting
21 Mining, Quarrying, and Oil and Gas Extraction
22 Utilities
23 Construction
31-33 Manufacturing
42 Wholesale Trade
44-45 Retail Trade
48-49 Transportation and Warehousing
51 Information
52 Finance and Insurance
53 Real Estate and Rental and Leasing
54 Professional, Scientific, and Technical Services
55 Management of Companies and Enterprises
56 Administrative and Support and Waste Management and Remediation Services
61 Educational Services
62 Health Care and Social Assistance
71 Arts, Entertainment, and Recreation
72 Accommodation and Food Services
81 Other Services (except Public Administration)
92 Public Administration

 

Choose a company that has publicly traded stock.

Much of the information you will need for this project can be obtained from the following sources:

Regulatory filings of the company: 10-Q and 10-K reports, Edgar Online

Company research: Yahoo! Finance, Wall Street Journal Online, Reuter’s Financial, Hoovers.com

 

Questions to Answer

  • How would you rate this firm’s commitment to corporate social responsibility and sustainability? Provide as much detailed evidence as possible.
  • How has this firm’s commitment to corporate social responsibility and sustainability impacted its financial performance and image?

 

Distinguish between Capital Projects Funds (CPF), Debt Service Funds (DSF) Leased Assets and Permanent Funds.

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ACCT 321 –

Question 1:                                                                                      (5 Marks)

Q1.The council of the Town of Tulia approved the 2023 budget as follows:

Budgeted 2023 revenues from:

Property taxes                                                                             $5,000,000

Sales taxes                                                                                   $1,000,000

Appropriations for 2023:

Salaries                                                                                        $4,600,000

Materials                                                                                     $1,200,000

Equipment                                                                                      $100,000

 

During 2023, the town’s mayor presented the council with a budget revision to increase the amount of appropriation for salaries by $10,000.  The council approved this budget revision.

Required:

  1. Prepare the general journal entry necessary to initially record the budget.
  2. Prepare the general journal entry necessary to record the budget revision.

 

 Question 2:    (5 Marks)

Q.2 Distinguish between Capital Projects Funds (CPF), Debt Service Funds (DSF) Leased Assets and Permanent Funds.

 

 

Question 3:   (5 Marks)

  1. What do you mean by Activities Disscuss all Types of with details examples.

In your opinion, what are the benefits of assessing the effectiveness of internal controls over financial statements ICFR to the audit process, other than being a requirement of PCAOB?

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Acct auditing

Assignment Question(s):                                                    (Marks 15)

IMPORTANT NOTES: Answer in your OWN words, DO NOT COPY from slides, fellow students, or internet sources without proper citation.

Q1. What is the difference between audit, attestation, and assurance services? And how do the answers provide value to stakeholders?

Your answer should have a minimum of 400 words. (5 Marks)

 

Q2. How can auditors effectively plan an audit in a dynamic and uncertain environment? Provide an example to describe your answer.

Your answer should have a minimum of 400 words. (5 Marks)

 

Q3. In your opinion, what are the benefits of assessing the effectiveness of internal controls over financial statements ICFR to the audit process, other than being a requirement of PCAOB?

Your answer should have a minimum of 300 words. (5 Marks)

 

On January 1, Omar signs a contract with a client to provide catering services for their wedding on July 1. The total contract amount is SAR 25,000. When should Omar recognize the revenue for this transaction under the accrual basis?

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Principles of Accounting

Assignment Question(s):   (Marks 15)

Question 1:    (5 Marks)

Sarah owns a boutique that sells women’s clothing and accessories. She keeps track of her business transactions using a journal.

  1. On March 1, Sarah invested SAR 10,000 cash in her business to start operations. Prepare the journal entry.
  2. On March 5, Sarah purchased inventory for SAR 5,000 on credit from a supplier. Prepare the journal entry.
  3. On March 10, Sarah sold SAR 3,000 worth of inventory for cash. Prepare the journal entry.
  4. On March 15, Sarah paid SAR 1,000 cash for rent for the month. Prepare the journal entry.
  5. On March 20, Sarah purchased office supplies for SAR 200 cash. Prepare the journal entry.
  6. On March 25, Sarah received a bill for SAR 800 for advertising expenses incurred during the month. Prepare the journal entry.
  7. On March 31, Sarah paid SAR 4,000 cash to the supplier for the inventory purchased on credit earlier in the month. Prepare the journal entry.

Instructions: Prepare the journal entry in SAR currency for each of the above transactions.

 

Question 2:   (5 Marks)

Omar owns a catering service company that provides food and beverage services for events such as weddings and corporate events. He uses the accrual basis of accounting to record his company’s financial transactions. Here are some of the transactions that occurred during the year:

  1. On January 1, Omar signs a contract with a client to provide catering services for their wedding on July 1. The total contract amount is SAR 25,000. When should Omar recognize the revenue for this transaction under the accrual basis?
  2. On July 1, Omar provides catering services to the client from the January 1 contract. The client pays the full amount of SAR 25,000 on the day of the event. When should Omar recognize the revenue for this transaction under the accrual basis?
  3. On October 1, Omar provides catering services to a corporate client and invoices them for SAR 12,000. The payment is not received until November 15. When should Omar recognize the revenue for this transaction under the accrual basis?

 

Question 3:   (5 Marks)

ABC Consulting is a company that provides consulting services to clients in various industries. The company also rents out a portion of its office space to other businesses. As the accountant for ABC Consulting, you are tasked with preparing the company’s income statement for the year 2022 based on the following information taken from the trial balance:

  • Consulting revenue: SAR70,000
  • Rental revenue: SAR30,000
  • Supplies expense: SAR5,000
  • Rent expense: SAR20,000
  • Wages expense: SAR30,000

Your task is to prepare the income statement for ABC Consulting in 2022 based on the information provided above.

Consolidated financial statements present the financial position and results of operations for controlling entity and one or more controlled entities. ‘Consolidated Financial Statement has some advantages but at the same time it is not free from limitations.’ Elaborate this statement.

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Accounting Question

  • Assume Large Corporation Invested $ 600,000 for Small Corporation and the estimated Fair Market Values of Assets, Liabilities and Equity Accounts are as follows:
              Assets Amount $ Liabilities Amount $
Account Receivable

Inventory

LT Marketable Securities

PP & E

 125,000

50,000

55,000

170,000

400,000

 

 Account Payables

Retained Earnings

Commons Stock

 180,000

120,000

100,000

 

400,000

 

Required:    (2+3 Marks)

  1. Determine the Amount of Goodwill or Bargain Purchase.
  2. What is the Journal Entry in the book of Large Corporation?

 

 

  • From the following Table pass Basic Elimination Entry under Equity Method in the book of Parent Company:        (5 Marks)
  Total

Book Value

 = Common

Stock

 + Additional

Paid in Capital

 + Retained

Earnings
Beginning Book Value

+ Net Income

–         Dividend

 600

 

200

(50)

 150 550 (100)

 

200

(50)
Ending

Book Value

 750 150 550 50

 

  • Consolidated financial statements present the financial position and results of operations for controlling entity and one or more controlled entities. ‘Consolidated Financial Statement has some advantages but at the same time it is not free from limitations.’ Elaborate this statement. (5 Marks)

Differentiate between conventional insurance and takaful system in no less than five items. What are the differences between statutory and GAAP accounting and explain pillars of the statutory accounting principles?

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Acct 424 Insurance accounting

Assignment Question(s):

Q1. Differentiate between conventional insurance and takaful system in no less than five items. (3 Marks)

 

Q2. What are the differences between statutory and GAAP accounting and explain pillars of the statutory accounting principles? (4 Marks)

 

Q1. SAMA is the institution responsible for  regulating and monitoring the insurance market in Saudi Arabia and supervising companies operating in the sector. Visit its website and compare its content to what you covered during the course. Write no less than 300 words. (Marks 8)